another auction

Aren't the statements "this is an absolute auction" and "...though the developer may not sell it if bids come in too low" entirely contradictory?

Yes, and the wining bidder shall sue if the developer refuse to sell.

I think they're doing absolute on everything but the PH, which has a reserve.

alright boys and girls... there may be lemmings amongst you but I would like to posit the following.

If the developers did the kick the can by renting for 2 yrs and now says "if we can clear now, we won't go bkrpt" what would a "smart" savvy investor do?

I know what I would do... I'd wait till they do go bkrpt, and buy on the steps of 60 Centre for 10% of construction price. You have them on the run... let there be crickets. Some ppl need to get their azzez handed to them.... hold firm lemmings hold firm....

Anyone want to bet on the likelihood that there will be zero deals coming out of this "auction"?

they're big apts. I'm sure they'll renig on low bids.

By studying the offering plan, financial statements, contract and piece in the Wall Street Journal, I found 13 things that the I suspect the developer would rather keep secret. Winning bidders may be in for unpleasant surprises grounded in the fact that the deck is stacked entirely in favor of the developer, as I note in my blog today.

your blog? web address?

You'll find it, PMG, at http://www.ServiceYouCanTrustBlog.com