What does it mean to use someone as a stalking horse?
If you describe a person or thing as a stalking horse, you mean that it is being used to obtain a temporary advantage so that someone can get what they really want.
What is a stalking horse synonym?
sleeper. underdog. hundred-to-one shot. improbability.
Is a stalking-horse bid binding?
For example, if no one shows up at the auction, the stalking horse may wonder if it overbid for the assets. Once the bankruptcy court approves the stalking horse agreement, it becomes binding on all parties and difficult, if not impossible, to renegotiate.
How do you use stalking horse in a sentence?
I have no notion of getting up and being made a sort of stalking horse for an attack upon one of my colleagues. I look upon this as a stalking horse for the main issue. We have nothing of our own and, in a sense, we are the stalking horse for future unity.
Where did the term stalking horse come from?
The term stalking horse originally derived from the practice of hunting, particularly of wildfowl. Hunters noticed that many birds would flee immediately on the approach of humans, but would tolerate the close presence of animals such as horses and cattle.
How do you become a stalking horse bidder?
Before selling the assets through an auction, the debtor must first get consent from the bankruptcy court to initiate the sale. Once the bankruptcy court approves the auction, the debtor enters into a binding stalking-horse agreement with the first interested buyer who sets the floor price for other bidders.
What is a 363 sale?
A procedure under Section 363(b) of the Bankruptcy Code that allows a company to sell its assets outside of the ordinary course of business during bankruptcy proceedings.
Where does the term stalking horse come from?
Why is it called a stalking-horse bid?
The stalking horse sets the low-end bidding bar so that other bidders can not underbid the purchase price. The term “stalking horse” originates from a hunter trying to conceal himself behind either a real or fake horse.
What is a topping fee?
In a 363 auction a type of break-up fee that the debtor agrees to pay to an initial proposed purchaser (the stalking horse) if the proposed purchaser is not the prevailing bidder in the auction.
What does a watchword mean?
Definition of watchword 1 : a word or phrase used as a sign of recognition among members of the same society, class, or group. 2a : a word or motto that embodies a principle or guide to action of an individual or group : slogan “safety” is our watchword. b : a guiding principle change is the watchword for both parties.
What does turned turtle mean?
to turn on one’s side or upside down.
How does a stalking-horse bid work?
A stalking-horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on the firm’s remaining assets. The stalking horse sets the low-end bidding bar so that other bidders can not underbid the purchase price.
What is a sub rosa plan?
Latin term meaning something of a more unpleasant fragrance concealed “under the rose.” This is a Bogeyman of the bankruptcy world—rumored to exist but few confirmed sightings since the Lionel case in 1983.
What does stalking horse mean?
What Does Stalking Horse Mean? A stalking horse is somewhat of a misnomer as it hints the potential buyer is hidden from the public, the courts, and creditors. The term is an old hunter’s term where the hunter would hide behind his horse while getting as close to the prey as possible
What is a stalking horse asset purchase agreement?
What is the stalking horse purchase agreement? A stalking horse offer, agreement, or bid is a bid for a bankrupt firm or its assets that is arranged in advance of an auction to act as an effective reserve bid. The intent is to maximize the value of its assets or avoid low bids, as part of (or before) a court auction.
What is a stalking horse asset purchase?
The term “stalking horse” originates from a hunter trying to conceal himself behind either a real or fake horse. A stalking-horse bid is an initial bid on the assets of a bankrupt company, setting the low-end bidding bar so that other bidders can’t underbid the purchase price.
How does a stalking horse bid work?
What is stalking horse bid process? A stalking-horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on the firm’s remaining assets. The stalking horse sets the low-end bidding bar so that other bidders can not underbid the purchase price.