Citing unfair auction, developer in line to purchase failed Revel casino wants $8M discount
The Florida developer in line to purchase the former Revel Casino Hotel in Atlantic City wants a discount.
Lawyers for Glenn Straub said in a court filing Wednesday that the property should be sold for $87 million, not the $95.4 million runner-up bid he put in at auction.
A Toronto-based firm won the auction for $110 million but backed out when it couldn't resolve a dispute over the $2.4 billion casino's costly power plant.
Straub says the auction was unfair and he wouldn't have bid more than his original $90 million "stalking horse" bid if he knew that. He wants a federal judge to deduct a $3 million breakup fee because Revel is keeping Brookfield Asset Management's $11 million deposit.
A judge is scheduled to consider the sale Jan. 5.