Wall Street was not pleased with the deal, which would dilute current shareholders' stake in Trump Hotels.

Needless to say, no other shareholder facing a margin call on Trump Hotels stock received similar treatment.

"It's always a tough thing to pull together, all these constituencies," said a Trump Hotels' bondholder with direct knowledge of the negotiations.

While Trump Hotels has recently bolstered its management team, its options are limited.

Although Trump Hotels has an employee tuition reimbursement program, the company hasn't offered to pay the family college bill - yet.

And with Trump Hotels bleeding cash, the clock is ticking even more loudly.

The Trump Hotel is not, literally speaking, a work of public art.

To be sure, the reorganization of Trump Hotels makes financial sense.

But the long-term prospects of Trump Hotels remain doubtful.

He initially said yesterday that he had a 41 percent stake in Trump Hotels.