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Ex-Tropicana owner may try to block NJ casino sale

Forbes,  Wednesday, September 24, 2008 at 7:05:51 PM

Fearing a "fire sale" price would leave nothing left for it after debts are paid, the former owner of the Tropicana Casino and Resort says it will sue to block the proposed sale of the casino to a Baltimore developer.

Tropicana Entertainment LLC said Wednesday the proposed $700 million sale to The Cordish Company is less than the property is worth.

A state-appointed trustee tapped Cordish on Tuesday as a potential purchaser of the Tropicana in a bankruptcy court auction. Other parties can still submit higher bids for the property, which was stripped of its casino license last December after problems with cleanliness, service, and compliance with state gambling rules. the source
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