Bankruptcy court to weigh Reveal sale, but loopholes exist

♠ Posted by channel-top-news in ,,,,,,, at 10:55

A bankruptcy court judge will consider--yet again--the proposed sale of Atlantic City's former Revel Casino hotel to a Florida developer.


But the $82 million deal has loopholes that could let owner Revel AC or buyer Glenn Straub to back out before it is due to close March 31.


The latest sale agreement between Revel and Straub's Polo North Country Club contains a "fiduciary out.''


It is language that gives Revel the right to scrap the Straub deal for a higher offer before the deal closes.


That is crucially important this week with a new potential purchaser in the picture. Los Angeles developer Izek Shomof is planning a bid after touring the property last week.


The judge is due to consider the sale again Thursday.






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