|By Donald Wittkowski, The Press of
Atlantic City, Pleasantville, N.J.McClatchy-Tribune Regional News
Jan. 12, 2013--The billionaire New York hedge fund manager who led the $225 million bankruptcy buyout of Trump Entertainment Resorts is resigning as the casino company's chairman of the board.
Marc Lasry, chairman and chief executive officer of Avenue Capital Group, announced Friday evening he will leave the Trump Entertainment board of directors on Feb. 28. Bob Griffin, who serves as president and CEO of Trump Entertainment, will replace Lasry as company chairman.
"Trump Entertainment has made marked progress since reorganizing, which provides me with the opportunity to step down as chairman," Lasry said in a statement issued by the company.
Avenue Capital, the biggest investor in Trump Entertainment, has three representatives on the company's board of directors, including Lasry. Michael Elkins, a portfolio manager at Avenue Capital, will take Lasry's place on the board.
Corporate bondholders headed by Lasry took control of Trump Entertainment in a 2010 bankruptcy deal that included giving Donald Trump a minority stake in the company in exchange for the continued use of his name on the Trump-branded casinos in Atlantic City.
Since then, the company has sold off the former Trump Marina Hotel Casino and is currently looking to unload Trump Plaza Hotel and Casino, which finished dead last in 2012 for gambling revenue among Atlantic City's 12 casino hotels. Trump Taj Mahal Casino Resort is the company's flagship property.
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