Earlier this week, a judge approved Brookfield Property Partners' $110 million bid to buy bankrupt Atlantic City casino Revel (AKA the biggest mistake Morgan Stanley ever made). One person with whom this outcome didn't sit right? Glenn Straub, who had previously made a $90 million offer for the place. How'd he express his disappointment? Not well! Or very well, if you were holding out hope someone would once and for all drop the white collar niceties BS and settle their professional setbacks Jersey-style.
In the hallway after the hearing, Straub, in the presence of reporters, shoved Revel’s financial adviser, Barak Klein of Moelis & Co., and told Klein to “meet me outside.” Attorneys intervened. Klein said everything was “all right.” Craig Galle, a lawyer for Straub, didn’t immediately return a phone call for comment on the scuffle.
Straub said after court that he would seek to appeal today’s ruling. He said during testimony that there was an agreement on Sept. 30 to pause bidding and not resume until Oct. 6. Brookfield, eager to conclude the auction, sweetened its offer to $110 million from $98 million late on Sept. 30 with the requirement that it be accepted by 6 a.m. the next day. Under questioning from his attorney, Straub said he told Revel he would have topped Brookfield’s bid if given until Oct. 6. Straub said he would have offered about $134 million had he been able to contact his accountants late on Sept. 30.