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Tuesday, October 7, 2014

Brookfield gets court OK to purchase Atlantic City's Revel casino, (NYSE: BAM)

An affiliate of Brookfield Asset Management on Tuesday got court approval to purchase Atlantic City, New Jersey's shuttered Revel Casino Hotel for $110 million in cash after a judge rejected complaints the auction for the bankrupt complex was tainted. The losing bidder, Glenn Straub of Florida, objected because he said the auction was unfair. U.S. Bankruptcy Judge Gloria Burns in Camden, New Jersey, overruled Straub and rejected his request to run a new auction overseen by an independent trustee.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM fell by 0.38% or $-0.17/share to $44.88. In the past year, the shares have traded as low as $36.47 and as high as $48.45. On average, 468228 shares of BAM exchange hands on a given day and today's volume is recorded at 184830.