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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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.