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Revel auction still taking bids, did not adjourn

By WTOP Staff

WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) — The bankruptcy auction of Atlantic City’s former Revel Casino Hotel ground into its third day early Wednesday as lawyers for the bankrupt resort continued to weigh bids.

Late Tuesday night, the attorney for Florida developer Glenn Straub said the auction was adjourning until Monday. But both sides later agreed to continue the auction and by early Wednesday a Canadian firm had submitted the high bid thus far.

Straub attorney Stuart Moskovitz said rival bidder Brookfield Asset Management, which owns casinos in Las Vegas and the Bahamas, had increased its offer from $98 million to more than $110 million, but was making that bid contingent on it being accepted by 6 a.m.

The two companies were vying for the right to buy the $2.4 billion casino hotel for pennies on the dollar.

Brookfield representatives did not return messages seeking comment.

Straub’s initial $90 million bid set the floor for the auction. He was weighing whether to submit a bid in excess of the $110 million Brookfield had on the table, but had not decided by early Wednesday.

Brookfield owns the Hard Rock Hotel & Casino in Las Vegas and the Atlantis Paradise Island in the Bahamas. The company’s website says it is a global firm with headquarters in Toronto, with $200 billion in assets under management.

Revel closed on Sept. 2 after just over two years of operation. It is one of four Atlantic City casinos to shut down so far this year as the seaside gambling market continues to crumble. A fifth casino, the Trump Taj Mahal, may close on Nov. 13. So far, 8,000 casino workers here have lost their jobs.

The auction began Tuesday morning in the New York offices of Revel’s bankruptcy attorneys, and quickly had to deal with some acrimony from Straub.

In a motion filed Monday but added to the court docket on Tuesday, Straub said revel reneged on a promise to share information on rival bids with him, and asked a bankruptcy court judge to compel the former casino’s management to do so. He also wanted the auction halted for two days.

The court refused both requests, but scheduled an Oct. 20 hearing on his complaints.

Straub said he envisions using the sleek glass-covered tower as a so-called “genius academy” at which tenants would address the world’s pressing problems. It may or may not have a casino, he said.

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Wayne Parry can be reached at http://twitter.com/WayneParryAC

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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