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I read your post twice, and it wasn't enough for me to really be able to understand what is happening there, but I gather there is an auction going on that should be called an "auction," as it is a rather deformed version of an auction. For example, if one third of the fair market value is sufficient to make the sale legal, and a whole lotta potential free-market bidders who would be delighted to pay more than one third are being excluded by the process, it's a rigged system. So if I understood that correctly, the question isn't, in this case, "Is it fair for the bidders in an auction to collude?", it's "Is it unfair in a rigged auction for everyone to get in on the rig instead of just one or two parties?" I think that's the question. I don't know the answer, but the borrower presumably hates all the parties to his or her screwing. |
