Colorado Supreme Court Reverses Bid Rigging at Foreclosure Sale
Aspen 6/18/2012 07:46 PM GMT (WooEB)
Matthew C. Ferguson now of the Matthew C. Ferguson Law Firm, Aspen, Colorado successfully argued for reversal of Court of Appeals finding of bid rigging by attendees at a foreclosure sale in Pitkin County, Florida. Matt Ferguson won the case at the trial level proving that the members of an LLC formed after the Public Trustee foreclosure sale by 3 bidders had not bid rigged. Holland & Hart represented the property owner Betty Amos and her late husband's estate. Amos had failed to timely redeem, but sought to redeem after the deadline. The property owner unsuccessfully challenged the foreclosing bank's Rule 120 proceeding for the Public Trustee sale and also failed to enjoin the Public Trustee from awarding the deed to Ferguson's client.
Just before trial, the property owner tried to add a bid rigging claim
under Colorado Antitrust Act, section 6-4-106, C.R.S. (2011). Plaintiffs' untimely motion to amend was denied but bid rigging was then allowed as a defense at trial. The trial court found that no bid rigging had been established and awarded Ferguson's client the property as well as fees for slander of title. The Court of Appeals reversed and held that bid rigging had occurred. The Colorado Supreme Court granted certiorari on the notice and bid rigging issues.
Critical to Matt Ferguson's client and its 3 members, Colorado Supreme Court determined that, based on the limited trial record in the case, the plaintiffs had failed to establish bid rigging in violation of the Colorado Antitrust Act, section 6-4-106, C.R.S. (2011), as a defense. The Supreme Court reversed the court of appeals’ judgment holding that illegal bid rigging had occurred. Matt Ferguson can be reached at www.mattfergusonlaw.com or (970) 925-6288.
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