Third Revel Sale Derailed (update)
By Casinomeister, Last updated Mar 20, 2015
Bankruptcy court judge refuses to authorise sale to Florida developer
Atlantic City bankruptcy court Judge Gloria Burns finally decided Friday not to approve the sale of the Revel building to Florida property developer Glenn Straub, despite his being the firmest offer on the table at present, and his commitment of a deposit and escrow funds worth a total of $82 million for the sale (see previous InfoPowa reports).
Her decision leaves the multi-story complex, originally built just two years ago for $2.4 billion, without a firm and committed buyer, although as reported earlier there has been a recent flurry of interest in the sale from property developers in New York and Los Angeles.
The Associated Press news agency reports that this leaves the asset open to foreclosure by main lender Wells Fargo, or liquidation and the sale of the property piecemeal.
The parties will be back in court Monday, when Judge Burns will hear arguments by Revel asking her to reconsider her decision against Straub, along with requests from the building's owed power supplier to appoint a bankruptcy trustee in place of Revel's owners and liquidate the asset.
Making her ruling Friday, Judge Burns said that amendments by Revel's owners and Straub to the original sales contract, along with elements of the sale that are still subject to legal appeals, means she lacks jurisdiction to approve the Straub deal.
Online Casino News Courtesy of Infopowa
The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
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