Unique Performance Auction Raises $1Million – Still Not Enough

Rosen Systems Unique Performance Auction Sheet

Well I’ve just gotten back into the country after over a week away so apologies if I’m a little slow on this one. Fortunately enough my friends over at Jalopnik gave me a heads up on this one. Thanks Matt!

It was only a few weeks ago I posted about the Unique Performance Bankruptcy auction and the kind of money that was needed to pay of the debts. Well the auction is over and it looks like the debts of around $900k have been paid off. It’s been said about $1.37 Million was raised. But what’s interesting is it was expected that the auction would fetch a lot more as the excess money was to go to the customers who have lost their hard earned cash and the former employees that are owed wages. Unfortunately again they have lucked out. According to Jalopnik, after lawyers fees each owed customer will receive a mere $978. A short cry from the hundreds of thousands they handed over.

Reports from a few of the bidders on the day is that there wasn’t too many bargains to be had. With a lot of the shells fetching over $15,000. And there is also talk of vendor bids jacking up the price, with one ‘bidder’ winning numerous auctions taking some lots above their retail prices. More to come.

[Source 2]

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