RE:RE:MaybeI admit I was shocked at first. But, actually, you can see how it may have happened.
If you're the Special Master (SM), you want to make the bid you recommend be SOLID. Doesn't matter if it's on the low side because there's going to be a topping-process auction to follow. And up the price will go.
But as SM what you do NOT want is to recommend a higher bid where you might have any fears about the solidity of the financing. Your big fear is that you recommend a higher bid where you're not 100% sure about the financing and then the other creditors start trying to poke holes in the bidder's story and then the whole thing collapses. That is what would leave the SM looking like a bunch of fools.
You go for SOLID and low and let the process go from there. That's what they did.
What then messed this thing up (among other things) is that media sources, especially Bloomberg and the Wall Street Journal, immediately published stories (incorrectly) crowing about how the process was over and that Elliot was the winner.
This was the key thing that sent GRZ shares falling off a cliff on Friday afternoon.
But--NEWS FLASH--it was all WRONG. The Elliot bid "recommendation" was never the end of the process. More like a beginning.