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Bloomberg: Revel Backup Buyer Wants Price Cut by $8.4 Million

December 29, 2014, 08:04 AM
Filed Under: Bankruptcy
Related: Bloomberg, Revel AC

According to a news item from Bloomberg, the back-up bidder for Revel AC Inc., now having the right to buy the shuttered Atlantic City, New Jersey casino, wants the bankruptcy judge to cut the $95.4 million purchase price by $8.4 million in view of alleged improprieties in the auction process.

The purchase price for the casino’s assets should be $87 million, not the $95.4 million offered by Glenn Straub’s Polo North Country Club Inc. at an auction, Polo North said in a Dec. 24 court filing.

The Bloomberg story notes Revel decided to proceed with a sale to Polo North after Brookfield Property Partners LP terminated a contract to buy the property for $110 million. When the bankruptcy court in Camden, New Jersey, approved the sale to Brookfield, the judge appointed Straub as the backup bidder to buy the project at his last offer of $94.5 million if the higher sale fell through.

A hearing on the sale is scheduled for Jan. 5, when Straub wants the court to cut the purchase price.

To view the entire Bloomberg story, click here.

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