After several months of unstable economy, the state of New Jersey is making attempts towards bringing its former glory back. For that purpose, the Garden State had a mediator appointed. His name is Donald Steckroth and he will be responsible for mediating discussions between Atlantic City authorities and those expected to play a key role in the revitalization of the region.
According to the initial plan, Atlantic City will have its economy diversified and the eight remaining casinos will be taken care of as well.
The utmost aim of everyone engaged in the revival of the struggling economy is making the casino resorts as appealing to players as they used to be, while avoiding bankruptcy and finding alternatives for dealing with the gaps in the budget.
In point of fact, the main responsibility of Mr. Steckroth will be to contribute to the successful deals between the businesses and the unions, while protecting the interests of all involved parties.
Back in March, the emergency team proposed imminent actions to be taken towards Atlantic City’s revival and economy stabilization. Although bankruptcy was not among their recommendations, they said layoffs and cutoffs in the budget are unavoidable.
The appointment of Donald Steckroth comes at a time when Kevin Laving – the emergency team manager, appointed by Governor Chris Christie, is about to arrange lawyers who have experience in dealing with restructuring matters.
The services of restructuring lawyers are frequently sought when deals need to be reached and bankruptcy to be avoided. People with considerable knowledge on the matter reassured that the appointment of Mr. Steckroth is a wise move, as it can save a substantial amount of money for solving disputes in court. In this case, the mediator plays a critical role in presenting the future moves of Atlantic City authorities to the communities without making them discontent.
However, there is another side of the coin. What makes Atlantic City officials try to prevent any legal proceedings is the fact that they do not want to tarnish the reputation of the region anymore.
As for Mr. Steckroth’s biography, he has plenty of experience in the legal community of the Garden State. He has spent 14 years working for the U.S. Bankruptcy Court in New Jersey and another 28 years working as a bankruptcy lawyer for Gibbons P.C.
