A U.S. Bankruptcy Court trustee is objecting to the proposed auction date for the Revel Casino Hotel and a $3 million breakup fee that would go to a Florida developer if he’s outbid for the recently shuttered site.
The Press of Atlantic City reports trustee Roberta DeAngelis stated her opposition in a 12-page court document filed late Friday.
DeAngelis says the Sept. 23 deadline sought by the former casino owners doesn’t provide sufficient time for parties to submit bids.
She also says the breakup fee isn’t appropriate in the situation Revel Entertainment faces. Glenn Straub has offered $90 million cash for the property, and he would get the breakup fee if another bidder comes in at least $1 million higher than his offer.