Drama Continues as Revel and Straub Head Back to Court
Both Straub and lawyers for Revel are due in court today when a judge is scheduled to decide whether to approve Revel's termination of the $95 million sale of Revel to Straub. Stuart Moskovitz, a lawyer for Straub's Polo North organization, wrote, "Debtors' counsel has indicated many times that there are many purchasers for the debtors' assets. That statement is seen in the auction transcript and has been made to counsel for Polo North and in open court. The debtors' motive in seeking to abruptly terminate the Polo North (sale) certainly is in question as a result of those statements. As Polo North has brought to the court's attention previously, the debtors appear to want to manipulate the sale process, whether it be to raise the sale price or collect additional deposit forfeitures. Such behavior calls the debtors' motive directly in question."
Revel said it moved to terminate the sale because Polo North had not met the February 9th deadline called for under the sale contract and they say they would look for a new buyer. A judge has denied Straub's bid to extend the deadline to complete the sale.
The Associated Press contributed to this report.