Ex-Stockton president blames lawyer in failed Showboat deal
ATLANTIC CITY (AP) — Stockton University's former president says a lawyer working on the university's purchase of a former Atlantic City casino didn't tell him about serious problems with the deal.
Herman Saatkamp says its outside law firm did not disclose problems that led to the deal falling through. "I am deeply disappointed at the lack of emphasis on the failure of Stockton's outside counsel, which the Board and I relied upon, to fully disclise significant legal problems with the real estate agreement," wrote Saatkamp in a statement.
In a report released Tuesday, Stockton says attorney Stevan Sandberg didn't advise Saatkamp not to go through with the deal. It also says the attorney was not admitted to practice law in New Jersey.
Sandberg did not immediately respond to a request for comment Tuesday afternoon.
The report came the same day that New York private equity investor Jeffrey Keating told The Associated Press he has contacted Stockton about buying the Showboat for "significantly more" than the $18 million the university paid for it.
(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)