Trump Marina Hotel deal in Atlantic City off again

From the Philadelphia Inquirer: “Trump Entertainment puts Trump Marina in Atlantic City up for sale again

The on-again, off-again courtship between Coastal and Trump Entertainment came up in the bankruptcy hearings earlier this year. Robert Pickus, Trump Entertainment’s general counsel, said costly litigation in Florida involving the casino company and Richard T. Fields, chairman of Coastal Marina, an affiliate of Coastal Development, would be dismissed with the sale of Trump Marina to Coastal.

But Thursday, Fields said Coastal was no longer interested, and he rebuked Juliano and Trump Entertainment for trying to use Coastal to solicit higher offers.

“Coastal made a written offer to purchase the Marina on Aug. 23, 2010, and was prepared to place half of the purchase price in escrow,” Fields said. “The company never responded. . . . Last week, we formally withdrew our offer.”

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