Judge Declines to Approve Sale of Revel to Glenn Straub
You’re not going to believe this.
No, wait, you probably will. U.S. Bankruptcy Judge Gloria M. Burns today did not approve the sale of the failed Revel casino to Glenn Straub. The hold-up is a pending appeal by several clubs and restaurants inside Revel that opposed Straub’s purchase of Revel. Burns stayed that sale in January.
Here’s where things get complicated: That sale is actually dead. Straub didn’t complete it. But Revel and Straub then struck a deal for Revel at a lower price. Still, per the Inquirer, the previous ruling means Burns doesn’t have jurisdiction to approve the new sale.
But wait, there’s more.
ACR Energy Partners, the energy company created to supply power to Revel — who previously threatened to turn Revel into a $2.4 billion fungus tower — will ask a judge Monday if it can shut off power and do just that.
And we’re not done yet: Yesterday in court, Revel said it had been contacted by 19 possible suitors for the casino. Nineteen! Meanwhile, an attorney for ACR said he knew of five additional buyers for the property that Revel bankers didn’t know about. Suddenly, Revel is a hot commodity!
Meanwhile, Straub already has the $82 million purchase price in an escrow account. Revel wanted the sale to go through. And here’s a sentence that could end any article ever written about Revel: It’s unclear what will happen next.