Trump Quits Trump Entertainment as Debt Payment Deadline Looms

Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as bondholders weighed forcing the casino company he founded into involuntary bankruptcy next week.

...

Bondholder representatives “have made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company,” Trump said in the statement. “The company is no longer operated to a standard consistent with other of my holdings.”

Trump offered to buy the rest of the company and was turned down by bondholders, according to the statement. Legal and consulting fees “will suck the blood from the company” as Atlantic City “tanks and competition from local markets grows,” he said.