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Revel casino equipment auction

Revel casino sale approved by judge, rejecting bid to overturn bankruptcy auction. approved the $ million sale of the now closed Revel casino in Atlantic. 48 lots up for auction around Revel casino in Atlantic The auction will be held simultaneously at Revel Casino Hotel and online at DANAGENNISI.EUnad DANAGENNISI.EU by. Sep 24,  · Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, is expected to be sold at a bankruptcy auction for pennies on the dollar.

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:

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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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