Glenn Straub, of Florida, is interested in Revel Resort and Casino in Atlantic City and is willing to pay just $87 million for the property that is less than three years old and cost $2.4 billion to build.
Straub initially bid $95.4 million earlier in the year when Revel went to auction; however was outbid by Toronto-based Brookfield Asset Management who later backed out of the deal losing an $11 million deposit.
He is now the only bidder on the casino and claims that the previous auction was not fair and honest so he is offering several million less than his previous offer as a result and seeks a $3 million breakup fee since Revel is retaining Brookfield’s deposit.
A conflict of interest case has been filed as Straub claims that White and Case, the law firm in charge of the sale of Revel, also represented Brookfield and dictated the auction terms.
catapultaudio
9 years ago
Wow, can't believe we were actually already talking about this way back in December at LCB and its still dragging on with no end in sight now towards the end of March. I think that Straub is surely going to get it in the end, perhaps with some horribly overinflated final price though!
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jade
9 years ago
Looks like Brookfield, White and Case, really stirred up quite a mess. This sounds like a bad soap opera. Conflict of interest to say the least. How about fraud, isn't this why prisons were built . This is the kind of crap that gets to me about attorneys. They are in cahoots with everybody, always come out smelling sweeter...
Looks like Brookfield, White and Case, really stirred up quite a mess. This sounds like a bad soap opera. Conflict of interest to say the least. How about fraud, isn't this why prisons were built . This is the kind of crap that gets to me about attorneys. They are in cahoots with everybody, always come out smelling sweeter and sweeter. The government here in the US has made it impossible for anyone to do anything without the barrister. White and Case will probably say they were so busy that they forgot that they were in charge of the sale of Revel when they told Brookfield that they would represent them. They'll all get a slap on the wrist.
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SassyGirlMe
9 years ago
This is well deserved when auctions happen like this one, and someone backs out of it the results are not good for the person trying to auction of their property. I think they are actually being generous I would go for even lower then $87 million for the property. They should include the $11 million deposit plus what ever...
This is well deserved when auctions happen like this one, and someone backs out of it the results are not good for the person trying to auction of their property. I think they are actually being generous I would go for even lower then $87 million for the property. They should include the $11 million deposit plus what ever is cost in salary for the person that's handling the auction and a little of the depressed mode that they feel for being treated unfair. $87 million for the property that is less than three years old and cost $2.4 billion to build, but is worth much more when you to a loss at tax time. And that conflict; A conflict of interest case has been filed as Straub claims that White and Case, the law firm in charge of the sale of Revel, also represented Brookfield and dictated the auction terms. That's a big no no if I ever seen one. same on you guys.
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