Donald Trump has made it through bankruptcy court for the third time after a ruling on Monday left the Trump Entertainment Resorts and its three casinos in Atlantic City under his control once again, along with bondholders. Mr. Trump is hoping that the saying "the third time's a charm" will apply to his situation as the casinos prepare to exit bankruptcy.

Carl C. Icahn had been trying to gain control over the casinos for quite some time, but failed to do so when Trump and bondholders offered a $225 million bid effectively taking out one of the most aggressive investors in the business.

After putting no actual money of his own towards the bid, Trump has been granted a 10% stake in the company, with the option to gain more back in the future. Instead of using cold hard cash to sweeten the deal, Trump used his own name as a playing card in the bid. If Carl Icahn won the bid, the three Atlantic City Casinos would not be allowed to bare the Trump name. With Trump's bid, the casinos would still remain the Trump Casinos.

In the court ruling, Judith Wizmur, the bankruptcy Judge said, "Trump brand is worth millions of dollars to debtors. The Trump Organization operates worldwide. The debtors' identification with the Trump Organization raises its profile in the gaming industry."

As expected, Trump is ecstatic to regain some control over Trump Entertainment Resorts. He told the NY Times, "We're very happy, it's a great victory. Icahn wanted the name, but we made the deal with bondholders."

According to Trump's daughter Ivanka, what is so different about this bankruptcy from the first two is that the debt of the company has been drastically reduced from almost $2 billion to under $500 million. She too is extremely joyful of the outcome saying, "We have a vision for the company. It's a great outcome."

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