Trump
Shares Trading on Nasdaq
As reported by the Press
of Atlantic City: "Remember Trump Hotels
& Casino Resorts Inc.? Angry investors surely
do.
"Donald Trump's publicly traded
gaming company failed to turn a profit in 10
years and was delisted by the New York Stock
Exchange in September 2004 after the share price
sank below 20 cents.
"But in another step in the company's
post-bankruptcy turnaround, the newly created
Trump Entertainment Resorts Inc. will rise from
the hinderlands of the capital markets to begin
trading today on the Nasdaq exchange under the
ticker symbol 'TRMP.'
"…Trump Entertainment replaced the
now-defunct Trump Hotels & Casino Resorts
when the company emerged from Chapter 11 bankruptcy
in late May following a restructuring that slashed
debt and provided new cash for expansion projects
at its three Atlantic City casinos.
"During the bankruptcy proceedings, Trump
battled with disgruntled shareholders before
reaching an agreement that boosted the value
of their holdings. Trump investors suffered
when the stock price of the old company plummeted
from a high of $34 a share in 1996 to less than
a buck several years later.
"…Since its delisting on the NYSE,
Trump stock had been consigned to the Over-the-Counter
Bulletin Board, a nebulous place in the capital
markets reserved for lower-rung stocks…"
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