It is true that a bid signals a committed willingness to pay a certain price. But then what disqualifies this kid's bids as not being part of determining the true cost? He says that he accepted possibly going to jail, and I'm sure he'd rather be in debt for the bid amount instead of jail, so in essence his bids were backed up by a commitment.
You know, now that he's got a bit of money and publicity backing him, it'd be kind of funny if he sued and got all of the sales that were completed after he was escorted out invalidated, as he was denied participation, and therefore they are _undervalued_.
I wonder about that, he got a lot of publicity and could probably start raising money to pay his bids. This is not a billion dollar FCC auction this is 1.8 million for 22,000 acres of land which he might be able to pay for. If nothing else he can probably resell some of these to the same drilling groups once there are less of these auctions to bid on.
Yeah, I suppose that was a stillborn argument, given that the debt in question isn't the result of a creditor explicitly loaning money for the purpose, but arising from a non-fulfilled transaction.
You know, now that he's got a bit of money and publicity backing him, it'd be kind of funny if he sued and got all of the sales that were completed after he was escorted out invalidated, as he was denied participation, and therefore they are _undervalued_.