By David Madden

CAMDEN, N.J. (CBS) — Parties vying to purchase the former Revel casino-hotel, in Atlantic City, were in federal bankruptcy court again today.

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Florida-based developer Glenn Straub wants permission to move forward  this weekend on his $82-million purchase offer for the Revel, so he can arrange for an alternate power source.  The adjacent power plant operator has been a major stumbling block — perhaps the primary one — to three prior proposed deals for ownership transfer of the former casino property.

Straub has agreed to buy the Revel site, but only without the power plant that provides electricity to the property.

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Two other entities are now claiming to be ready to put forth offers that are superior to Straub’s.  But neither has put up a dime so far, whereas Straub’s $82 million is being held in an escrow account.

Judge Gloria Burns has until Monday to decide on this latest proposal.

 

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