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.

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Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000. The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.

“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”

At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.

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