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Article: Pedestal's Live Auction Results Far Surpass Expectations.
- Article from:
- PR Newswire
- Article date:
- July 25, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON, July 25 /PRNewswire/ --
Pedestal Inc. today reported that its online live auction of approximately $35.4 million of loans held by the Trust Funds of RTC Pass Through Certificates Series 1991-6 yielded a return to the seller well-above pre-auction expectations.
A total of seven institutions, including leading Wall Street firms, posted 44 bids during the live auction held last week. Initially scheduled for 15 minutes, the extraordinary level of bidder interest lengthened the auction to over 36 minutes as Pedestal's automatic extension feature was triggered several times.
"Pedestal's unique live auction technology once again delivered ...