What I don't understand is why they PR'd winning the Citi contract, but after refusing the contract once winning the bid (as you suggest) they didn't PR that. Many, many people purchased BIHC shares because of the Citi Field contract news. Surely the company knew that their performing the Citi contract was being hyped as a reason to invest here. It seems to me they might want to quickly set the record straight about giving up that deal considering the hype it generated. Could that be actionable in the form of a shareholder lawsuit I wonder? But now that they know how many people have been hurt by that small oversight, I'm sure we can expect the company to clarify right away.
In my real life, I often submit bids for projects the same size, if not larger than the Citi deal. In my experience, one does not bid on a job unless they have all the contract details, specs, and reqt's up front. Otherwise, how could they possibly calculate a bid in the first place? And once a contract is awarded, the winner can't just turn it down. There are severe penalties and fines for reneging on a bid once a contract is awarded. A bid process like this is very expensive for all involved, and I don't think BIHC could have just declined the project without consequence after it being awarded to them.
Could it be that the Citi PR was originally "BIHC preparing bid on Citi Field contract" and that just wasn't hypey-pumpy enough?
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