New lawsuit accuses PWCC of massive shill bidding

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#11

05-05-2025, 07:17 AM

steve B

Steve Birmingham

Member

Join Date: Sep 2009

Location: eastern Mass.

Posts: 8,405

Quote:

Originally Posted by Tabe

I'm curious to see the math behind their numbers. They claim they sustained losses of $13.9m because of PWCC but spent just over $10m on PWCC's platform. So they're blaming PWCC for a LOT of losses outside of the PWCC platform. OK...

Maybe an accounting thing?

Having huge bids outstanding means tying up money that could be spent somewhere else. So purchases not made and profits lost because of that?

Not that it would have been a good practice to operate with so little reserve cash like that. But they admit placing stupid bids to get showy stuff to auction.

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