For the third time, Trump Entertainment Resorts, including three Atlantic City casinos once run by Donald Trump, filed for Chapter 11 bankruptcy protection in U. S. Bankruptcy Court in Camden , N. J. , four days after Trump resigned as Board Chairman.

Frustrated his offer to buy and privatize the company was rebuffed by bond holders and their allies on the board, the real estate moghul told Associated Press Tuesday: 'Other than the fact that it has my name on it, which I'm not thrilled about, I have nothing to do with the company,' though he still holds 28% of the company's stock.

With $2.06-billion in assets and more than $1.74-billion in liabilities, all three casinos belonging to the company i. e. Taj Mahal, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino, will continue to operate as usual during the bankruptcy proceedings, with customer loyalty programmes remaining in effect.

Explaining why his company filed for bankruptcy, Mark Juliano, company CEO said: 'It was the only option left to us. We will work to get it restructured and come out of this with an appropriate amount of leverage. This is a restructuring, not a liquidation. Vendors and employees will be paid, customers will have winning bets paid.'

Juliano says with enough cash on hand to fund current operations, the company is not seeking debtor-in-possession financing.

With his daughter, Ivanka, whose image was used increasingly to market the casinos, resigning from the board last Friday, Trump hinted that he may seek legal action to force the company from using his name, also.

Further, Nakheel, the property arm of Dubai Holdings has postponed work in on Trump International Tower and Hotel in Dubai , as have Florida developers on a Trump-branded project, according to court documents filed in U. S. District Court in Tampa , even after paying $2.84-million plus half the net sales to put Trump's name on it.

Tough economic times are seeing a clash between Trump's reputation for luxury and living large, as Trump's merchandise is far from understated.

'Dress for success', 'Made from luxurious fabrics with elegant details including silk lining and gold piping on the interior, the collection exudes confidence and high-end style,' is how his men's suits are advertised on his website. With that whole lifestyle under scrutiny due to recession, that tone rings hollow today, when big spending is out of fashion.

Never standing for less is more, it seems failure might not tarnish Trump's image as much as it might seem.