Topic: Floating Bid

1 chapters across the catalog

The US Trustee is accused of allowing a "secret floating bid" that would automatically top any other offer using "monopoly money" (future earnings). While the group "First United" submitted a $3.5 million cash bid, the Trustee allegedly used his "business judgment" to favor the non-cash offer from The Onion. The Trustee reportedly admitted in court that he might have to "write a check" himself to make the math work.