Deal To Sell Padlocked Revel Hits Potential Roadblock
By David Madden
ATLANTIC CITY, N.J. (CBS) - A deal to sell Revel Casino Hotel at a bargain basement apparently doesn't impress the federal bankruptcy trustee involved in the process.
Roberta Deangelis made her feelings known in a twelve-page filing with a federal judge in Camden.
Developer Glenn Straub has offered $90-million for Revel. If someone outbids him by more than a million dollars, Revel owes him three million.
Deangelis believes that would not be appropriate in this case. She also objects to scheduling another auction for the 23rd of this month, contending that does not provide enough time for any other entity to bid.
Straub says he has a two-year plan to revive the glitzy complex, but won't get into specifics.
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