by Gleb Lerman, The Affordable Oracle
It was just announced that Carl Ichan won the partially completed $3.0b Fontainebleau casino project in Las Vegas. Wining price: $150m im not sure if this requires Mr. Ichan to take on any liabilities, but it seems like it does not. According to Wikipedia there was over $2.0b already invested in the project and the property has been topped out. Recent pictures also show that a majority of the curtain wall was already installed. Estimates to complete the project range from $1-$1.5b. Mr. Ichan has been described as a corporate raider and has in the past bought companies in order to liquidate them. My question is will Mr. Ichan be able to see a higher return by selling off the curtain wall to another project and scrapping the steel from the project than completing the project? I wonder if Mr. Ichan is back to his raiding days.