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Posted By: peter chao

Guys,

The fact that it's disclosed is not the only problem. Another major problem is causation. The person with the perfect test case would have to be the sole bidder, he could then say that the practice of book bidding caused him to make his bid.

If there were 3 or 4 other bidders involved then you couldn't make that argument because if you won the bidding then your higher bid was caused by your need to exceed the bids of others.

Peter