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Owners of Former Revel Casino Move to Void Sale to Developer Glenn Straub

By David Madden

ATLANTIC CITY, N.J. (CBS) -- Attorneys for the bankrupt Revel casino-hotel have, as threatened, filed motions to terminate the $95-million sale of the shuttered resort to a Florida developer.   And the issue is expected to be addressed at a hearing tomorrow in federal bankruptcy court in Camden, NJ.

Glenn Straub had until midnight yesterday to close on the sale, but didn't.  Straub's lawyer asked the court for an extension, till the end of February, to allow for various appeals from Revel tenants and its power provider to play out.

But the owners of Revel have apparently had enough, asking Judge Gloria Burns to approve their request to cancel the deal with Straub and keep his $10-million deposit.

If approved, the fate of the resort would go back into legal limbo, and most experts believe that without a new buyer waiting in the wings, an outright liquidation might be the next step.

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