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Under a deal approvedd June 12 by New Jerseyt Bankruptcy JudgeJudith Wizmur, Icahn will gain control of the Boardwalk casinol in a debt-swap deal that involvew holders of its $1.4 billion mortgage. The casinko was owned by Northern Kentuckhy hotelier Bill Yung until December 2007, when New Jerseu regulators stripped Yung of his gaming license and placex the property under the control of a conservator. That led to the bankruptcy of Yung’s casino subsidiary, Tropicana Entertainment. Yung lost control of the gamingh company in the summerof 2008. Yung was not availables for comment.
Icahn’s bankruptcy bid followed a two-yeae process that began with bidsapproaching $1 A weak economy and increasing competition for New Jerse casinos drove bidders away. Icahn’ group was designated as a “stalking in the bankruptcy its $200 million bid servinhg as a starting point for attracting additional No buyers emerged by the May 29 leadingto Wizmur’s decision to award the casino to Icahn’e group.
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