Straub contests attempts by Revel owners to terminate sale agreement and keep his deposit
The drama over the sale of Atlantic City's bankrupt Revel building continued Tuesday, when bankruptcy court Judge Gloria Burns postponed a decision on whether to terminate a $95.4 million auction sale agreement with Florida developer Glenn Straub.
Straub failed to meet an agreement deadline recently (see previous InfoPowa reports) and the owners of Revel sought to have the sales agreement terminated, with Straub's $10 million deposit forfeited.
Straub said he was unable to meet the deadline because of the pending issue of whether he'll be required to honour leases from business tenants at the casino.
The court postponed its decision to Thursday this week after Straub said that he was still interested in the deal and was negotiating with the owners.
In a filing made prior to Tuesday's hearing, Revel's chief restructuring officer, Shaun Martin, said the company had no choice but to terminate the sale and keep Straub's $10 million deposit because the contract doesn't allow it to force Straub to close on the deal.
Online Casino News Courtesy of Infopowa