Trustee Says Rock US 'Match' Right Chills Bidding

Law360, New York (October 6, 2010, 5:52 PM EDT) -- The bankruptcy trustee for Rock US Holdings Inc. has said a so-called match right embedded in a $93.5 million purchase agreement for two Manhattan skyscrapers will “have the effect of chilling bids” for the properties and prevent other buyers from coming forward.

In an objection filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Roberta DeAngelis said a provision in the purchase agreement that allows the stalking horse bidder for the two properties to match any superior offer would prevent Rock...
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