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Revel Sale Falls Thru Again
Monday March 16,2015 : THIRD REVEL SALE DERAILED (Update)
Bankruptcy court judge refuses to authorise sale to Florida developer.
Atlantic City bankruptcy court Judge Gloria Burns finally decided Friday not to approve the sale of the Revel building to Florida property developer Glenn Straub, despite his being the firmest offer on the table at present, and his commitment of a deposit and escrow funds worth a total of $82 million for the sale
Her decision leaves the multi-story complex, originally built just two years ago for $2.4 billion, without a firm and committed buyer, although as reported earlier there has been a recent flurry of interest in the sale from property developers in New York and Los Angeles.
The Associated Press news agency reports that this leaves the asset open to foreclosure by main lender Wells Fargo, or liquidation and the sale of the property piecemeal.
The parties will be back in court Monday, when Judge Burns will hear arguments by Revel asking her to reconsider her decision against Straub, along with requests from the building's owed power supplier to appoint a bankruptcy trustee in place of Revel's owners and liquidate the asset.
Making her ruling Friday, Judge Burns said that amendments by Revel's owners and Straub to the original sales contract, along with elements of the sale that are still subject to legal appeals, means she lacks jurisdiction to approve the Straub deal.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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