Auction Veto Nixed For Thompson's Stalking Horse

Law360, New York (October 12, 2010, 8:01 PM EDT) -- A bankruptcy judge on Tuesday shot down Thompson Publishing Group Inc.’s attempt to extend an effective veto power to its stalking horse bidder in an upcoming auction of the company’s assets, agreeing with the U.S. trustee that the move could have a chilling effect on competing bids.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware refused to approve Thompson’s proposed bidding procedures for the sale as long as they contained unusually strong consent rights that would allow the stalking horse...
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