Sale by Icahn’s Auto Plus Approved After First Bid Disqualified

Carl Icahn’s after-market auto parts chain Auto Plus won bankruptcy court approval to sell most of its locations to Factory Motor Parts Co. after the bankrupt company disqualified a different bid under suspicion of impropriety.

• The previous bid was disqualified because an Auto Plus employee is suspected of feeding information to joint bidders Fisher Auto Parts Inc. and Parts Authority that other firms didn’t get, Auto Plus lawyer Genevieve Graham said during a hearing.
  • That employee is soon to be terminated, Graham said
  • Auto Plus is still investigating and has made the Justice Department’s bankruptcy watchdog as well as ...