Trump Marina terminates casino sale agreement; buyer alleges breach

By Caroline Salls

Pittsburgh, June 2 - Trump Marina Associates, LLC has terminated an Oct. 28, 2008 asset purchase agreement under which Coastal Marina, LLC and Coastal Development, LLC had agreed to purchase the Trump Marina Hotel and Casino, according to an 8-K filed with the Securities and Exchange Commission.

Trump said the agreement was terminated because the Coastal entities did not complete the sale on time.

According to the 8-K, Coastal is alleging that Trump Marina and Trump Entertainment Resorts breached the agreement and fraudulently induced the buyer to enter into the agreement.

The Coastal entities are demanding the return of their deposits, but the Trump entities said they believe Coastal's claims are without merit.

Trump Entertainment Resorts, an Atlantic City-based owner and operator of three casino resort properties, filed for bankruptcy on Feb. 17 in the U.S. Bankruptcy Court for the District of New Jersey. Its Chapter 11 case number is 09-13654.

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