Central Trust & Savings Co. v. Chester County Electric Co.

Citations

• 9 Del. Ch. 123
• 77 A. 771
• 1910 Del. Ch. LEXIS 11

Syllabus

<p>The possibility, or probability, of a higher bid, as shown by the statement of an objector to the confirmation of a judicial sale of property for $10,000 that an unnamed purchaser would probably bid $20,000 at a re-sale, will not be considered in determining the propriety of confirming the sale.</p> <p>A sale under foreclosure of a mortgage of a corporation to secure bonds was made for $10,000 to the only bidder, who acted as a representative of the holders of ninety-five per cent, of the bonds. The holder of five per cent, of the bonds refused to join the other bondholders, and he objected to the confirmation of the sale on the ground of inadequacy of the price, and averred that on a re-sale an unnamed purchased would probably bid $20,000. ' There was evidence that the property was worth $30,000. Held, that, where there was no fraud or irregularity, the Court in its discretion must confirm the sale.</p> <p>A definite ofEer of a higher bid at a re-sale, obtained subsequent to the sale, will not justify the refusal of confirmation of the sale.</p> <p>Nor would the guarantee of a higher bid.</p> <p>Nor an opinion that a higher bid could be obtained.</p> <p>Mere inadequacy of price is not sufficient.</p>