100xOdds
100xOdds
Joined: Feb 5, 2012
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April 18th, 2015 at 9:26:53 AM permalink
Quote: dave12038457

Straub was being fined thousands per day in code violations on Revel. Without power the fire suppression systems are inoperative.
Straub brought in portable generators that run on diesel. The generators will violate the clean air act so can't be used. He may bring in smaller generators that are "clean" diesels.
The power plant itself is filing a lawsuit to prevent Straub from hooking up the generators. Seems the power plant owns some equipment in the casino/hotel and believes this equipment could be damaged by temporary generators.
Welcome to N.J. Mr. Straub.



wow.

I assume he took the fines into account when he bought the property.

wonder what would have happened if NOONE bought the property at bankruptcy?
who owns it then? the state?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Mission146
Mission146 
Joined: May 15, 2012
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April 18th, 2015 at 5:18:59 PM permalink
No, they'd have forced Revel into a Chapter 7 liquidation.
Vultures can't be choosers.
100xOdds
100xOdds
Joined: Feb 5, 2012
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April 18th, 2015 at 5:40:27 PM permalink
Quote: Mission146

No, they'd have forced Revel into a Chapter 7 liquidation.



chap 7 = assets sold off.

but what if no one buys?
(and it looks clear now that revel is toxic and should be avoided)
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Intheknow
Intheknow
Joined: Jan 8, 2015
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April 18th, 2015 at 5:59:54 PM permalink
.04 on the dollar. Remember this. AC is a buyers market.
vendman1
vendman1
Joined: Mar 12, 2012
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April 18th, 2015 at 7:02:30 PM permalink
I actually don't think Straub and his people, thought a lot of this through. Seemed like he played hardball with the utility supplier and they called his bluff by turning off the power. Then he figures, no worries I'll bring some trucks in to generate power while I figure something out. But the powers that be in NJ squashed that plan. It seems like he has no real "plan", seems like he's trying to do everything his own way, and winging it as the situation develops. How do you buy the property, knowing full well the utility issues, and have no plan to address them? You can't develop anything in a building with no electricity. He's off to a rocky start to say the least.
vendman1
vendman1
Joined: Mar 12, 2012
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April 18th, 2015 at 7:05:20 PM permalink
As to Chapter 7 if no one buys. There'd always be some bid if the price gets low enough. In a situation where there was really no bid at all(highly unlikely). I imagine the state or city would seize the building as a property tax defaulter.
Mission146
Mission146 
Joined: May 15, 2012
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November 17th, 2015 at 6:19:07 PM permalink
Straub wants to turn Showboat into an Assisted Living Facility:

http://dmckee.lvablog.com/?p=17233

I said Revel, but that's close!!!

Actually, since Straub thinks it's a good idea, I've lost confidence in my plan.
Vultures can't be choosers.
Wizardofnothing
Wizardofnothing
Joined: Jul 3, 2015
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November 17th, 2015 at 7:12:08 PM permalink
Wasn't the showboat sold to Bart blatstein last month ?
No longer hiring, donít ask because I wonít hire you either
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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November 17th, 2015 at 7:45:19 PM permalink
Quote: Wizardofnothing

Wasn't the showboat sold to Bart blatstein last month ?



Pretty sure I read that, too. Maybe it's not final. Or maybe Glen's showboating for the media.
If the House lost every hand, they wouldn't deal the game.
Mission146
Mission146 
Joined: May 15, 2012
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November 17th, 2015 at 10:18:02 PM permalink
Quote: Wizardofnothing

Wasn't the showboat sold to Bart blatstein last month ?



I can barely keep up with the Showboat, Straub thinks he's going to get it for one reason or another is all I know.
Vultures can't be choosers.

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