Glenn Straub not backing down on Revel sale

By David Cook
Florida developer Glenn Straub remains determined to acquire Revel casino, despite having his $82m deal for the now closed casino rejected by a US bankruptcy court judge last week.

Judge Gloria Burns heard a series of contentious motions on Monday, after refusing to approve the sale to Straub on Friday.

Straub agreed to buy Revel for $82m last month, after initially having pledged to purchase the casino for $95.4m, but the agreement was terminated when Straub missed a 9 February deadline to provide the funds for the deal.

The second agreement between the two parties was reached when Straub exploited a loophole that allowed him to re-negotiate with Revel before a signed order had been entered.

That was scuppered however, when Los Angeles developer Izek Shomof offered to buy the casino for $80m, and Burns decided to give Revel and potential bidders more time to negotiate.

Straub told the Wall Street Journal of Burns’ refusal to allow the $82m sale: “It doesn’t mean anything. There are all kinds of ways to get properties sold.”

John Cunningham, a lawyer for Revel, suggested several different options at Monday’s hearing, including the option of Straub paying the originally planned $95.4m.

“I’m not going to pay the 95.4,” said Straub.

Revel closed in September after filing for bankruptcy in June.


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