Tropicana Entertainment has said it will sue in an effort to block the $700 million "fire sale" of its former property, the Tropicana Casino and Resort in Atlantic City.
According to the Associated Press, Tropicana Entertainment said the bid -- lodged by the Cordish Company of Baltimore, a multibillion-dollar development and entertainment conglomerate -- reflects both less than the property is worth and, more heatedly, a "fire-sale mentality."
Indeed, the proposed $700 million offer falls well below the property's debt level, which would leave Tropicana Entertainment empty-handed after a sale in bankruptcy court.
Overseeing the property and the bid, Gary S. Stein, a state-appointed trustee and former New Jersey Supreme Court Justice, declined comment to the news agency on Tropicana Entertainment's planned lawsuit.