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Resort Broker Eschews 11th Hour Settlement Deal

LAS VEGAS–Shortly before the $1.24-billion New Frontier sale closed Monday, broker David Atwell says he declined an offer to settle the lawsuit regarding his services.

By Brian K. Miller | Updated on August 14, 2007

LAS VEGAS-El-Ad Properties on Tuesday confirmed the closing of its $1.24-billion acquisition of 34.5 acres fronting the Las Vegas Strip across from Wynn Las Vegas. The company did not, however, comment on whether it made a last-minute settlement offer to the broker who allegedly initiated the transaction. The broker says it did.

David Atwell, owner of Resort Properties of America, sued El-Ad in July for $12 million, the 1% fee he says he negotiated with El-Ad for initiating the transaction. El-Ad subsequently denied the allegation, saying Atwell “did not earn, and is not entitled to, a commission.”

On Tuesday, (Aug. 14), Atwell tells GlobeSt.com that El-Ad made an 11th hour settlement offer on Friday prior to the closing on Monday. “El-Ad made us a last minute offer to settle before close, but we felt we must decline,” Atwell says in a prepared statement. “Our initiation of this transaction, which we can prove, is very valuable in anyone’s analysis.”

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