Quoted from pinballlife:It was the offical bankruptcy auction. Are those federal? Heck, I don't know. Luckily I have never had to gain much of an understanding of what is all involved in bankruptcy proceedings.
Nothing was sold before the *auction*. It wasn't an auction in the typical *live auction* sense. PPS had put in a bid and that bid had to be topped before a certain date. I think Wayne cleared up how it all worked with the documentation he posted.
Yes its federal... they basically were liquidating his assets... trustee is responsible in trying to obtain the best outcome in terms of return for the creditors. Sounds like in this case they went around soliciting bids from buyers to try to arrange a sale. Like you said, not a live auction... but auction in the sense the assets were sold off to the highest bidder by the trustee.
What we really need is james and darrin (sp) from Phoenix arcades to tell us about james days before the “north amercian pinball parts alliance”... how that whole three way came together... fell apart... and the closing chapters of how he helped pushed gene into bankruptcy