Alternative products suspended at Atlantic Club of New Jersey
As the story of PokerStars' attempt to enter the Atlantic City casino market unfolds, the online poker site's parent company, Rational Group US Holdings, has successfully obtained a court order temporarily barring the owners of the Atlantic Club Casino and Hotel from selling poker products. Transfer the site to another bidder.
A preliminary court order bars the casino's owner, Colony Capital LLC, from selling it to a new interested party before a New Jersey Supreme Court hearing scheduled for mid-May.
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The PokerStars owner filed a lawsuit in court after Colony Capital LLC said approval of the gaming operator's New Jersey casino license was delayed beyond an originally agreed-upon deadline.
Rational Group claims that the purchase agreement takes into account the possibility that processing of the license application could be delayed if regulators require further information, and insists that Colony Capital LLC is now acting in bad faith.
Compounding Rational's argument, Atlantic Club told them they had more than $30 million in unfunded pension liabilities and that if the sale didn't go through, the company would be forced into bankruptcy.
The PokerStars parent company reportedly contacted the investment firm before Colony Capital LLC recently terminated the deal, requesting an extension to the April 23 deadline for the purchase agreement. The next day, she made a written offer to take over workers' compensation claims against the Atlantic Club, possibly as a goodwill gesture in hopes of gaining support for an extension of time.
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Club Atlantic apparently believed it had exceeded Rational's deadline, and on April 26 it offered to extend the deadline by 10 days if it agreed to pay an additional $6 million, with the club remaining open to settlement within that 10-year period with other interested parties. The rights of the parties to discuss the sale. days extension.
As if they hadn't kicked enough mud in the PokerStars boss's face, Colony Capital LLC contacted the operator the next day to inform him that they were terminating the purchase agreement, even officially announcing the termination on October 17, 2019. On May 1, Rational offered to pay an additional $4 million.
Atlantic Club has until mid-May to answer all these questions in court.
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Source: www.casino.org
