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Yellow | Some questions ????

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7.62mm

TB Lurker
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I heard some interesting rumors from someone I trust. I am curious about a few things.
1. Were all of the remaining terminals [ 46 owned/ 147 leased] up for auction in the second round 12/18-12/19? Or were the 23 that sold the only terminals offered in the auction?
2. Was the first auction a binding contract? Did the purchaser have the right to back out of finalizing the deal after the judge approved the auction on 12/12?
3. Does anyone have any details about the second offer From Next Century Logistics?
 
BIG R GUY said:
If you trust the person who you, heard the rumors from, it must be all true.
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I was a steward for years and I like to verify things. I trust the guy...but that doesn't mean I BELIEVE everything. Truck drivers would never be wrong or embellish anything right??? So I figured I could get some answers from some of the people here who know more about auctions then I do.
 
7.62mm said:
I was a steward for years and I like to verify things. I trust the guy...but that doesn't mean I BELIEVE everything. Truck drivers would never be wrong or embellish anything right??? So I figured I could get some answers from some of the people here who know more about auctions then I do.
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Believe me Ted, if the honest answers to your questions were out there, you would see the news link posted here.
 
7.62mm said:
I was a steward for years and I like to verify things. I trust the guy...but that doesn't mean I BELIEVE everything. Truck drivers would never be wrong or embellish anything right??? So I figured I could get some answers from some of the people here who know more about auctions then I do.
Click to expand...
You've come to the right place, everyone here is either a lawyer, rocket scientist, or a former assistant manager at the Golden Arches, we can help.
 
7.62mm said:
I heard some interesting rumors from someone I trust. I am curious about a few things.
1. Were all of the remaining terminals [ 46 owned/ 147 leased] up for auction in the second round 12/18-12/19? Or were the 23 that sold the only terminals offered in the auction?
2. Was the first auction a binding contract? Did the purchaser have the right to back out of finalizing the deal after the judge approved the auction on 12/12?
3. Does anyone have any details about the second offer From Next Century Logistics?
Click to expand...

1. All remaining were up for auction.

2. Once the auction hammer falls all parties (seller, buyer and auctioneer) have entered into a binding contract. There are still duties to perform to execute that contract. If one party fails to execute their contractual obligations action will be taken for damages. Bottom line, they can't back out just because they changed their mind. If they back out there will be legal proceedings.

3. Somebodies do, I certainly don't.

Almost all the info you could want are available to view in the dockets.
 
EX396 said:
1. All remaining were up for auction.

2. Once the auction hammer falls all parties (seller, buyer and auctioneer) have entered into a binding contract. There are still duties to perform to execute that contract. If one party fails to execute their contractual obligations action will be taken for damages. Bottom line, they can't back out just because they changed their mind. If they back out there will be legal proceedings.

3. Somebodies do, I certainly don't.

Almost all the info you could want are available to view in the dockets.
Click to expand...
there were some back up bids ( like 10-12) for some of the original terminals sold. I guess there are some reasonable reasons to back out but probably with a penalty.
 
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