Trump Entertainment Resorts’ bondholders are seeking the approval of their own bankruptcy plan in the embattled company’s ongoing bankruptcy proceedings. The bondholder’s plan differs from one backed by current management.

Under management’s plan, the company will be returned to the control of  Donald Trump, and stiffs bondholders to the tune of $1.25 billion. Under the bondholder’s plan, the bondholders and Coastal Development would pump $15 million into Trump Entertainment, and Trump Entertainment would sell its Marina Hotel Casino for $75 million; the bondholders and some unsecured creditors would be granted 5% of the reorganized company’s common stock.

The bondholder’s motion also seeks a receiver to examine management’s conduct during bankruptcy settlement negotiations.  The hearing on the matter is set for this coming Thursday in a Camden, NJ, bankruptcy court.