Secure Point Technologies Inc (fka IMSCQ)

[ken_r]

L3's bid was stated to be a "stalking horse" bid. By definition it's a low bid to encourage other bidders. If no one else comes forward L3 gets a really good deal and if someone else raises the bid L3 gets a cash cancellation fee. L3 wins either way. What I'd like to know is if the BK judge can cancel the bid as unreasonably low and insist on a more equitable price.