If the idea proves viable or popular, the anonymous figure can then declare its interest and advance the concept with little risk of failure. If you describe a person or thing as a stalking horse, you mean that it is being used to. Stalking horse definition and meaning collins english. The phrase stalking horse comes from an old hunting term referring to a horse, or an image of a horse, behind which a hunter would hide to get closer to his prey. The sale process will now be conducted without a stalking horse bid. A stalking horse bid is an initial bid on a bankrupt companys assets from an interested buyer chosen by the bankrupt company. March 30 reuters gander mountain co gander mountain files stalking horse bid gander mountain co filing was made today as part of companys proceedings under. Stalking horse definition and meaning collins english dictionary. Stalkinghorse article about stalkinghorse by the free. A stalkinghorse bid is an initial bid on a bankrupt companys assets from an interested buyer chosen by the bankrupt company.
It is called that because it is a way to draw other bidders out of the bushes. Stalking horse definition of stalking horse by the free. Definition of a stalking horse in the idioms dictionary. Seacor marine in stalking horse bid for montcos liftboats. Stalking horses were horses that were used by hunters. Stalking horse article about stalking horse by the free. Environmentalists have used the owl as a stalking horse to save the last 10% of oldgrowth forest in the northwest. A stalking horse bid is a courtsupervised process under chapter 11 whereby a bidder makes an initial offer as part of a larger auction process. Stalking horse meaning in the cambridge english dictionary. Stalking horse bidder definition a stalking horse bidder is an entity that a distressed company chooses to make the first bid when selling one or. The stalking horse bidder typically enters into a sale contract with the debtor for the subject assets, thereby setting a floor, or minimum bid.
Stalking horse something used to cover up a secret project. If you agree to be the stalking horse bidder, youll expend. Taken from a hunting term in which fowl would not run away from hunters hidden behind their horses, stalking horse agreements occur when a third. A stalking horse is a figure that tests a concept with someone or mounts a challenge against. Learn the meaning of the phrase stalking horse bid. Briefgander mountain files stalking horse bid reuters. Stalking horse a horse, or a figure resembling a horse, behind which a hunter conceals himself from the game he is aiming to kill. The creation of currax holdings usa llc follows the highbridge funds acquisition of substantially all the assets of pernix, including the rights to all branded and generic products, per the firms previously disclosed stalking horse bid for usd 75. The purchase agreement provides rait with a binding bid of. Texasbased lantern became the stalking horse bidder with a. However, advance bankruptcy approval of bidding incentives tends to be the. Stalkinghorse bid financial definition of stalkinghorse bid. Stalking horse definition is a horse or a figure like a horse behind which a hunter stalks game. Sungevity cancels auction, goes with stalking horse bid law360.
A stalking horse is somewhat of a misnomer as it hints the potential buyer is hidden from the public, the courts, and creditors. How a stalking horse agreement works the primary goal of any stalking horse agreement is to help the debtor by presenting their property in a positive light to potential buyers. Gander mountain files stalking horse bid led by liquidators. A stalking horse bid is an attempt by a bankrupt debtor to test the market for its assets in advance of an auction. Stalkinghorse definition, a horse, or a figure of a horse, behind which a hunter hides in stalking game. This keeps lowball offers off the table and sets up a competitive bidding process. In consideration for fmib serving as the stalking horse bidder, making a valuable offer for the fmbank shares and the other purchased assets, creating a bidding framework for higher and better offers, and agreeing to effect the equity contribution, and this agreement being subject to termination in the event that the companies receive a higher and better bid. If there are multiple bids, often there is a bankruptcy auction. Once the purchase agreement is executed, the stalking horse bid is used to establish a floor for subsequent bids. As stalking horses lead the auction process by throwing in a substantial starting bid for the company or individuals property, other bidders are meant to see this as. In bankruptcy, a stalking horse bid is a first, favorable bid solicited by the bankrupt companys creditors strategically to prevent lowball offers. 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.
How does a stalking horse bid work in the event of no additional bidders in an auction. In a corporate bankruptcy in which the corporation wishes or is required to sell its assets, an initial bid on those assets by a third party. The initial bidder with whom a debtor or a trustee negotiates and enters into a purchase agreement is called the stalking horse. New album kowtow now available for free download at. The stalking horse bidder usually gets a break fee if it doesnt. A stalkinghorse bid is the initial bid on a bankrupt companys assets from an interested buyer chosen by the bankrupt company. Bankrupt outdoor retail network gander mountain co has filed a stalking horse bid by a joint venture comprised of gordon brothers and hilco. A stalking horse is a buyer who has agreed to make a minimum bid before a bankruptcy auction. Hypocrisy is the devils stalkinghorse under an affectation of simplicity and religion. The quest asset purchase agreement is valued at usd 27m dollars and takes the form of a stalking horse bid, with the sale to be completed after an auction process carried out under the terms of section 363 of the bankruptcy code.
A stalking horse offer, agreement, or bid is an attempt by a debtor to test the market in advance of an auction. In a notice filed late monday, sungevity said that when the 5 p. Gander mountain announced that it has filed a stalking horse bid by a joint venture comprised of gordon brothers and hilco merchant resources, two firms specializing in liquidations, to purchase substantially all of its assets. In this process, the company makes a list of possible bidders and chooses the highest. Hypocrisy is the devils stalking horse under an affectation of simplicity and religion. A stalking horse is the name given to a role in a strategy in which a decoy is used to gain an advantage in a particular situation.
Stalking horse bid filed to position gander mountain for. Stalking horse bid filed to position gander mountain for sale. Download our english dictionary apps available for. May 14, 2015 you cant trust all the horses in this race. The term stalking horse comes from a hunting strategy in which the hunter hides behind his horse to gain favorable distance between the prey before attacking. Stalkinghorse something used to cover up a secret project.
What is a stalking horse offer and how does it work. This strategy, called a stalking horse bid, acts as a way to test the market. Definition of stalking horse in the idioms dictionary. If there arent any other bidders, the company that submitted the stalking horse bid will be awarded the assets of the troubled company at the prenegotiated price. A stalking horse bidder is an entity that a distressed company chooses to make the first bid when selling one or more of its assets in an auction type process. Mar 30, 2017 a stalking horse bid is an attempt by a bankrupt debtor to test the market for its assets in advance of an auction.
Although not particularly common in smaller, personal bankruptcy filings, stalking horse agreements are used to maximize the overall value of assets during a sale. Stalking horse definition of stalking horse by merriamwebster. Stalking horse bid financial definition of stalking horse bid. Sep 18, 2009 the term stalking horse originated way back in the 16th century. Sungevity cancels auction, goes with stalking horse bid. The intent is to maximize the value of its assets or avoid low bids, as part of or before a court auction. How to pull off a deal as a stalking horse bidder law360. The scenario youre an investor kicking the tires on a company in bankruptcy. The filing was made as part of the companys proceedings under chapter 11 of the united states bankruptcy code. Stalking horse definition of stalking horse by merriam. Apr 05, 2020 a stalking horse bid is one way the debtor can at least establish a floor of the assets as a way to avoid low ball bids at an auction and establish at minimum a satisfactory return. The term originated as an old hunting expression referring to the use of a horse to hide behind to get closer to the prey.
Stalking horse definition, a horse, or a figure of a horse, behind which a hunter hides in stalking game. Potential bidders in bankruptcies should not be misled by the origin of this term, because. The intent is to maximize the value of its assets as part of a court auction in. The stalking horse brewery combines english comfort food with an onsite craft brewery in a welcoming pub setting. Then you can start reading kindle books on your smartphone, tablet, or computer no kindle device required.
The term stalking horse originated way back in the 16th century. The stalking horse may be outbid at the auction or no other bidders may show. Here is a definition of a stalking horse bid, as shared by investopedia. The idea of a stalking horse bid is a lot more recent. Judge approves kamkad to be stalking horse bidder for. The stalking horse in a us chapter 11 363 sale focus. Stalking horse bid in bankruptcy proceedings, this refers to first bid for the companies assets. Stalking horse bidder to be or not to be tarter krinsky. Stalking horse bids take place during a bankruptcy.
The stalking horse bidder fee represents actual outofpocket costs for due diligence of the bank and for professional and other related fees and expenses incurred by or on behalf of skbhc in the preparation of its offer to acquire and recapitalize the bank and the negotiation and drafting of documents related to the contemplated transactions. From financier worldwides may 2006 edition the terms 363 sale and stalking horse bidder are woven into the standard vernacular of us reorganisation and insolvency professionals. Lanterns bid clearly achieves the highest and best value for the estate and its creditors, said twc boardmember ivona smith. Stalkinghorse definition of stalkinghorse by the free. Oct 17, 2015 a stalking horse offer, agreement, or bid is an attempt by a debtor to test the market in advance of an auction. The negotiations between the debtor and stalking horse must strike an. Meaning, pronunciation, translations and examples log in dictionary. A stalking horse is a figure that tests a concept with someone or mounts a challenge against someone on behalf of an anonymous third party. Gordon brothers is an advisory and investment firm based in boston. Download our english dictionary apps available for both ios and android. Definition of stalking horse bid what is a stalking horse bid. Dean foods dumps dairy coop as stalking horse bidder farm. Stalkinghorse a horse, or a figure resembling a horse, behind which a hunter conceals himself from the game he is aiming to kill.
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