Well they are the creditors, so they put their credit up against the value of the thing. It's no different than what a bank does when it bids on a house it put

Well they are the creditors, so they put their credit up against the value of the thing. It's no different than what a bank does when it bids on a house it put up for auction after a mortgagee default. Here the only difference is that the bidding was blind, which the judge took issue with.