“We’re all going to an evidentiary hearing and I’m going to figure out exactly what happened,” the judge, Christopher Lopez, said in an emergency hearing on Thursday afternoon. “No one should feel comfortable with the results of this auction.”
Oh bullshit.
So what?
Auctions are contracts, most of them are beholden to the highest bidder. I am guessing thr lawyers are either being paid to make media waves, or they didn’t read the terms of the auction.
The auction house specified that they will not necessarily accept only the highest bid
So that’s why the judge is taking a closer look at it.
The trustee and auction house are allowed to accept lower bids. Especially ones that make the creditors more whole, which this one does. So no that’s not why
Ok. Well, feel free to tell everyone why since you seem to know so much.
Jones is raising a stink because he feels like the bidding process was cut short and the rules were changed once his bid was the clear winner. He’s a moron and he’s wrong and he’s also not allowed to bid, so his bid by proxy will hopefully be caught and punished
Im glad you were there. But you should have told the New York Times, the AP, and the Guardian instead of us.
Sellers have a right to accept lower bids, or to accept non-monetary “value” and it happens literally every day in real estate.
What I don’t know is whether the nature of the auction actually changes things.