1.   Bollenbach said he expects ITT, to ensure its slate of directors is elected, to promise shareholders that the company will be auctioned to the highest bidder.

2.   GM originally offered a much higher price for Daewoo Motor two years ago, but the government rebuffed it and instead tried to auction the company.

3.   In recent weeks, ITT decided to auction the company to the highest bidder, creating an committee of independent directors to consider all bids.

4.   New York-based ITT said its board is committed to auctioning the company.

5.   Penalosa said council lawyers believe he legally could auction the company without first putting the sale to a council vote.

6.   Under that plan, the combined company would be auctioned, mainly to repay secured creditors.

7.   The government tried to auction the company on Tuesday, but the sale was blocked by court injunctions.