Donald Trump has pledged his 27.2 percent stake in Alexander's Inc. as collateral for his $65 million financial rescue from casino and bank debt, documents disclosed Tuesday. In a filing with the Securities and Exchange Commission, Trump revealed that as part of the restructuring of some $2 billion in debt last week, he pledged more than 1.35 million shares in the New York department store chain as security. The three New York banks to which the Alexander's stock was pledged were not identified in the documents. The slumping New York real estate market and disappointing results from his Atlantic City, N.J., casinos put Trump in a cash squeeze earlier this year, endangering his ability to pay his debts on time. On June 15, Trump failed to make a $43 million payment on bonds issued to build the Trump's Castle hotel and casino in Atlantic City. He also was overdue on a $30 million loan payment to a group led by Manufacturer's Hanover Trust Co. But the New Jersey Casino Control Commission approved the bank bailout to help restructure about $2 billion of Trump's $3.2 billion casino and bank debt.
