Bankruptcy court to weigh Revel sale, but loopholes exist
Bankruptcy Law
A bankruptcy court judge will consider — yet again — the proposed sale of Atlantic City’s former Revel Casino hotel to a Florida developer.
But the $82 million deal has loopholes that could let the owner, Revel AC, or the purchaser, Glenn Straub, back out before it is due to close March 31.
The latest sale agreement between Revel and Straub’s Polo North Country Club contains a “fiduciary out.” It is language that gives Revel the right to scrap the Straub deal if a higher offer presents itself before the deal closes.
That is crucially important this week with a new potential purchaser, Los Angeles developer Izek Shomof, planning a bid for Revel after touring the property last week. A hearing to consider the proposed sale is set for Thursday.
Related listings
-
Court filing: Marsh seeks OK to sell 26 grocery stores
Bankruptcy Law 07/29/2017A bankruptcy court document says two Ohio-based grocery chains have agreed to buy 26 of Marsh Supermarkets' 44 remaining stores for a total of $24 million.The court filing posted Tuesday says Fishers-based Marsh is seeking court approval to sell 11 s...
-
Bankruptcy court denies Caesars Entertainment's quick appeal
Bankruptcy Law 08/23/2015A bankruptcy court that ruled lawsuits against Caesars Entertainment Corp. would not be halted as the company's debt-heavy subsidiary attempts to emerge from Chapter 11 has also denied the casino company's effort to fast-track an appeal of the decisi...
-
Court rules GM shielded from death claims before bankruptcy
Bankruptcy Law 04/23/2015A federal judge ruled Wednesday that a 2009 bankruptcy order shields General Motors from billions of dollars in death and injury claims tied to defective ignition switches in older small cars. But Judge Robert Gerber in New York, who handled GM's gov...
How do you qualify for workers compensation in Illinois?
The Workers’ Compensation Statute protects every employee in the State of Illinois.
A victim of a work-related injury or illness is eligible for many forms of compensation including reasonable medical care required to cure or relieve the impact of the injury, lost time from work, and any temporary or permanent disability.
Illinois Workers’ compensation is a system of benefits that:
– Pays for the medical treatment and medical bills incurred by work-related injuries and illnesses.
– Pays for the lost time from work
– Pays for any temporary or permanent disabilities
– Covers nearly every employee in Illinois
– and begins the very first day that you start working for your employer.
Employers in Illinois are required to purchase workers’ compensation insurance for their employees and the insurance companies fund the payment of worker’s compensation benefits for employees’ claims. In the event of a dispute, the Illinois Workers’ Compensation Commission (IWCC, or the Commission) enforces the state’s worker’s compensation laws and protects worker rights.