Carl Icahn has blasted a representative for a Trump Taj Mahal Casino Hotel workers union, asserting he is willing to step in to save the casino when no one else will.
In a Tuesday, Nov. 25, open letter, Icahn, a first-lien lender to Taj Mahal owner Trump Entertainment Resorts Inc., said he is willing to restore healthcare to Unite Here Local 54, which represents Taj Mahal workers, for two years.
Icahn also said he would create a new pension plan if Local 54 withdrew its appeal to Trump Entertainment's rejection of an existing CBA with the union.
Icahn said he is willing to swap his debt for equity in the reorganized Trump Entertainment, and provide $100 million in new capital, if he gets certain tax concessions.
Directly addressing Local 54 president Bob McDevitt, Icahn wrote: "Bob – As you know, this is a bad investment for me at this time, evidenced by the fact that no one else is willing to invest even a dime. I thought the company's proposal and my agreement to support it would give the union what you wanted so that we could move forward. All that is being asked of you is to withdraw your appeal. I'm amazed that the union is unwilling to agree to a company proposal that restores two years of healthcare, provides a new pension, keeps the Taj open and saves 3,000 jobs ... if you just withdraw the appeal and give us labor peace."
More than 1,500 casino workers marched in Atlantic City last week to protest the actions of Icahn.