Adding intrigue to the proceedings is the Examiner's intent to allow credit bids, which potentially brings into the fold a group of mechanical contractors who claim to be owed more than $450 million, though about half the total is under dispute. In order to submit a credit bid the mechanics contractors will need the bankruptcy judge to ratify their claim quickly, which means they may only try to have the undisputed amount ratified.

In addition to topping Icahn's bid by $1 million, any other winning bidder, even a contractors' bid based on the value of unpaid work on the project to date, would have to include tens of millions in cash in order to immediately pay back the $51.5-million in debtor-in-possession financing included in Icahn's stalking horse bid as well as several million in financing and deal-termination fees that also would straight go to Icahn. A qualified bidder also will have to show it has the financial wherewithal to complete the project.

Combined, contractors, lenders and bondholders have invested approximately $2 billion in the project to date. Penn National Gaming, which initially offered $102 million for the property with hope of becoming the stalking horse bidder, believes that due to the estimated $1.5-billion cost to complete the project and the amount of revenue it would generate upon opening, the $2-billion already invested is now worth absolutely nothing.