Federal Appeals Court Clears The Way For The Revel Deal, With One Important Exception
By David Madden
ATLANTIC CITY, N.J., (CBS) -- A three judge federal appeals panel in Philadelphia has issued a mixed ruling regarding the planned sale of the shuttered Revel Hotel and Casino in Atlantic City.
The order allows for the operators of the closed HQ nightclub to preserve their legal rights, should developer Glenn Straub close on the sale of the Revel. The sale itself is not affected by the 2-1 decision. It will be determined later if the concerns IDEA Boardwalk attorney James Cooper voiced in court play out.
"All we're asking for is to have our real property rights recognized as protected by the bankruptcy code, especially when the other provisions that allow an override weren't met," said Cooper.
There are concerns Straub could walk away from the $95 million deal, just like Brookfield Asset Management did in November, although Straub would lose a $10 million deposit. He has until Monday to decide.
