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Valuing Bids in Bankruptcy Auctions
Bids in bankruptcy auctions can be divided into two broad categories: all-cash bids; and non-cash and credit bids. This article discusses some important issues raised by non-cash bids.
Background
Bankruptcy auctions are designed to provide the highest possible value for the estate. But, how does the estate determine the highest value when a bid includes non-cash consideration? Too often, bidders are discouraged or confused because they do not know the operative value of the stalking-horse bid. By “operative value,” we mean the aggregate cash value of a bid for purposes of comparing it to other competing bids at an auction. We think that confusion about operative value can adversely affect the success of bankruptcy auctions.
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