[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. [33] However, Carl Icahn, who held the mortgage on the Trump casinos, would reject the sale of the Trump Plaza. [34] Entrance to the Trump Taj Mahal at night, Atlantic City, New Jersey. Trump Plaza remained vacant after the company had gone defunct and its assets were acquired by Icahn Enterprises.
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