RICHARD FIELDS • Chairman, Coastal Development
As a show of good faith, Fields
advance payment from $15 million to $17 million, and the $15 million is already in Trump coffers.
During the current credit crunch, it's difficult for even the largest gaming companies to get financing, so it's not surprising that Fields
can't confirm that the funds have been lined up for this purchase.
At one point, Fields
had arranged to get the money, but when the price reduction was announced, a spokesman said that Fields
"believes it will be there when needed."
Making the deal even more complicated is the tie-in to a lawsuit settlement between Donald Trump and Fields
had accused Fields
of misleading him in the development of casinos for the Seminole tribe in Florida.
was eventually involved in the transaction (Cordish Company worked with the tribe to build two Hard Rock casinos in Hollywood and Tampa), Trump
contended that Fields cheated him out of the deal.
must navigate the regulatory approval process in New Jersey.
will fit into Atlantic City very well.