There has been no word so far this week on bids for the
bankrupt Revel casino, which were due Monday in preparation for an auction
Thursday if more than one qualified bid was received.
But a U.S. Bankruptcy Court filing Tuesday in Camden by the
investment bank Moelis & Co. L.L.C., charged with finding a buyer for
Revel, revealed some details.
In the filing, Moelis said it was owed $150,000 in fees,
plus $5,950 in expenses, for its work on the sale of Revel, which it calls
"Project Redwood."
Moelis said it contacted more than 130 potential buyers for
Revel, which cost $2.4 billion to build and is expected to sell for less than
$300 million.
On 13 days between June 24 and July 31, Moelis conducted
on-site property tours, according to the filing. It is not clear whether that
means 13 potential buyers were on those tours.
The closed-door auction in the New York City offices of law
firm White & Case L.L.P. is scheduled to start at 9 a.m.
Source: Philly.com
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