Chang Mounts Slow Burn Takeover of Trump (TRMP)
The Press of Atlantic City is reporting that Sam Chang - New York based hotel developer - has made massive buys of Trump Entertainment stock in the last few months, upping his holdings to 7.5% of the company, about 1/3 of what Donald Trump himself owns.
Mr. Chang, who has gone nuts in recent years building Comfort, Holiday, Hampton, Doubletree and Hilton hotels all over the five boroughs of New York City, is playing coy about his slow burn acquisitions of Trump stock, smartly so.
With Trump Entertainment Resorts stock currently flailing below $4/share, it wouldn't take much to acquire substantial quantities of it, and some say that Chang has been buying on the drop in the hopes that a takeover of Trump may getting seriously close.
Chang's stealthy run up on TRMP is quite fascinating... he's gobbling up shares continually yet the price continues to trend downward. Is the prognosis for Trump Entertainment so bad that a long fuse takeover won't cause shareholders to notice? Through floundering acquisition, Sam Chang has become the fourth largest shareholder of Trump Entertainment Resorts, behind Donald, Morgan Stanley and Franklin Mutual.
One has to wonder who's going to step in here and finally put an end to Donald Trump's stay in Atlantic City. At the very least, we're probably going to have to wait until the dust settles on the Tropicana deal first.
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