Public Sale Bidding Procedures in a Chapter 11 Case.
U.S. Bankruptcy Court for the Middle District of Pennsylvania
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In the case of a public sale conducted in a chapter 11 case by other than a professional auctioneer, the seller must file a sale procedure motion which will detail the bidding procedures, including the following: (1) any minimum bid requirements; (2) any minimum bid increment requirements; (3) whether any bidder who has a contractual right to a topping or breakup fee will receive a credit equal to the breakup or topping fee when bidding on the property; and a provision that all bidding must take place outside the presence of the Court.