Quote:
Originally Posted by FrankWakefield
I think the 5 minute rule fixes the problem mentioned...
The $150 bid is before the new closing, and moves the closing to 10:06
No other bids follow, so at 10:06 Bidder #4 wins. And with the 5 minute rule bidders 1, 2, and 3 have had a chance to bid again.
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Frank - maybe I'm missing something, but in your scenario, if a new bid is recorded at 10:06, won't that be the same issue raised above? Is that bid after the 10:06 auction close? As I said, I don't think the 5 minutes solves anything other then the theory that it might help the seller get more money, but again, that was disproved by the factual case we had in the BST.