@article {Weisz83, author = {Steven J. Weisz and Lindsay Bunt}, title = {Lead Trump or Risk Losing? A Comparison of Bidding Procedures for the Acquisition of a Business in Canadian and U.S. Restructuring Proceedings }, volume = {10}, number = {2}, pages = {83--92}, year = {2007}, doi = {10.3905/jpe.2007.682348}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The goal for any debtor selling business assets in restructuring proceedings is to maximize realization. The process by which the assets are sold certainly contributes to the debtor{\textquoteright}s success in achieving this goal. In Canada, sales processes have generally been based on a close-bid system in which a winning bid is chosen privately and then recommended for court approval. In the US, a two-step process is used in which a {\textquotedblleft}stalking horse{\textquotedblright} bid is accepted on the condition that it will be later subject to an open judicial auction. Once the auction is complete, the debtor will seek court approval of a sale to the winning bidder. In this paper, we examine which process best achieves the debtor{\textquoteright}s goal of maximum realization for its assets.TOPICS: Private equity, developed, financial crises and financial market history, portfolio construction}, issn = {1096-5572}, URL = {https://jpe.pm-research.com/content/10/2/83}, eprint = {https://jpe.pm-research.com/content/10/2/83.full.pdf}, journal = {The Journal of Private Equity (Retired)} }