CompuServe Messages

"I don't think they would be allowed to simply keep or throw away the technology because the best offer wasn't high enough." If they function in any way like US bankruptcy courts, they have an absolute right to refuse to sell for a variety of reasons, including the presumed competency of the bidder. Maybe you remember the story of the New York Post a few months back where the court was being urged to reject the high bidder because of character and competence issues? In short, the trustee must propose to the court what they think is best and that does not necessarily always include a sale of all the estates property. If the secured creditors get the holdings, there is absolutely no compulsion for them to sell anything. In fact, particularly with technology, there may be many reasons for them not to do anything with the alleged asset for fear of future lawsuits for nondisclosure and other issues. Technology, in particular, is a hard property to sell out of bankruptcy. Most people have never been involved with or followed one of these cases. Believe me, they are not as simple or as cut-and-dried as some people would have you think. Jerry