Last week, a bid was placed for the struggling Atlantic City Revel Casino for $90 million by Glenn Straub a real estate mogul, in the hopes of purchasing the property. The bid was the only one on the table for the casino but has now been objected to by Roberta DeAngelis, a US Bankruptcy Court Trustee.
On Friday, DeAngelis filed a 12 page document that objected to Staub’s requested auction date of the 23rd of this month as well as a break-up fee of $3 million. According to Press of Atlantic City, DeAngelis felt as though the fee was inappropriate since the property is already in bankruptcy. Also the new auction date was objected as it does not give enough time for additional bids if other individuals or companies are interested in placing a bid on the property.
Straub placed the bid of $90 million on the Revel property which cost billions to build. Straub also had to place $10 million escrow to even make the bid; however, he does not seem put off by the recent developments in Bankruptcy Court. According to the Press of Atlantic City, Straub was unaware of the objections raised by DeAngelis and responded by stating:
“We are cash buyers. We try to get things done and move on. I don’t do this for the $3 million. Either they sign the contract or they don’t. There are only so many people who can qualify to buy. I have a window right now. If they are not interested, give me my deposit back.”
The Revel property was open before the casino closed and could be toured by potential buyers, yet there was no interest by anyone. DeAngelis now says that since the Revel is no longer operational, potential new bidders need to be provided with sufficient time to become a qualified bidder and present the bid.
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