State Supreme Court: No bid rigging in Aspen foreclosure auction
Winners of a 2008 foreclosure auction on an Aspen condominium did not engage in bid rigging, the Colorado Supreme Court ruled Monday.
The Supreme Court's decision reversed a ruling by the Court of Appeals, which determined that three individual bidders — Mike Seguin, Debra Mayer and Tom Griffin, who was representing an Avon businessman — formed a limited liability corporation called Aspen Alps 123 in an effort to stave off competition in the foreclosure auction.
The individual bidders claimed ownership of the unit, located at 700 Ute Ave. and visible from the gondola above The Little Nell hotel, with a winning bid of $1.86 million. The foreclosure auction was held Feb. 27, 2008.