More Drama In Pending Revel Sale
By David Madden
ATLANTIC CITY, N.J. (CBS) - As if there hasn't been enough drama in the first two attempts to sell the shuttered Revel hotel casino, the third try is being delayed as a judge allows a new player into the discussion, and a bank says they're tired from floating millions of dollars into the effort.
Wells Fargo might pull the plug on paying ongoing bills at the Revel, prompting Judge Gloria Burns to suggest she might take the Revel from chapter 11 bankruptcy to chapter 7 liquidation.
This as California based DTLA Development group stands ready to bid $80 million and keep the current tenants in place. Their attorney, Kurt Gwynne, was given a week.
"We're gonna roll up our sleeves and do our best to try to get it all done in that time, because we have a sincere interest in the property," he says.
So does Florida developer Glenn Straub, who has $82 million held in escrow and is legally bound to close on March 31st, unless Burns rejects the deal, a better one is approved or the power gets cut off.
