Restraining order tabled to keep alive Atlantic Club bid
The intriguing developments around Rational Group’s bid to buy the Atlantic Club go on as the recent behind-the-scenes battle has been made public. This week saw a court order and accusations of bad faith tabled in the increasingly complicated saga of The Rational Group’s bid to take over the Atlantic Club in Atlantic City, New Jersey.
It had been reported last week that a PokerStars deal to buy the Atlantic Club had fallen through, but there was much confusion as parties had declined to comment further. The Rational Group, which are the parent company of PokerStars were in a New Jersey Court this Monday and were seeking a restraining order to stop the Atlantic Club from selling up to anyone else.
The Rational Group’s bid was also revealed in the court papers. The proposed sum to acquire the casino would be just $15 million. An incredibly low figure and the lowest price ever paid for a casino in Atlantic City.
When applying for the restraining order PokerStars claimed that $11 million of the $15 million purchase price has already been handed over to the casino but said the Atlantic Club wishes to end the deal and expects another $4 million as a termination fee. More developments in this increasingly compelling case are expected in the next few weeks.