Judge Declines to Extend Deadline For Purchase of Revel Casino by Florida Developer
By David Madden
CAMDEN, N.J. (CBS) -- A federal bankruptcy judge in Camden today denied a bid by a Florida developer for more time to close on the $95-million purchase of the former Revel hotel-casino, in Atlantic City.
Glenn Straub's agreement to buy the defunct casino-hotel expired at midnight Monday. He wants another month to deal with utility issues and the appeals of commercial tenants who remain.
Revel lawyers have what they call "zero confidence" that Straub will commit to the deal anytime in the near future. And while Judge Gloria Burns seemed to agree, she stopped short of terminating the agreement, deciding only to deny his bid for more time.
Burns says she will decide next week on termination and whether Straub will forfeit his $10-million on the property.
"They're trying to pressure people into doing things, and I'm not sure you can pressure a company like ours," Straub said today. "We're debt free. We've been this way for 52 years, and we're going to go ahead and do what's right."
If the Revel sales agreement is canceled, Straub could still participate in the third round of bidding. The current owners say no other buyers have been lined up.
