Wells Fargo Offers to Fund Power for Revel AC’s Fire-Suppression, FAA Lighting & Security

Just before midnight on Friday night, a letter from counsel to Wells Fargo to counsel to ACR Energy Partners and Polo North Country Club was filed with the New Jersey bankruptcy court.  In the letter, Wells Fargo offers to fund up to $300,000 to fund utilities for the Revel hotel/casino complex in Atlantic City, New Jersey.  The letter notes that Wells Fargo was the lender to the facility’s previous owner before the assets were sold in that company’s bankruptcy.  Despite its assertion that Wells Fargo is under no continuing obligation to provide funding for the facility’s operation, Wells Fargo’s counsel expresses the bank’s concern that the impasse between ACR (the utilities provider) and Polo North (the new owner) is “creating a potentially dangerous situation.”  A copy of the letter is embedded below.

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