An investment 'wunderkind' Artin Afsharjavan wants to take over Trump casinos

Oct 5, 2009 7:20 PM
by Ray Poirier | Donald Trump, who took the real estate world by storm as a young man will appreciate the recent emergence of Artin Afsharjavan and his private equity company’s attempt to take over bankrupt Trump Entertainment Resorts Inc. (TRMP).

From out of the blue, it seems, Afsharjavan, chief investment officer of New Century Investment of Maryland, says he has $500 million to invest in the troubled Atlantic City gaming operation.

Afsharjavan is only 21 years old.

His bid would compete with those of Donald Trump and his financial supporter, Beal Banks of Texas, and a group of bondholders who have offered $175 million on top of their $1.25 billion in prior investments.

Afsharjavan said he is willing to partner with either Trump or the boldholders.

"Now is the time for us to make our move. We have assembled some of the nation’s top turnaround talent to aid us if we get our way. Our partners are the people who see the true potential of Atlantic City and want it to succeed," the young investor was quoted as saying.

A skeptical Mark Juliano, CEO of Trump Entertainment Resorts, said simply: "Show me the money."

He explained that the New Century Investments had approached Trump Entertainment last February, expressing an interest in buying the casinos. However, New Century failed to prove it had the funding.

"If they now have a way to let us verify they have the financial wherewithal, we’d be happy to take a look at it," said Juliano.

New Century Investments was created earlier this year by investors looking to maximize investments on current economic conditions.