Firm wins battle with Trump

Thursday, May 29, 2003 | 9:55 a.m.

CHICAGO -- Conseco Inc. has emerged as the winner in its long-standing dispute with real estate and casino mogul Donald Trump over the ownership of the General Motors Building in New York.

A three-person arbitration panel on Wednesday ruled that the real-estate mogul must sell his stake in the landmark skyscraper to Conseco for $15.6 million, according to documents obtained by Dow Jones Newswires.

The ruling was a big victory for Conseco, which filed for bankruptcy court protection in December. The company will likely use the proceeds from the building's resale to boost reserves required by state insurance regulators. Such a move may persuade debt-rating agencies to upgrade their views on the company, aiding its reorganization process.

Trump called the panel's ruling "ridiculous."

archive