TRUMP TRIES TO BUY BACK HIS COMPANY - Posted by KatA 

In one of the stranger news stories of the week, Donald Trump has made a bid to buy Trump Entertainment Resorts. The whole thing sounds like a Saturday Night Live headline, but as they say, truth is stranger than fiction. While Donald founded the company and once chaired its board, he’s recently distanced himself from the failing enterprise. When the company missed a $53.1 million bond interest payment in February and bondholders demanded a Chapter 11 filing, Trump resigned as chairman. This marked the company’s third bankruptcy filing, and what many felt it would its last. Before the filing, the three Atlantic City Casinos owned by Trump Entertainment had been having major financial troubles. Facing increasing competition from new casinos in nearby states like Pennsylvania, they’d also been hit particularly hard by the recession. They had were forced to acquire a heavy debt load to stay afloat and had no foreseeable way to start paying it off. So Trump stepped in with an offer to buy back his old company, for what I can only imagine is a steal. However, at the moment, no such deal has gone through.