Judge Approves Revel Sale To Reluctant Buyer At $95.4M

A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub’s effort to pay only $87 million.

The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order – particularly how concerns of tenants and others will be handled – bogged down during a break.

Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.

Once a sale order is signed, the sale of the property, built at a cost of $2.4 billion, is expected to close within 30 days, according to the asset purchase agreement.

Read more at http://www.philly.com/philly/business/20150106_Judge_approves_Revel_sale_at__95_4M.html#E22YTTlqip5srAzV.99

Sex Trafficking On The Rise; Philly A Hub

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

THE YOUNG woman who befriended Tiffany on the Internet seemed innocent enough – so in the midst of a rough patch with her father, the 16-year-old Northeast Philadelphia girl let her new cyber-friend pick her up at home.

When she got into the taxi on that fateful day in January 2006, Tiffany didn’t know that she was stepping into a dark underworld of violence, drugs and sex slavery. The seemingly normal young woman she’d met on MySpace.com delivered her into the hands of Rahiim McIntyre, 36, a now-convicted violent sex trafficker who awaits sentencing in federal prison.

Over the next two weeks, she would face unimaginable horrors as she plotted to get away from her captor without being caught and beaten – or worse.

The experience of Tiffany – a pseudonym created by the Daily News to protect her identity – is not uncommon.

Read more at http://www.philly.com/philly/news/20140805_NE_Philly_teen_s_sex-slave_experience_is_all_too_common.html#AcdIPfsVqMRObkto.99

Notice Announces Auction Of Coventry Mall Property

NORTH COVENTRY TOWNSHIP — A notice posted to the doors of the Coventry Mall Monday announced a pending receiver’s sale of the mall property.

According to the notice, U.S. Bank National Association sought and received approval of the sale in U.S. District Court for the Eastern District of Pennsylvania.  The property will be sold to the highest bidder at auction on Sept. 19.

The notice states that the plaintiff, U.S. Bank National Association, is owed $62,406,171.09 plus “continuing interests and costs” as of June 26.

Read more:  http://www.pottsmerc.com/article/20130820/NEWS01/130829973/notice-announces-auction-of-coventry-mall-property