[Rhodes22-list] Knock-out

[Peter Thorn]

Is it too late to join this deal?  I need to visit my mother and she lives
in Bradenton.  :)

PT


----- Original Message ----- 
From: "Luis Guzman" <trpclman at yahoo.com>
To: "The Rhodes 22 mail list" <rhodes22-list at rhodes22.org>
Sent: Wednesday, December 14, 2005 2:45 PM
Subject: Re: [Rhodes22-list] Knock-out


> It all sounds good to me.
>
>   We can keep the boat in Bradenton where we can sail it all year around.
>
>   :-)
>
>   Luis Guzman
>
> Bill Effros <bill at effros.com> wrote:
>   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
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>
>
>
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