Despite his attempts to cut corners, Atlantic City Bankruptcy Judge Gloria Burns determined that Glenn Straub’s original bid of $95.4 million for Revel Casino will stick.
Revel was built for $2.4 billion two years ago but after losing to a higher bidder who backed out of the deal, Straub returned trying to chew down the price.
He claimed that the auction was unfair but the judge didn’t agree in U.S. Bankruptcy Court on Monday.
Judge Burns sealed Straub’s original bid giving his 30 days to finalize the deal.
John K. Cunningham, the attorney representing Revel, told Judge Burns that the objection to one’s own bid was unusual and this was the first time he had encountered a case like this in all his years of experience in bankruptcy court.
“This is a case where there is a first time for everything,” Burns said.
Straub is reviewing his options including an appeal of the ruling.
elvisbektasevic 9 years ago
I could do same, but these people who have a lot of money, a cars, buildings etc, they never stop. they want more and more. when they get 1million, they want one more. At the end they havent anything! For judge, how she didnt know that everybody learn till the end of life. Now she knows lol.
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SassyGirlMe
9 years ago
This is a case where there is a first time for everything, Yes that true but I've been reading on this story for sometime now. And trying to get something for nothing just does not feel like it fits here. His company had lost money bidding the first time around and then for that not to fall through not to mention the 11,000...
This is a case where there is a first time for everything, Yes that true but I've been reading on this story for sometime now. And trying to get something for nothing just does not feel like it fits here. His company had lost money bidding the first time around and then for that not to fall through not to mention the 11,000 that the company got to keep even though the first bid did not go through. Yes I understand that Revel was built for $2.4 billion two years ago, but that was done on a entrepreneur endeavor. Which is always at risk to loose. Getting at least half that money back would be better then loosing it all. Just like when you gamble at the casino your at risk of loosing it all. Now, Straub is reviewing his options including an appeal of the ruling. I say go for it.
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jade
9 years ago
Everybody is always looking for a reason to get; something for nothing, or to get over on somebody, etc. I think this Judge Gloria Burns is just saying for Straub to get on with it. If he really wants the casino, he should be happy that the deal fell through giving him another opportunity. Straub is already getting a great...
Everybody is always looking for a reason to get; something for nothing, or to get over on somebody, etc. I think this Judge Gloria Burns is just saying for Straub to get on with it. If he really wants the casino, he should be happy that the deal fell through giving him another opportunity. Straub is already getting a great deal. The casino is only a couple years old and was originally built for $2.4 billion dollars.
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