I came across this story on another site. It gives the full story about why THO was doomed to failure, and gives insight on the bidding. Each buyer gives there views and opinions why they bid and didn't.
“I think it is incorrect to attribute THQ's predicament with overall changes in the industry,” he tells MCV. [Rubin, like the rest of THQ’s staff, was left redundant last week as the firm went bankrupt.]
“To be sure, all triple-A publishers have been under pressure, but THQ had every chance to survive had it not made massive mistakes.
“Unfortunately, the mistakes that were made long before I joined, like the incredible losses attached to uDraw, massive wasted capital in the unpublished MMO that was cancelled, sticking with children's and casual titles far after mobile and tablets had killed the business, bad, late, or otherwise inferior titles like Homefront, and a generally haphazard and inefficient approach to deal making, left the company with too much negative hanging on its books.