Because a formal offer is the last step in the negotiation process. If JZ is sitting there firmly saying he won't take under $30. A BP could be like well I'll consider $17...JZ responds "nothing under $30 would be accepted". BP: "well, I might consider a $20 offer, but I couldn't consider anything higher". JZ: "Nothing under $30". This weird negotiation goes on for a while but JZ doesn't budge, and so no offer is actually made.
A formal offer is the last step of a long process. Just because no formal offer was actually made in no way means they coudln't have sold this for $15-$20 or there wasn't enough intereset to get that price. It just means things broke down along the way. This is supported by the fact that at one point they delayed the GIA announcement by ONE WEEK, meaning there was uncertainty regarding a deal at the 11th hour. Meaning it could have happened if things would have went right. I am of the belief that it broke down because JZ and the boys just wanted way more than any BP would have been willing to offer. Because, as we were told, "Anchor was on the way", so why sell out for peanuts of $20?
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