ATLANTIC CITY, NJ—A bankruptcy court judge on Monday approved the sale of the shuttered Revel Casino Hotel here to Glenn Straub. However, a representative of the Florida developer says the price tag is too high.
Straub affiliate Polo North is now the court-approved bidder after Toronto-based Brookfield Asset Management won the bid in October but later backed out of the deal. The court is granting Polo North the right to purchase the Revel for $95.4 million, according to the Press of Atlantic City.
“Our $90 million bid should have stayed the way it was,” Polo North attorney Stuart Moskovitz told Chief U.S. Bankruptcy Judge Gloria Burns. “We're asking to be put in that position—the position we would be in if there weren't improprieties.”
Revel attorney John Cunningham termed the request by Polo North to lower the sale price as “a showstopper.”
Judge Burns said she plans to sign an order by Thursday approving the proposed sale. She said the auction and sales processes were fair. Earlier she denied Polo North's request for a $3-million “breakup fee” for acting as the auction's stalking horse. The company wanted that fee applied to the $90 million bid, lowering its purchase price to $87 million. See story in the Press of Atlantic City.
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