“It seemed doomed almost from the moment they decided to go to a sealed bid,” Judge Lopez said. “Nobody knows what anybody else is bidding,” he added.
“It seemed doomed almost from the moment they decided to go to a sealed bid,” Judge Lopez said. “Nobody knows what anybody else is bidding,” he added.
Seems like they could have avoided this by having the Sandy Hook families join the bid with an arbitrarily high dollar amount—which they’d immediately get back as creditors.
That’s essentially what they did. They chose an auction type where each party offers as much as they’re willing to pay and the highest offer wins. The Sandy Hook families included a chunk of their debt in the offer which was part of the value.
I think Abou meant bidding with cash instead of debt.