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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.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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