Glenn Straub Deal Cancelled by Revel Thanks to Judge Ruling
So now we go back to square one?
A Federal Judge ruled in favor of Revel Casino yesterday, stating that they are now able to cancel the deal with Florida Real Estate Developer Glenn Straub.
Straub didn't want to close the deal by the Feb 9 deadline because he was not sure if he would be forced to accept some existing tenants at Revel if he opened the casino. A $10 million deposit from Straub is now being held in escrow.
This latest set-back to sell the multi-billion dollar failed casino comes on the heels of the first deal that fell-through last November involving Brookfield Asset Management.
(WPG Talk Radio 1450)
So, we sit back and wait again. This doesn't mean that the two parties have quit talking and discussing a deal, but it certainly means that Revel can scrap the current deal.