Revel auction starts slow, resumes Tuesday
A fifth, the Trump Taj Mahal, may close Nov. Straub said he was in the process of analyzing the Brookfield bid when the auction was declared over. Attorneys and investment bankers for the bankrupt company have a great deal of leeway in choosing the winner. Retrieved September 30, Lezenby stated the uncertain future of the building and the fact that it was closed to the public as reasons for his resignation. A corporate bankruptcy auction is typically a closed-door affair, with lawyers and others running among potential buyers to solicit higher offers, rather than an auctioneer with a gavel in a crowded room. The hotel, resort, and casino closed permanently on September 2,
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Straub's attorney, Stuart J. Moskovitz, said Straub, who attended the hearing, had good reason to stick to the tight schedule for Revel. Straub's position didn't sit well with Warren A. Usatine, an attorney who represents the unsecured creditors committee in the Revel bankruptcy.
Revel's hedge-fund backers have been trying to sell the property for months. Their investment bankers contacted more than potential bidders but failed to land a qualified bidder until Straub showed up. Brookfield Property Partners , the Brookfield affiliate that won the auction, suggested it plans to reopen as a casino. He told Reuters on Wednesday the breakup fee was never his goal. A hearing to approve the sale is scheduled for Tuesday, Oct. Brookfield Asset Management of Toronto, Canada, manages Brookfield Property and uses the affiliate, which was spun off last year, to invest in real estate.
Photo courtesy of Shutterstock. We will not send you spam, and we don't share your email address with 3rd parties. Should you have any questions please do not hesitate to contact us: Moskovitz, the attorney for Straub, said of Revel's legal team. Cunningham, Revel's lead bankruptcy attorney, responded by saying, "We were conducting the auction in accordance with the bankruptcy court's bid procedures.
Any allegations about improprieties are unfounded. The pause was not a surprise to those involved. At a bankruptcy hearing Sept. Burns sought assurance from all parties that the auction would be adjourned at sundown Wednesday to allow participants to observe the start of Rosh Hashanah. When Revel shut down Sept.