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December 3, 2009

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Maritz Wolff gets concessions

Tuesday, July 31, 2001 | 10:25 a.m.

A federal bankruptcy judge agreed to award Los Angeles investment company Maritz Wolff up to $250,000 in expense reimbursements, even if the company is ultimately not successful in its bid for the bankrupt Regent Las Vegas hotel-casino.

Last week Maritz Wolff was designated the new preferred bidder for the Regent, with an $80 million cash offer. Other interested buyers will be able to make counterbids for the property, though Maritz Wolff will have the option of matching any higher offers.

Even if it is outbid, Judge Robert Jones agreed Maritz Wolff is entitled to the repayment of up to $250,000 in expenses, though Jones will have the final say on how much the company is entitled to receive.

Jones also agreed to bar the Regent from soliciting alternative offers for the resort until Aug. 9, the date a plan for the final sale of the Regent is scheduled to be approved by the court. Had Maritz Wolff not received these concessions, there were fears that it would have walked away from its bid for the Regent.

The Regent will be allowed to continue providing information to potential bidders before the Aug. 9 date. A final sale of the Regent should come sometime in September.

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