The back-up bidder for Revel AC Inc., now having the right to buy the shuttered Atlantic City, New Jersey, casino, wants the bankruptcy judge to cut the $95.4 million purchase price by $8.4 million in view of alleged improprieties in the auction process, Bloomberg News reported today. The purchase price for the casino’s assets should be $87 million, not the $95.4 million offered by Glenn Straub’s Polo North Country Club Inc. at an auction, Polo North said in a Dec. 24 court filing. Revel decided to proceed with a sale to Polo North after Brookfield Property Partners LP terminated a contract to buy the property for $110 million. When the bankruptcy court in Camden, N.J., approved the sale to Brookfield, the judge anointed Straub as the backup bidder to buy the project at his last offer of $95.4 million if the higher sale fell through, which it did. A hearing on the sale is scheduled for Jan. 5, when Straub wants the court to cut the purchase price.
