Revel project passes environmental test
Revel Entertainment’s new $2 billion hotel-casino project in Atlantic City has passed its toughest environmental test.
The company says the 20-acre Boardwalk site received a Coastal Area Facilities Review Act permit. That’s the key state permit required for any significant coastal project.
Construction of the foundation should begin soon.
The project, to be called Revel, is to open in late 2010.
Levitz Furniture gets OK to sell business
Levitz Furniture has won approval to sell its retail furniture business at a bankruptcy court auction, nearly three weeks after the company tumbled into Chapter 11 for third time in less than a decade.
Judge Robert E. Gerber of the U.S. Bankruptcy Court in Manhattan approved the auction rules Wednesday, despite concerns over the short time frame for the sale, according to lawyer Jay R. Indyke of Cooley Godward Kronish.
The New York law firm represented unsecured creditors of Levitz.
An auction is scheduled for Wednesday at the offices of Jones Day, the law firm handling Levitz’s bankruptcy case. A sale hearing is set for Thursday.
Levitz, then known as Levitz Home Furnishings, filed for bankruptcy protection in October 2005.
Broadcom tries to halt Qualcomm activity
Chip maker Broadcom Corp. said Friday it will try to stop rival Qualcomm from making, using, selling or developing cellular chips based on contested patents.
It’s the latest legal cannonball hurled by Broadcom in its wide-ranging court battle with industry Goliath Qualcomm over the rights to technology for cell phones.
The move comes two days after Broadcom chose to accept a reduced damage award of $19.6 million rather than retry its case against Qualcomm in a California federal court.
Treasury prices rise in shortened session
Treasury prices rose slightly during an abbreviated postholiday session Friday when a lively stock market rally limited demand for government bonds.
The benchmark 10-year note rose 0.09 points to 102.03 with a yield of 4 percent, down from 4.01 percent late Wednesday.
Prices and yields move in opposite directions. During trade on Wednesday the benchmark yield slipped to about 3.89 percent, its lowest standing since September 2005.
The 30-year long bond gained 1.31 points to 109.31 with a yield of 4.43 percent, down from 4.46 percent late Wednesday.