Bankrupcy Judge Officialy Axes Second Potential Revel Sale
By Justin Udo
ATLANTIC CITY, N.J. (CBS) - After failing to sell their property for a second time, owners of the Revel casino head back to court in an effort to re-coup some money from a former potential buyer.
Florida developer Glenn Straub placed a $10-million down payment on the Revel casino, but his plans to purchase the property fell through.
He wants his money back but the Revel's lawyers say that money should go to their clients, as they and Straub agreed when he made his bid.
At a bankruptcy court hearing Thursday, a judge terminated the $95-million purchase agreement between the two parties and said that the down payment will go into an escro account until a further order of the court.
The Revel's owners can now start shopping their property around...again.
