In the ongoing saga that is the Revel Casino Hotel, the
winning bidder is now trying to reject the deal after a bankruptcy judge
approved the sale on Monday.
Florida developer Glenn Straub, who won the $2.4 billion
structure for $95.4 million, announced that he plans to go to court in order to
terminate the sale, the Associated Press reports, because he wants the casino
at a lower price.
Straub is arguing that his original bid of $90 million should
remain the purchase price. Plus, he wants a $3 million deduction due to a
breakup fee he said he's entitled to after Toronto-based Brookfield Asset
Management won for a bid of $110 million.
Bankruptcy Gloria Burns, however, denied Straub's
request, saying the price of $95.4 million stands firm.
Because of the decision, Stuart Moskovitz, Straub's
attorney, said during a break in Monday's hearing that Straub would not be
making any decisions at this time, the AP reports. No court challenge would be
brought before Thursday.
Revel was one of four Atlantic City casinos that closed
last year. After two years of operation, it never turned a profit.
Straub said earlier that he wanted to build a university
"for geniuses," which could also include a high-speed ferry and
railway systems at an attempt at rebuilding Atlantic City's image.
Source: Philadelphia
Business Journal
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