Revel casino equipment auction

No qualified bids in Revel bankruptcy auction, but three offers are under review

A fifth, the Trump Taj Mahal, may close on Nov. ET, one source said. Tuesday, one from a party involved in casinos outside of New Jersey and a second from a real estate developer. At a bankruptcy hearing Sept. The case is In Re:

Revel casino sale approved by judge, rejecting bid to overturn bankruptcy auction

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. 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.

The auction is supposed to resume at 9 a. When Revel shut down Sept. It is one of four Atlantic City casinos to close this year, after a years-long decline in revenue. Reuters, citing an unnamed person familiar with the auction, said two last-minute bids were made before the deadline of 4 p. Tuesday, one from a party involved in casinos outside of New Jersey and a second from a real estate developer. 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.

Delays in the start of a bankruptcy auction are not unusual, as lawyers try to establish a basis to make an apples-to-apples comparison of bids. In the case of Revel, Straub's bid is particularly strong because it is an all-cash offer and is not contingent on Straub's receiving a license to operate a casino at the property. Typically, a bid is less desirable if it has conditions or depends on insecure financing.

Cunningham, Revel's attorney, said at the Sept. Every day reduces the amount of money left to pay lenders and other creditors. Ultimately, the property goes not necessarily to the highest bid, but to the "highest and best" bid. Attorneys and investment bankers for the bankrupt company have a great deal of leeway in choosing the winner.

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If Kahn's model is correct, redirecting the 540 million now wasted on spreading the myth of heterosexual AIDS to high-risk groups - mostly gays and inner-city drug users - could wipe out new infections entirely. Yet this year, its education program, "Respect Yourself, Protect Yourself" is once again aimed at the general population.

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