DEVELOPER DONALD TRUMP has walked off with an estimated $24 million profit by calling off his unwelcome attempt to take over the Bally Manufacturing Corp. and selling back shares he had acquired at a price well above their quoted value. Mr. Trump owns two Atlantic City casinos and Bally owns one. Both wanted to acquire the Golden Nugget, but for the gentlemanly consideration mentioned, Mr. Trump graciously consented to step aside.

Greenmail? Heavens, no. Both sides indignantly deny it, but it is. Mr. Trump's lawyer explains that his client put his own funds at considerable risk and was entitled to some reward.And that's the way it is in the takeover game. What goods and or services has Mr. Trump produced to earn his $24 million? None at all. What has Bally received for its $24 million? Nothing it shouldn't be entitled to without spending that sum. Much paper is exchanged, many legal fees paid, but in plain fact Mr. Trump gets something - a small fortune - for nothing.

If he could figure some way to bring the game to the gambling casinos, where it belongs, he might be able to parlay it even more.

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