Real estate mogel and former Democratic Party big whig Nathan Landow just doesn't seem to know when to quit. Or he's got pluck -- we still can't decide. Two weeks after the sale of Rosecroft Raceway to gaming company Penn National Gaming was finalized, Landow is still contesting the transaction with a motion pending in court.
Landow was the losing bidder to Penn National at the track's auction in January. Oriole Owner Peter Angelos was also a bidder but stepped out after the first round, meaning he was likely only in the race to drum up interest and bidding.
The trustee for Rosecroft, located in Prince George's County, filed an opposition statement this week in federal bankruptcy court calling Landow a "disappointed bidder" and his objection motion "moot."
Landow already lost his first objection to the sale, when he tried to bamboozle the sale hearing in court last month. That resulted in a mini-auction for Rosecroft, which drove up Penn National's final purchase price to $11 million.
"Here, there is no question that Landow is simply a frustrated, disappointed bidder," trustee James J. Murphy said in his filing. Later, he adds:
Further, the creditors of this estate would be harmed by any further delay accompanied by the prospect that such delay would cause a further deterioration in the value of the Debtor’s assets. Finally, there is no public interest in allowing a disappointed bidder to delay the results of an auction that was conducted appropriately, especially when Landow chose not to make a higher cash offer until after this Court had entered the Sale Order.
Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/capital-land/2011/03/bethesda-developer-spunky-or-pig-headed#ixzz1GDSQ2pE5