A bankruptcy judge in Camden approved the sale of Revel
AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub's
effort to cut the price to $87 million.
The sale is expected to close within 30 days, according the
sales agreement, U.S. Bankruptcy Gloria M. Burns said.
Straub's attorney, Stuart Moskovitz, argued that the sale
process in September and October was not fair, but the judge rejected those
arguments.
"I get it. Everybody wants to pay as little as they
can," the judge told Moskovitz.
It remains unclear how Straub will respond.
Moskovitz told the judge that he would ask for a stay of
the sale order in U.S. District Court, but during a break Moskovitz said he did
that strictly to protect Straub's rights.
"We're not going to make any decisions today,"
Moskovitz said.
Straub declined to answer questions about what he would
do with Revel, if he buys it.
Source: Philly.com
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