Email from Cath, page-42

Hi DB,
That's the whole point. Said it so many times. No-one dared to bid for the COP stake because they all knew that the remaining partners had PE rights and that the big players will then step in and work through an existing stakeholder with PE rights.. That's the only way that a big player would know that they would be the "final" and last buyer in line.
Why did WPL go first, well knowing that there are PE issues that could derail? ( noting WPL , ala PC went so far as to state publicly that they did their due diligence on all the PE issues on this).. because COP thought they will sidestep PE issues through the structuring of the deal in the form that they did. WPL then believed ( and said as much... COP chose a certain way to do the deal and it's now up to them, being COP, to deliver the asset). WPL trusted COP and then made the bid, believing they will be the FINAL player and holder on these leases. And once FAR stuck a spanner in the wheel, COP had to give an indemnity..
That's how I read it.
But to answer your question.. most players understood that if they made a bid, it will be temporary because of the PE rights. WPL fell for the COP scenario and that's why they made the bid.