Pa56pa,
Yes. It's very common in bankruptcy, liquidation proceedings.
There are two basic types of bankruptcy. First is "reorganization" which is where United Airlines is. In reorganization, the debtor presents a plan to reorganize the company's operations, assets and business plan and return to profitability. During reorganization the court appointed trustee determines how much the debtor can repay to his creditors.
Second is "Liquidation". In liquidation the court liquidates the debtor's assets and then distributes the proceeds to the creditors. Everyting, every asset the debtor holds (rules are different for personal bankruptcy vs corporate) are sold through the court. Anyone, including the debtor, can bid on and purchase the assets of the debtor. Although when the debtor purchases an asset owned by the debtor it is usually done blind through another entity.
No suprise in Pacific Jet's case, however.
TransMach