Judge backs $4.2 million charge for losing bidder in Bouchard sale

ByDonald L. Leech

Jun 1, 2022
By Rick Archer (June 1, 2022, 7:48 p.m. EDT) – A Texas bankruptcy judge upholds a bankruptcy court order allowing a $4.2 million payment to the losing bidder at the Chapter 11 auction of Bouchard Transportation Co.’s oil barge floats, saying its bid raised the final price and vindicated Bouchard’s promise to pay the fee.

In a ruling on Tuesday, District Court Judge Lee Rosenthal said evidence showed Bouchard’s board of directors’ decision to accept a stalker offer from Hartree Partners on the condition that he pay a “fee breach” and expense reimbursements if Hartree lost the auction had resulted in more money for creditors, rejecting…

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