Glenn Straub agrees to Extend Deadline for $95.4 Million Purchase to be completed

Glenn Straub agrees to Extend Deadline for $95.4 Million Purchase to be complete

By the end of Monday, the Florida developer who is buying Atlantic City's former Revel Casino Hotel may come to know about how long he has to wait.

On late Sunday, Glenn Straub made a decision to extend the deadline for his $95.4 million purchase to be over. It is expected that $95.4 million sale to Florida developer Glenn Straub will close today.

A hearing will be held by US District Court Judge Jerome Simandle at 3 pm. The Judge will hear from previous tenants at Revel, involving the popular HQ nightclub, celebrity restaurants, and the building's sole utility service provider.

According to the tenants, investment of $16 million must be considered before the court allows Straub buy Revel free and clear of their leases. The power plant is looking for assurances for its unpaid bills and debt from its construction is going to be paid.

If debts are not paid then ACR Energy Partners may discontinue electricity, heat, air conditioning and water to the building. They also planned to cut off power last Thursday but they made a decision to keep the power flowing at least until Wednesday as issue will be considered by a bankruptcy court judge.

According to Revel and ACR, they are putting in efforts to work for a resolution that might eliminate the requirement of hearing that will take place on Wednesday. The single remaining bidder from a bankruptcy court auction of Revel last fall is Straub.

Straub was the second best but he became the selected bidder when the winner, Canadian firm Brookfield Asset Management, scrapped its $110 million deal to purchase the casino. The result may determine whether Revel is sold or Straub quits the deal.

"Everything's up in the air right now. There's these court rulings hanging over everyone's heads", said Straub's attorney Stuart Moskovitz.


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