22:42:32 EDT Thu 25 Apr 2024
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 629,562,299
Close 2015-01-05 C$ 58.61
Market Cap C$ 36,898,646,344
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Globe/AP say Brookfield Asset sees more woes for casino

2015-01-06 08:58 ET - In the News

The Globe and Mail reports in its Tuesday edition the difficulties for Atlantic City's bankrupt Revel casino reached a new level Monday when a Florida developer who won the right to buy it for $95.4-million immediately announced he was going to court to halt the sale to himself (all figures U.S.). An Associated Press dispatch to The Globe says last fall, Glenn Straub bid $95.4-million for the casino. He wanted Justice Gloria Burns to approve an $87-million sale price, which she refused to do. The judge ruled that Mr. Straub's most recent bid is still binding, and that is the price he will have to pay. That led Mr. Straub's lawyer to seek a court order halting the sale to his client, asking Judge Burns to issue a stay to her own order, but she refused. Mr. Straub batted away most reporters' questions, refusing to say whether he intends to operate the property as a casino hotel or for some other purpose. One of many ideas he has floated involves establishing a "genius academy." Mr. Straub also sounded like it would not trouble him too deeply if the deal fell through. In October, the court approved a sale to Brookfield Asset Management for $110-million, but Brookfield pulled out of the deal a month later.

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