Icahn to Bailout Trump's Taj Mahal Casino if Union Gives Up Pension

Billionaire Carl Icahn is considering spending $100 million to save the Trump Taj Mahal casino from closing. But the offer comes with considerable strings attached: Icahn is willing to bailout Taj Mahal 'if and only if' he gets steep tax breaks from Atlantic City, $25 million in funds from a New Jersey redevelopment agency and the union agrees to give up pension and health insurance. The $100 million Icahn would provide to the troubled casino would be used to defray cash shortfalls and upgrade rooms at the older of the casino's two hotel towers. Trump Entertainment, which recently filed for bankruptcy, said the company is losing $7 million a month, and anticipates running out of money the week of Dec. 19.