However, citing concerns about the bank's lack of gaming experience, he dropped them in favor of hedge fund Avenue Capital Management, a plan favored by other bondholders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. [29] In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. [30] Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity. In February 2013, the company agreed to sell the Trump Plaza for $20 million to the Meruelo Group, a California-based company whose holdings include the Grand Sierra Resort in Reno, Nevada. The proceeds would be used to pay down the company's debt to a level of $270 million. CEO Robert Griffin said TER would consider also selling the Trump Taj Mahal for the right price.
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