With the winner of the auction pulling out, a bankruptcy judge dismissed an appeal of an auction result for Atlantic City’s closed Revel casino since the second bidder is now being pursued as the likely buyer of the property.
The appeal by Glenn Straub’s Polo North Country Club Inc. charged that a September bankruptcy auction for Revel lacked transparency and was tainted by a conflict of interest, Straub appealed a ruling by Chief U.S. Bankruptcy Judge Gloria Burns that gave Revel permission to sell the property to Brookfield US Holdings, which was the auction’s winner.
On Monday, Chief U.S. District Judge Jerome Simandle dismissed the appeal as moot, since Brookfield has since walked away from the sale and Burns has ruled Revel can pursue a sale to Straub’s company. A hearing on the sale is set for January 5.
Straub told the Press of Atlantic City that he may ask Simandle to reconsider the dismissal.
“The judge didn’t answer anything that was in the appeal,” he said, noting that his original offer for the property was $90 million. The auction forced him to up the offer to $95.4 million, he said.
