Method and system for auctioning bankruptcy assets and valuing same
First Claim
1. A computer method of auctioning at least one claim or asset in bankruptcy over a communication network, said method comprising the steps of:
- identifying potential buyers for said at least one claim or asset using at least one of a plurality of factors, the factors comprising previous purchasing behavior, industry links, and market research;
notifying selected ones of the potential buyers of the availability of said at least one claim or asset;
determining a market value of said at least one claim or asset using historical data of same or similar claims or assets, said determining comprising;
accessing historical data of sales of claims or assets previously recorded, determining a claim or asset unit value based on said historical data, and formulating said market value based on said claim or asset unit value and number of said claims or assets available;
dynamically adjusting said market value based on known factors;
registering ones of said buyers who have expressed an interest in bidding on said at least one claim or asset;
obtaining bids from said registered buyers over said network; and
accepting a highest one of said bids if said highest one of said bids satisfies a predetermined criteria and notifying said registered buyer from which said highest one of said bids was obtained of the acceptance thereof;
orrejecting said bids if said bids do not satisfy said predetermined criteria.
2 Assignments
0 Petitions
Accused Products
Abstract
A method and system for conducting, managing and executing over a communication network, an auction of at least one claim or asset in bankruptcy to a plurality of buyers having expressed interest purchasing bankruptcy claims or assets is presented. The method includes placing an indication of the availability of at least one of said assets at a remote site, such as a website, wherein said indication is accessible by each of said plurality of buyers over said network, notifying at least one buyer predeterminedly expressing interest in items contained within said claims or assets of the availability of said at least one claim or asset, determining a market value of said at least one claim or asset based on historical data of same or similar claims or assets, dynamically adjusting the market value based on known factors, conducting an interactive bidding process, notifying one of the bidding buyers of acceptance of a corresponding bid when said bid satisfies predetermined criteria, and recording the accepted bid.
48 Citations
19 Claims
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1. A computer method of auctioning at least one claim or asset in bankruptcy over a communication network, said method comprising the steps of:
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identifying potential buyers for said at least one claim or asset using at least one of a plurality of factors, the factors comprising previous purchasing behavior, industry links, and market research; notifying selected ones of the potential buyers of the availability of said at least one claim or asset; determining a market value of said at least one claim or asset using historical data of same or similar claims or assets, said determining comprising;
accessing historical data of sales of claims or assets previously recorded, determining a claim or asset unit value based on said historical data, and formulating said market value based on said claim or asset unit value and number of said claims or assets available;dynamically adjusting said market value based on known factors; registering ones of said buyers who have expressed an interest in bidding on said at least one claim or asset; obtaining bids from said registered buyers over said network; and accepting a highest one of said bids if said highest one of said bids satisfies a predetermined criteria and notifying said registered buyer from which said highest one of said bids was obtained of the acceptance thereof;
orrejecting said bids if said bids do not satisfy said predetermined criteria. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer system for auctioning at least one claim or asset in bankruptcy over a communication network, said system comprising:
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a memory comprising; code for identifying potential buyers for said at least one claim or asset using at least one of a plurality of factors, the factors comprising previous purchasing behavior, industry links, and market research; code for notifying selected ones of the potential buyers of the availability of said at least one claim or asset; code for determining a market value of said at least one claim or asset using historical data of same or similar claims or assets, said determining comprising;
accessing historical data of sales of claims or assets previously recorded, determining a claim or asset unit value based on said historical data, and formulating said market value based on said claim or asset unit value and number of said claims or assets available;code for dynamically adjusting said market value based on known factors; code for registering ones of said buyers who have expressed an interest in bidding on said at least one claim or asset; code for obtaining bids from said registered buyers over said network; and code for accepting a highest one of said bids if said highest one of said bids satisfies a predetermined criteria and notifying said registered buyer from which said highest one of said bids was obtained of the acceptance thereof;
orcode for rejecting said bids if said bids do not satisfy said predetermined criteria; a processor in communication with said memory operable to execute said codes within said memory. - View Dependent Claims (17, 18, 19)
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Specification