It's an auction.  He's committed to sell at whatever price the auction arrives at.  That's how it works.

You could argue that he'd have been better off to transfer his shares to a PT and sell there, however that would require a) setting up an exchange account, b) transferring shares, c) selling shares over time to avoid depressing the price too much, d) withdrawing the funds.  If he values his time, privacy and a quick sale, an auction may make sense. 

That's how I see it anyway.