NATIONAL BRIEFING
Donald Trump and his daughter Ivanka quit Trump Entertainment's board of directors on Friday, after growing frustrated with bondholders.
(By Chris Pizzello -- Associated Press)
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GAMING
Trump Firm Files for Bankruptcy
Trump Entertainment Resorts filed for bankruptcy protection overnight before the casino operator's bondholders could present an involuntary petition.
The Chapter 11 petition, filed days after founder Donald Trump quit the board, listed assets of $2.06 billion and debt of $1.74 billion as of Dec. 31, according to the filing, in U.S. Bankruptcy Court in Camden, N.J. This is the third time Trump's casinos have sought protection from creditors.
Trump Entertainment owns three casinos in Atlantic City, N.J., which had a record decline in gambling revenue last year amid the recession and competition from slot machines in neighboring states. The company missed a $53 million interest payment at the start of December, and an extended grace period to make a defaulted coupon payment was to end today.
RETAIL
Starbucks Unveils Instant Coffee
Starbucks began selling its new instant coffee online, ahead of a nationwide launch to coincide with the company's first major ad campaign.
Customers will be able to buy packets of the new coffee -- called Via -- in Starbucks' Seattle and Chicago stores March 3 and the rest of the company's U.S. stores in the fall when the advertising begins. Online orders will start shipping in March.
INVESTING
Berkshire Adjusts Holdings
Billionaire investor Warren E. Buffett's Berkshire Hathaway sold more than half of its stake in Johnson & Johnson in the last three months of 2008, according to a filing with the Securities and Exchange Commission.
Among the most obvious changes to Berkshire's holdings was the shedding of about 33.1 million shares of Johnson & Johnson as Berkshire reshuffled parts of its portfolio, worth $51.87 billion at the end of the fourth quarter. At the end of the third quarter, the portfolio was worth $69.89 billion.
During the quarter, Berkshire bought nearly 19.9 million shares of Constellation Energy Group, a Baltimore-based utility, and added to its stake in Princeton, N.J.-based utility NRG Energy Inc., bringing that holding up to 7.2 million shares.
ENTERTAINMENT
