Lawyers for Glenn Straub, the South Florida investor who
bid $90 million for Atlantic City's shuttered Revel Casino Hotel, filed a
bankrupty-court motion seeking a delay in the resumption of the auction for the
property.
The auction, which does not involve open bidding, started
anyway Tuesday morning, said Stuart J. Moskovitz, an attorney for Straub, who
was asked to make a counter offer.
Moskovitz said he doesn't know if Straub will do so -
"until we get information we've requested."
The motion, dated Monday, but not entered on the docket
until Tuesday morning, requested a delay in the auction until Thursday at 9
a.m., for copies of any other bids that were received, and for the U.S. Trustee
to conduct the auction rather than Revel's bankruptcy attorney.
"The lack of transparency here is unheard of,"
Moskovitz said.
However, Straub's company, Polo Country Club North Inc.,
does not likely have the standing it would need in bankruptcy court to make
such demands.
During a Sept. 15 Revel bankruptcy hearing, Judge Gloria
M. Burns told Moskowitz, that the bidder didn't actually have standing in
court.
She accepted input from Straub on the scheduling of the
auction, though, because of the desperate state of the months-long effort to
sell Revel, which generated a single bid, Straub's.
Revel's lead bankruptcy attorney revealed a second
possible bidder in a filing Tuesday. That is Brookfield Asset Management, a
Toronto company that has $181 billion under management.
Brookfield could not be reached for comment.
Source: Philly.com
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