The Globe and Mail reports in its Thursday, May 8, edition that executives responsible for Hudson Bay Co.'s recent collapse will not lead its restructuring, according to new court documents. A Canadian Press dispatch to The Globe reports that an affidavit from chief financial officer Jennifer Bewley reveals that no insiders bid for Hudson Bay's assets or leases. Two unnamed sources say Canadian Tire has made a bid for some of the faltering department store's intellectual property. Canadian Tire has not commented on that possibility. If several similar bids are made for the business or its assets, the company will host an auction by May 16 and seek court approval for a buyer by May 30. In the coming months, Hudson's Bay will also host a separate auction with Heffel Gallery for 4,400 pieces of art and artifacts, including the royal charter that started the business. It will wind up the process to find takers for leases by mid-June and hand back properties that received no bids by mid-July. An April 22 court filing revealed 18 unnamed parties submitted letters of intent expressing interest in a total of 65 leases.