Bankruptcy Judge Mary Walrath let LSP Energy open its bankruptcy auction for its Mississippi power plant with a $249 million lead bid from South Mississippi Electric Power Association after rival buyers argued that the bid's provisions would have made it harder for them to challenge it, Dow Jones DBR Small Cap reported today. Rival bidder TPF II LP, a private equity fund that invests in energy and power assets and is affiliated with independent power producer Tenaska Inc ., had protested the lead offer because it would have paid $7.5 million breakup fee to South Mississippi Electric Power for kicking off the auction with a $249 million bid.
