I guess time will tell... Doesn't the club have enough in the building fund to buy this place? sure would make a nice home! Every member can have their own room with a view!
A federal appeals judge says a deal to sell Revel Casino Hotel should be halted while a nightclub tenant there fights the proposed sale.
On Friday U.S. Third Circuit Court of Appeals Judge Thomas Ambro ordered the sale halted while the court considers claims by IDEA Boardwalk LLC, the real estate developer behind HQ nightclub.
Ambro ordered Revel's bankrupt parent to respond to those claims by Feb. 3.
Glenn Straub, a Florida-based businessman who has a deal to buy the property for $95.4 million, has said he may abort the sale if it is not finalized by a Feb. 7 contractual deadline.
Last week Chief U.S. District Judge Jerome Simandle refused to halt the sale, citing “the palpable risk of losing a ready buyer.”
IDEA says its $16 million investment at Revel could vanish under Straub's ownership.
Chief U.S. Bankruptcy Judge Gloria Burns, who is handling Revel's Chapter 11 bankruptcy, in January ordered the property to be sold “free and clear of liens, claims, encumbrances and interests.”
The ruling triggered a flurry of opposition from tenants, including IDEA and Revel's power supplier, who say that provision allows Florida-based businessman Glenn Straub to buy the Boardwalk property and boot tenants without due regard for their rights under leases.
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