I am trying to imagine the mechanics of what a "no-bid" situation would look like. Presumably you mean that one of the market makers would have to take the othe

I am trying to imagine the mechanics of what a "no-bid" situation would look like. Presumably you mean that one of the market makers would have to take the other side of the trade, but the rules for MM entities stipulate that they have to provide liquidity within certain bounds, not at all times and at any cost. Even if there were truly no bids -- which didn't happen -- the market maker would never make the market at $0.01.