WPS Bidding Process Heats Up

Felgner, Brent
June 2005
Home Textiles Today;6/13/2005, Vol. 26 Issue 39, p1
Trade Publication
The article informs that no matter who else might show up at the textile industry firm WestPoint Stevens auction next week, the process will likely be punctuated by bids and overbids contingent on legal issues to be decided in a courtroom at least three days after the fact. That could make the bidding and the result ambiguous, at best, requiring the competitors to engage in a series of "if-then" decisions during the June 21 auction. And that was clearly U.S. Bankruptcy Court Judge Robert Drain's intent when he structured the auction, according to several attorneys involved in the process.


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