Joel R. Glucksman
Partner
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The second-place bidder in the liquidation auction for Revel Casino, which now has the option to buy the failed Atlantic City casino, has asked for a price cut because of alleged improprieties in the auction process.
Glenn Straub’s Polo North Country Club Inc. said that the purchase price for the casino and its assets should be $87 million, $8.4 million lower than the $95.4 million it offered at auction, according to Bloomberg. Revel decided to proceed with a sale to Polo North following a decision by Brookfield Property Partners LP to cancel its contract to buy the casino for $110 million.
Straub said that the starting point for the purchase price should be his starting bid of $90 million because Brookfield Property dropped out, according to the news source. He also contends that a $3 million fee should be applied to the purchase price in his favor because the estate is receiving the financial benefit of retaining Brookfield’s $11 million deposit.
Meanwhile, The Inquirer reported that ACR Energy Partners LLC, which owns and runs the utility plant attached to the Revel casino, had insufficient funds to make a $6.9 million interest payment to bondholders due earlier this month. As a result, it wants to shut off services to the Revel boardwalk complex.
Brookfield, before it walked away from the deal, was attempting to cut the $1.7 million in monthly debt and equity payments that Revel agreed to pay ACR Energy in 2011, the news source explained. These payments are in addition to the actual energy costs. Straub has already said that he would reject the payment arranged with ACR Energy.
Though the Revel casino is closed, ACR Energy continues to operate the utility plant at this time. If it were to stop, the casino could be damaged substantially, further lowering the value of the $2.4 billion property.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
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