As the Thursday, July 2nd closing date approaches for the sale of the Showboat Casino to real estate developer Glen Straub, the Press of Atlantic City reports that a lawsuit may be filed against Stockton University. According to Straub, Stockton says they are not prepared to provide a clear title at closing, because of deed restrictions on the property. Funds for the $26 million have been sitting in escrow for 90 days, to give Stockton time to work out the restrictions. The University claims that the property would be sold “as is” and expects Straub to go through with the purchase. If either party walks away from the deal, the escrow funds would be returned to Straub.
