Bankrupt Hotel Owner Lands $5.5M Bid For NJ Property

Law360, New York (October 28, 2013, 2:12 PM EDT) -- Edison Broadcasting LLC has submitted a floor bid to buy bankrupt Lafayette Yard Community Development Corp.'s Trenton Marriott hotel for $5.5 million, according to documents filed in New Jersey bankruptcy court Friday.

U.S. Bankruptcy Judge Michael B. Kaplan approved Edison's purchase bid, setting a deadline of Nov. 21 for qualified competing bids to be filed with the court. If any qualifying bids are received, the hotel will go up for auction on Nov. 25.

Under the terms of the agreement, Edison would purchase the entirety of...
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