Not sure I would want to be in business with Trump… seems his partners get burned too much… okay… I probably would go into business with him, just to see his hair in real life…

(Source: Wall Street Journal)

Mr. Beal got blindsided when his friend and former business partner Donald Trump switched sides in the bankruptcy-court struggle over Trump Entertainment Resorts Inc., which owns the three Trump casinos in Atlantic City, N.J.

Messrs. Beal and Trump had been close allies in a fight against a group of casino bondholders who hold roughly $1.25 billion in unsecured debt. Earlier this month, Mr. Trump joined that rival camp, wrecking the strategy of Mr. Beal, whose Beal Bank of Dallas holds $486 million in first-mortgage liens on the casinos. Mr. Beal initially was furious that Mr. Trump didn’t tell him about his change of heart before it was announced, according to people familiar with the matter.

Read Peter Grant and AD Puitt’s full article “Foes and Friends in Trump Bankruptcy” in the Wall Street Journal (December 2, 2009).

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