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Rescue attempt may be underway For Revel AC Deal
Sunday November 23 ,2014 : CAN THE REVEL DEAL BE SAVED?
Conflicting reports indicate a rescue attempt may be underway.
There have been conflicting reports in US media regarding the announcement by Brookfield Asset Management that it has been unable to satisfactorily resolve an energy debt problem over the Revel in Atlantic City and is reversing out of the $110 million acquisition agreement for the property
Brookfield itself has not commented beyond its announcement, but legal representatives for Revel claim that vigorous efforts, including a meeting next week, are in progress to save the deal.
Further muddying the water is a claim by another interested buyer, Florida developer Glenn Straub, that Brookfield's decision to walk away from the deal is not cast in stone and is merely a negotiating tactic which the media have been duped into supporting.
As it is unlikely that Brookfield would have taken a competing rival (Straub is still interested in Revel and has appealed against the successful Brookfield bid) into its confidence, the likelihood is that Straub's claim is at best speculative.
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