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A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act, in effect, as a reserve bid. [ 1 ] [ 2 ] The intent is to maximize the value of its assets or avoid low bids, as part of (or before) a court auction .
An agreement for the purchase of a horse had been completed between buyer and seller. Following the completion of the contract, the seller made a warranty that the horse was "free from vice". Upon delivery, it was discovered by the buyer that the horse was vicious in behaviour. The buyer consequently sued.
After the sale, Thomas promised Roscorla that the horse was sound; the horse turned out to be vicious. It was held that Roscorla could not enforce the promise, as the consideration given for entering into the contract to buy the horse had been completed by the time the promise was made; in a sense, the consideration was "used up". [15]
For now, the company has entered into a “stalking horse” sale agreement with its lenders, which will establish a minimum value for Bird’s assets. A sale of those assets is expected to happen ...
In contract law, a contract of sale, sales contract, sales order, or contract for sale [1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).
TrackNet Media, Louisville, Kentucky, is a media company owned by Churchill and Magna that acts as a horse racing content provider and it negotiates Advance Deposit Wagering contracts and simulcast agreements with racetracks, including those owned by Churchill or Magna. STREUfex, Finley, New South Wales, Australia.
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