Local Rule Rule 6004-3: Public Sale Bidding Procedures in a Chapter 11 Case.

Rule 6004-3 Public Sale Bidding Procedures in a Chapter 11 Case.

In the case of a public sale conducted in a chapter 11 case by other than a professional auctioneer, the seller must file a sale procedure motion which will detail the bidding procedures, including the following:

(1) any minimum bid requirements;

(2) any minimum bid increment requirements;

(3) whether any bidder who has a contractual right to a topping or breakup fee will receive a credit equal to the breakup or topping fee when bidding on the property; and a provision that all bidding must take place outside the presence of the Court.