A bankruptcy court judge will consider — yet again — the proposed sale of Atlantic City’s former Revel Casino hotel to a Florida developer.
But the $82 million deal has loopholes that could let the owner, Revel AC, or the purchaser, Glenn Straub, back out before it is due to close March 31.
The latest sale agreement between Revel and Straub’s Polo North Country Club contains a “fiduciary out.” It is language that gives Revel the right to scrap the Straub deal if a higher offer presents itself before the deal closes.
That is crucially important this week with a new potential purchaser, Los Angeles developer Izek Shomof, planning a bid for Revel after touring the property last week. A hearing to consider the proposed sale is set for Thursday.
