When an outside investigator’s report deemed Stockton University’s $18 million purchase of the defunct Showboat casino property a poor decision, it spread the blame among numerous parties, and the New Jersey firm counseling the university in the transaction was not spared.
The purchase of the Atlantic City boardwalk property, intended to be repurposed as a satellite campus for the Galloway Township-based university, closed last December despite a pair of covenants placing conflicting restrictions on the use of the property—an issue whose significance outside counsel failed to detect, according to the Sept. 15 report, issued by Gibbons.
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