Battle Between Stockton, Showboat Heads To Bankruptcy Court
ATLANTIC CITY, N.J. (AP) — A southern New Jersey college's battle over a failed deal to convert a former casino into a satellite campus is now part of a casino company's bankruptcy proceedings.
Stockton University has filed a claim in Caesars Entertainment's bankruptcy case in Illinois. It is mired in a thus-far failed deal to convert the former Showboat casino into a satellite campus.
Stockton bought the Showboat in December from Caesars for $18 million. But the Trump Taj Mahal is enforcing a 1988 legal covenant prohibiting Showboat from being used as anything other than a casino hotel.
Stockton's acting president, Harvey Kesselman, told the Press of Atlantic City that Caesars has not responded to the school's request to act on an indemnification clause. Tuesday is the deadline for creditors to file in the bankruptcy case.
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