Legal Opinion
Corporate Assets Inc v. Paloian, Gus A.
Court of Appeals for the Seventh Circuit
Decided May 17, 2004No. 02-3088PublishedCited by 1 opinion
1Opinion of the Court
ROVNER, Circuit Judge.
At an auction sanctioned by the bankruptcy court, Corporate Assets, Inc. (“CAI”) submitted the high bid for assets belonging to the debtors, but its apparent victory proved short-lived. A higher, “upset” bid tendered to the debtors after the close of the auction convinced the debtors, with the bankruptcy court’s approval, to reopen the bidding. CAI won the second auction with a bid $352,500 higher than its original bid. CAI appealed the bankruptcy court’s decisions to reopen the bidding and to confirm the sale to CAI at the higher price established by the second auction.…
2Cases cited17 opinions
- In Re Mammoth Mart, Inc., Debtor. Stanley Cramer v. Mammoth Mart, Inc.Court of Appeals for the First Circuit · 1976
- Reading Co. v. BrownSupreme Court of the United States · 1968
- In the Matter of Jartran, Inc., Debtor. Appeal of Reuben H. Donnelley Corporation and Sandra C. Tinsley, IncCourt of Appeals for the Seventh Circuit · 1984
- In the Matter of Chung King, Inc., Debtor. Appeal of Michael T. NigroCourt of Appeals for the Seventh Circuit · 1985
- In Re Michael v. Frierdich, Sr., Debtor v. Steven v. Mottaz, Trustee of the Estate of Michael v. Frierdich, Sr. v. Beverly OswaldCourt of Appeals for the Seventh Circuit · 2002
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3Cited by1 opinion
- Corporate Assets, Inc. v. PaloianCourt of Appeals for the Seventh Circuit · 2004