The News Review:
- Bidders contest Filene’s bankruptcy auction result
- Delphi lenders seek auction to make competing bid
- NYC auction of ‘Poor Richard’ almanac nets $557K
- Postal Service to auction site that straddles Eisenhower Expressway
- US STCKS SNAPSHT-Market adds to losses after bond auction
- AUCTIN NAPA VALLEY
- JGBs slip as Nikkei hits 8-mth high US auction eyed
Bidders contest Filene’s bankruptcy auction result
Reuters
Crown FB LLC which had offered to buy some of the assetsof Filene’s Basement filed an objection in a DelawareBankruptcy court on Tuesday saying that Men’s Wearhouse shouldnot be allowed to win the company. The auction on June 5 was not run in accordance with bidprocedures and was a “travesty” Crown said in the filing.
Delphi lenders seek auction to make competing bid
Reuters
bankruptcy court on Wednesday. The lenders which provided senior debtor-in-possession financing to Delphi said they would like access to certain information from the company so that they can submit a “credit bid” for the company to compete against an offer from private equity firm Platinum Equity. “We are prepared to exercise our credit bid right” Glenn Siegel a lawyer representing Delphi lenders Kensington International Ltd Manchester Securities Corp and Springfield Associates told the court suggesting Delphi’s sale should be conducted in a manner more like a bankruptcy auction which would be more transparent. Delphi which was spun off from General Motors Corp (. PK) in 1999 and filed for bankruptcy in 2005 said last week it reached a deal to sell most of its global operations to private equity firm Platinum Equity allowing the car parts supplier to emerge from Chapter 11 bankruptcy protection. In bankruptcy secured lenders can make a “credit bid” for a company up to the full amount of their claim and cancel the debt as opposed to making a straight cash offer.
NYC auction of ‘Poor Richard’ almanac nets $557K
The Associated Press
found a dusty long-ignored copy of Benjamin Franklin’s 18th-century “Poor Richard” almanac on their shelves a few months ago they decided to find out whether it could be real. The answer was yes — emphatically confirmed on Tuesday at the Sotheby’s auction house where an anonymous bidder paid $556500 for the 1733 edition the second highest price ever for a book printed in America. That was big news in Berwick an old manufacturing city of 10000 residents about 95 miles northwest of Philadelphia where Franklin using the pseudonym Richard Saunders printed thousands of copies of his almanac between 1733 and 1760 dispensing advice and aphorisms along with “lunations eclipses judgment of the weather” and other data relevant to the 40-degree latitude “from Newfoundland to South Carolina. “The celebration for historical society members began on the 150-mile trip home from New York. “We’re on the second bottle of champagne” historical society president Thomas McLaughlin said when reached on his cell phone aboard the bus taking 14 society members back to Berwick. McLaughlin said that when the society inquired of experts about the almanac’s value the first estimate was $7000 to $10000 but it rose sharply after the Library Company of Philadelphia which Franklin founded determined the book not only was real but also was one of only three 1733 copies known to exist.
Postal Service to auction site that straddles Eisenhower Expressway
Chicago Tribune
Now it just wants to get rid of it. The Postal Service announced Tuesday that on Aug. 27 it will auction the former Chicago Post ffice to the highest bidder. There’s a suggested opening bid of $300000 but no minimum bid so the building could go for less. Not even auctioneer Rick Levin who will handle the sale is sure what the building will fetch. “I don’t know that there’s a more unique hard-to-value piece of real estate in Chicagoland than this” he said.
US STCKS SNAPSHT-Market adds to losses after bond auction
Forbes
15 percent to 1838. market data and news click on codes in brackets: U.
Related from Guanxithebook: US STCKS SNAPSHT-Wall St extends gains as techs climb
AUCTIN NAPA VALLEY
St. Helena Star
com’ ‘sthelenastar. Pierce CarsonFR THE STARWednesday June 10 2009Saturday updateAlthough the nation’s economic woes are sure to impact Napa Valley’s legendary wine auction they have not put a damper on volunteer spirit or the willingness of all who lend support to wine country’s biggest charity event. Take the chefs preparing Saturday night’s dinner for auction bidders for example. Manning the stoves is an exceptional team of nationally renowned chefs who will prepare hors d’oeuvres and the multi-course dinner built around Napa Valley wines for the evening’s bidders. Janet Trefethen whose family owns and operates Trefethen Family Vineyards and is chairing Auction Napa Valley 2009 said this year’s mix of local and nationally known chefs was selected because they “have been longtime friends of our family and supporters of Napa Valley. “Doing good and having fun don’t have to be mutually exclusive — and we’re hoping that at this year’s fundraiser they’ll be in direct proportion to each other — so we’ve put together a stellar auction and an incredible dinner menu for Live Auction attendees” she added.
JGBs slip as Nikkei hits 8-mth high US auction eyed
Reuters
5 bps By Shinichi Saoshiro TKY June 10 (Reuters) – Japanese government bondsretreated on Wednesday as the Nikkei share average advanced to aneight-month high on hopes for an economic recovery eroding thesafe-haven appeal of debt. Two-year JGBs bucked the trend and eked out gains after U. Treasuries of similar maturities rallied the previous dayfollowing a strong three-year auction. Data on Wednesday showed core Japanese machinery ordersunexpectedly slid 5. 4 percent in April but economists said thenews did not alter the view that the economy may be over theworst of its slump.