Court hearing could speed way for Revel casino sale
Legal News Feed
The Florida developer buying Atlantic City's former Revel Casino Hotel could find out by the end of the day Monday how much longer he'll have to wait for it.Glenn Straub agreed late Sunday night to extend the deadline for his $95.4 million purchase to be completed.
The sale was supposed to close on Monday.Instead, U.S. District Court Judge Jerome Simandle will hold a hearing at 3 p.m. to hear from former tenants at Revel, including the popular HQ nightclub and celebrity restaurants, as well as the building's sole utility service provider.
The tenants say their $16 million investment should be considered before the court lets Straub buy Revel free and clear of their leases. And the power plant is seeking assurances its unpaid bills and debt from its construction will be paid.
Though much of the urgency of Monday's hearing has been avoided by Straub's willingness to wait, it still has the potential to resolve the most contentious issues standing in the way of Revel's sale.
ACR Energy Partners is threatening to cut off electricity, heat, air conditioning and water to the building if its debts are not paid.
They intended to pull the plug last Thursday, but agreed to keep the power flowing at least until Wednesday when a bankruptcy court judge will consider the issue.Revel and ACR say they are working toward a resolution that could eliminate the need for Wednesday's hearing.
Related listings
-
High court won't hear challenge to Vermont campaign law
Legal News Feed 01/12/2015The Supreme Court won't hear a challenge to part of Vermont's campaign finance laws that impose contribution limits on political action committees. The justices on Monday declined to hear an appeal from the Vermont Right to Life Committee, an anti-ab...
-
Hernandez fiancee due in court for perjury charge
Legal News Feed 01/08/2015Aaron Hernandez’s fiancee is due back in court Wednesday, one day after a judge made an important ruling about her presence during his murder trials. Shayanna Jenkins is charged with perjury related to the murder investigation of Hernandez. The heari...
-
Nebraska court could hold up Keystone pipeline
Legal News Feed 01/08/2015The Republican-led Congress appears ready to approve the Keystone XL oil pipeline, but no matter what actions are taken in Washington, the entire 1,179-mile project could be delayed until Nebraska signs off on the route. After several years of intens...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.