(57.) Qualified bid requirements aim to "eliminate potential overbidders
who are not serious about purchasing the debtor's assets, ensure the sale can be rapidly closed if an overbidder
should purchase the assets, and ensure that the net purchase price is higher than the original bid should overbidding occur." Ronald L.
The proposed tenant who therefore volunteers to pay 10 years' rent up front; an overbidder
well in excess of an already inflated guide price; the purchaser whose gearing is as low as his apparent asset strength levels - all of these are scenarios where the reasonably competent property agent may risk stretches at Her Majesty's pleasure if he otherwise fails to report.
At any time prior to August 18, 2005, any party interested in participating in the sale as a potential overbidder
may obtain access to due diligence materials by providing a refundable deposit in the amount of $50,000 and executing a confidentiality agreement.
Aggressive buyers may even seek to have the right to merely match a competing overbidder
's bid amount, rather than to have to further overbid the other overbidder
In an example from Colchester in 1429 such an overbidder
is described as a forestaller.(49) The same usage is implied in 1438 when "John Badcock forestalled rye in the market, that is by buying two bushels (modii) for 15d.
The logical structure of Farnsworth's argument is as follows: Instead of not breaching her contract, the promisor sold to a third party (the "overbidder").
After making the contract, Seller continues to seek out other buyers for the Acme, and locates Overbidder. Overbidder has a strategic need for the Acme, because he is putting together a hotel chain and needs a hotel in Chicago to complete the chain.
If specific performance is unavailable (because, for example, Seller completes the sale of the Acme to Overbidder before Buyer can get to court), Buyer's expectation damages would be $1 million, leaving Seller with a gain of $4 million from the breach.
were the most likely auction participants never to bid again.