(FORTUNE Magazine) – Casino regulation in Atlantic City being one of the subjects on which Keeping Up readers receive timely reports no matter what they say, we return herewith to the seaside with an exclusive analysis of the Trumps' latest financial fandango. Our expert opinion: Fred Trump, Donald's father, will be cleared by the Casino Control Commission but could be the worse off for it. The Trumps' family fun would make a great movie script, possibly even providing a vehicle for Donald in the film career rumored to lie in his future. It definitely represents another advance in the art of the deal. The deal this time revolved around Donald's astonishing success in meeting a bond interest payment at the Trump Castle casino after his father lent him the requisite $3 million. The loan took a most original form: Fred Trump, age 85, arranged for his lawyer to visit the Castle, march up to a high-stakes blackjack table, and buy some $3 million worth of $5,000 chips. Instead of then playing blackjack, as any normal sentient being might do, the lawyer placed them in a satchel and presumably lugged them back to Fred, who now had his collateral. Why structure the loan this way? Obvious answer: to protect Dad in case the Castle sashays into Chapter 11. With an ordinary loan, Fred would then be in line with a whole bunch of towel suppliers and other shafted creditors. But the integrity of the casino industry depends on the players' ability to cash in their chips. ''Chips are always redeemable,'' states the mighty Casino Control Commission. But this solution has raised a few other problems for Fred. Eyeing the whole transaction, the State Division of Gaming Enforcement began worrying that Trump senior was now a ''financial source'' to the casino. As such, he needed clearance. So, just like any busboy applying for the right to put ketchup on a casino dining table, Fred was told he had to fill out forms enabling Trenton to verify that he is a high-class fellow with no mob connections. He is said to be filling out the forms as we key in these words. Even so, a major issue remains unresolved: Now that he is identified as a financial source and not a player, can Fred retain the right to stay ahead of the towel suppliers when Chapter 11 time comes? It is hard to believe that the other creditors would give him that right without a battle. He might do well to consider redefining his status and showing up at the blackjack table with a glint in his eye. We can guarantee he would be doing that in the film version.