GREY:NEVDQ - Post by User
Post by
KentWilkenson Aug 27, 2024 8:19pm
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Post# 36198655
Bidding proceedure
Bidding proceedureTo clarify some of the misconceptions.
1/ stalking horse is a qualified bidder, and sets the base for all acceptable bids.
To be considered for bidding all bids MUST exceed the stalking horse by the stalking horse protections AND 1000000$
Those that present a qualifying bid, which includes the stalking horse, are then able to participate in the auction.
Stalking horse wins if they are not outbid by costs and 1m.
Hi qualifying bidder wins if not outbid at auction,
Qualifying bidders may not withdraw.
The next highest bidder is designated the backup bidder, and must remain able to fulfill the transaction until the highest bidder completes the process.
The purpose of the process is to complete the sale in the specified timeframe, not to be dragged out.
KW