Bids are due Friday from companies and individuals wanting to buy the bankrupt Fontainebleau casino-resort development project on the Las Vegas Strip.
Parties desiring to take over the 70-percent-complete, 3,815-room resort will have to offer more than the $156.2 million currently offered by "stalking horse bidder" and investment veteran Carl Icahn.
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Note: Investopedia explains Stalking-Horse Bid
This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company's assets. In essence, the stalking horse sets the bar so that other bidders can't low-ball the purchase price.
