Like Brookfield, Straub balked when issues arose with ACR Energy Partners, Revel’s power plant operator. Though Revel’s lawyers have said they’re ready to find another buyer, it’s not clear at this point who would take on that role. It was previously permitted to keep Brookfield’s $11 million deposit. Even if she kills the deal, Revel will likely make some money out of the situation by holding onto Straub’s $10 million deposit. Judge Burns will announce Thursday afternoon whether the sale is officially off the table. He reportedly engaged in a shouting match with a Revel attorney after another hearing this month.ĭespite the apparent tension between Straub and Revel’s lawyers, the parties reached a $95.4 million sale agreement, but were unable to close the deal by their February 9 deadline. When Judge Gloria Burns held a hearing on the Brookfield sale, Straub took to the stand and offered rambling testimony explaining why he bailed during a late-night auction, accused Revel’s attorneys of conducting an unfair sale process and according to news reports, physically shoved a Revel financial advisor in the hallway of the courthouse following the hearing. Straub and his attorney attended hearings in the US Bankruptcy Court for the District of New Jersey throughout the fall as he battled Brookfield for the right to buy Revel’s assets.
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