Florida Developer Fighting To Break Deal To Take Control Of Showboat From Stockton University
By David Madden
ATLANTIC CITY (CBS) -- What had looked like a deal to take the shuttered Showboat casino hotel off the hands of Stockton University after an apparent botched attempt to turn it into a college campus has now turned into another court fight involving Florida developer Glenn Straub. And this one could drag out for awhile.
Straub, who's still in legal battles with tenants at the old Revel, which he now owns but has yet to even partially reopen, is seeking to get out of his $28 million Showboat deal in Atlantic County superior court.
His attorney, Stuart Moskovitz, says blame Stockton for tying itself up in legal restrictions.
"You have a covenant that says it can't be a casino and you have a covenant that says it must be a casino. And that makes it difficult to figure out what we're supposed to do."
He says the school is responsible for clearing up the confusion.
Stockton University, in a statement, says it'll take "whatever actions are necessary to protect the best interests of our students, faculty, staff, alumni and the greater university community, and to bring about a successful sale of the property."
