I just had a nightmare with the proxybidding at NameJet as well.
http://www.dnforum.com/f204/shameful...ad-278012.html
If you post a proxy bid you cannot manage it later. Even if you are the current high bidder you cannot reduce the amount of your proxy bid once placed.
For example say I bid $70 for a domain name it goes to auction with you as the high bidder among say 15 bidders. If you put in a proxy bid of $10000 vice $1000. Even if your $70 bid is still the high bid when you make the proxy bid your stuck. You cannot reduce the bid back to $1000 even before any bidding starts. If you try to contact management they will not return calls or emails. You have to sit and watch a bad proxy bid be executed up to three days later. You spot a problem before it happens and they don't care - They need to get their act together are they are doomed.