Sale of Revel to Brookfield Is Finalized
A judge finalized the sale of the shuttered Revel Casino to Brookfield Holdings today, but not before some final bits of weirdness in a neverendingly weird tale.
Suffice it to say, it ended like this:
https://twitter.com/ACPressKramer/status/519537357197172736
https://twitter.com/TDurken/status/519556741613510656
Back up: What happened before that was that the judge overseeing the auction denied Florida developer Glenn Straub’s request for a second-chance do-over auction, claiming he had left needed medicine in Florida and wasn’t prepared for the deep-into-the-night bidding process. (Straub, you’ll recall, wanted to use the facilities to create a “university for geniuses.”)
Apparently it got a little heated.
Developer Glenn Straub now testifying at Revel sale hearing. He objects to sale to winning bidder Brookfield.
— Ted Greenberg (@tedgreenbergNBC) October 7, 2014
#Revel attorneys call Glenn Straub a "disgruntled losing bidder"; court hearing continues in Camden http://t.co/tJA6QY9HRM
— John Brennan (@BergenBrennan) October 7, 2014
Glenn Straub, losing bidder in auction for #AtlanticCity #Revel casino, takes the stand in court and offers rambling testimony
— Tom Hals (@tomhals) October 7, 2014
Glenn Straub says spent part of the night during #bankruptcy auction for #AtlanticCity #Revel casino wandering NY looking for medicine
— Tom Hals (@tomhals) October 7, 2014
We expect to see more details on what happened as the dust settles.
But: Brookfield won the day with its $110 million bid. That’s a steal, considering the almost-brand-new casino was built for $2.4 billion.
