Patent ID: 7249089

Claim:
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; or rejecting said bids if said bids do not satisfy said predetermined criteria.