Bids

News & Analysis as of

And the Bidding Starts At . . .? The Impact of Two Recent Bankruptcy Decisions On Determining Foreclosure Sale Bids

In today’s economy, banks all too commonly find themselves foreclosing on real property collateral. As a result, banks are regularly in the position of having to determine the starting bid in foreclosure proceedings. This...more

Just When Secured Creditors Thought it Was Safe to Credit Bid Again . . . .

The ability of a secured creditor to credit bid at a bankruptcy sale was recently called into question (again) in a January 17, 2014 decision by Bankruptcy Judge Kevin Gross in the In re Fisker Automotive Holdings, Inc....more

Recent Decision Caps Secured Creditor’s Credit Bid in §363 Sale to Purchase Price of Acquired Debt

It is well-settled that secured creditors are ordinarily entitled to credit bid their allowed secured claim in a sale pursuant to § 363 of the Bankruptcy Code (the “Code”). In Radlax Gateway Hotel, LLC v. Amalgamated Bank,...more

Pending Legislation in Maryland Could Eliminate Bid Protest Appeals

On February 24, a bill was introduced in the Maryland House of Delegates which, if passed, will require a bid protester of a state contract to pay to the state up to 5% of the value of the contract on which it protested, if...more

Recent Appellate Court Opinion Discusses Legal Challenges To The Debarment Of Contractors By Public Bodies

Public bodies must adhere to the principles of procedural due process when debarring a contractor from bidding on its projects. But even when a public body provides due process, it may be subject to litigation....more

Assembly Bill 44 Requires Submission of Subcontractors' License Numbers in Public Construction Bids

Public Agencies Must Modify Bid Forms to Require Subcontractor License Number - Governor Jerry Brown last week signed into law Assembly Bill 44 (AB 44), which amends Public Contract Code section 4104 to require a prime...more

The Subletting and Subcontracting Fair Practices Act. Bargain Hunters Beware

Construction is back! But downward price pressures continue. And, if you work on California public works projects, you know that shopping for that lowest price has its limitations....more

New Jersey Appellate Division Again Upholds Local Government’s Rejection of Lowest Bid

In our June 3, 2013 blog post, we discussed a decision of the New Jersey Appellate Division upholding a municipality’s rejection of the lowest bid for a waste hauling contract because it was determined to be a material,...more

Trustee Could Void Sale Due To Mistake Discovered Before Delivery Of Deed

The California Supreme Court recently addressed the issue of whether a trustee may void a nonjudicial foreclosure sale of real property because the trustee discovered prior to the delivery of the deed to the highest bidder...more

Amendments to Japanese Insider Trading Regulations Which Broaden the Scope of Application to Tippers and Tender Offer Bids

On June 12 2013, a bill (the “Amendment Bill”) to amend the Financial Instruments and Exchange Act (FIEA was passed at the Diet session and promulgated as of June 19 2013....more

ASIC Releases Updated Takeovers Guidance

On 21 June 2013, the Australian Securities and Investments Commission (ASIC) released four new Regulatory Guides, which update and consolidate the bulk of its guidance about takeovers. The new Regulatory Guides cover...more

Claims of Providing Truthful Marketing Information to Airports Issuing Bids for Duty Free Shops Fails to Allege Actionable...

Conclusary allegations of parallel business conduct which are in the economic self-interest of the actor do not state an actionable antitrust claim. Duty Free Americas, Inc. v. The Estée Lauder Companies, Inc., Case O:...more

Highest Bidder Loses Spoliation Fight in Auction House Data Breach

A recent case out of the Northern District of Ohio is an unsung victory for proportionality in that the Court twice declined to sanction a plaintiff’s “failure” to forensically image computers where computer logs showing the...more

Cap and Trade Auction Results Are In!

Every allowance that was offered in the auction was sold at a settlement price of $14.00 per allowance. The highest bid price was $50.01 with the mean bid price $16.67 and the median bid price $13.49. In total, the 2013...more

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

California’s Supreme Court affirmed a trustee’s right to void a non-judicial foreclosure sale based on mistakes in the foreclosure process discovered before delivery of a trustee’s deed to the successful bidder. ...more

Supreme Court Clarifies Jurisdiction Over Claims Arising Under Procurement Code

The Pennsylvania Supreme Court recently confirmed the absolute right of Commonwealth agencies to withdraw solicitations for contracts, as well as the exclusive jurisdiction of the Board of Claims to hear disputes with the...more

The CSA Proposes a New Framework for Shareholder Rights Plans and Amendments to the Early Warning Reporting Regime

Last week, the Canadian Securities Administrators (CSA) published a proposed new regulatory framework for shareholder rights plans under National Instrument 62-105 Security Holder Rights Plans, and significant changes to...more

In re BioClinica, Inc. S’holder Litig., Consol. C.A. No. 8272 (Del. Ch. Feb. 25, 2013) (Glasscock, V.C.)

In this memorandum opinion, Vice Chancellor Glasscock addressed claims, in a motion to expedite, that directors breached their fiduciary duties by conducting an improper process and making inadequate disclosures in connection...more

Rogers Towers: Florida Deficiency Proceedings: Effect of Bids at the Foreclosure Sale

During a deficiency proceeding, once a creditor introduces the foreclosure sale price, the borrower technically has the burden of presenting evidence to establish the fair market value of the property. In the absence of such...more

Construction And Procurement Law News- 2012 Fourth Quarter

In this issue: - Ninth Circuit: Underbids Can Constitute False Claims - State Courts Limit CGL Coverage for Property Damage Arising From Defective Construction - Construction Contractor Prevails in...more

Minority Business Enterprise Program Adds New Wrinkles

Last fall, Maryland’s renewed Minority Business Enterprise Program was re-enacted with important additions. The updated statute incorporates recommendations and comments that the State received from the Governor’s Office of...more

"Don't Ask, Don't Waive" Standstill Provisions: Impermissible Limitation on Director Fiduciary Obligations or Legitimate,...

Under Revlon and its progeny, directors of Delaware corporations have a duty to take reasonable steps to ensure that stockholders receive the highest price reasonably available in a sale of the company. One way that target...more

Informational Meeting For DEP Contracting Procedures

Our Government Relations and Environmental & Land Use Practice Groups would like to share with you an important notice from the Maine Department of Environmental Protection. Informational Meeting for DEP Contracting...more

Confidentiality Issues in Government Contracting: Promoting Open Government and Fair Competition

State public records acts and the federal Freedom of Information Act (FOIA) were enacted to prevent favoritism and corruption, but have had unintended consequences on competition for public projects. As discussed in a recent...more

Chinese MOH Announced Centralized Procurement of High Value Medical Consumables

On December 17, 2012, the Ministry of Health (“MOH”) issued the Tentative Guidelines for Centralized Procurement of High Value Medical Consumables (the “Guidelines”) with immediate effect, with an aim to control health care...more

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