Tropicana Gets OK To Foreclose On Atlantic City Parcel

Law360, New York (February 6, 2014, 6:57 PM EST) -- M&J At Melrose LLC failed to convince the New Jersey Appellate Division on Thursday to stop the commercial foreclosure of a $2.6 million Atlantic City property on the grounds that plaintiff Tropicana Atlantic City Corp. didn't have standing.

The company had argued that Tropicana couldn’t bring suit because it didn’t possess the property’s original mortgage note — which was entered into by M&J and Adamar of New Jersey Inc. in 2004 but was later transferred to Tropicana in 2010, after Adamar filed for bankruptcy — but...
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