[Rhodes22-list] Knock-out

[Bill Effros]

I used to be in the auction business.

Here's how it works:

Professionals create their own syndicate.  One member bids on behalf of 
the entire syndicate.  If the bidding goes above the fair market value, 
the syndicate drops out.  If the syndicate winds up with something, 
members bid among themselves for the items purchased.  This is called 
the "knock-out".

The difference between what was paid to the original seller and what was 
bid by the winning member of the syndicate is split among the other 
syndicate members.

In this case, Bud would be a member of the syndicate because he did the 
work.  Others who abstain from bidding could also become members if the 
syndicate agrees that it will make more money by preventing that person 
from bidding than it would by letting the person bid on something he did 
not want in the first place.

This boat is worth between $1500 and $2500.  If it goes higher than 
that, it's probably not worth it.

If you guys want this boat, this is a fair way (for our team) to get it.

Bill Effros