I figured that a Second Chance offer would involve the original auction. It does not. It creates an entirely new auction in the Buy It Now format, and only good for a specified period of time.
If the second chancer decided to take you up on the offer, it ends the second auction, not the first. The first remains open and you are unable to close it. In fact, you are unable even file an unpaid auction dispute until seven days after the auction has ended. Then you have to go through eBay's little rigamarole and their "play nice and try to contact the buyer" process. Then, and only then, can you apply to have the Final Value fee refunded. You can also apply to have your Insertion Fee refunded, but only if you have relisted the item.
But here's the kicker...
All the deadbeat bidder has to do is check one particular option in the dispute message and you are screwed. This one option closes the dispute permanently, rendering you unable to make any appeals or any further claims to fee refunds. In short, you get stuck with the fees even though the bidder, by all rights, is the at-fault party. At that point you have no further recourse.
If that happens I am out the $75 total expense for the auction. You can be damned sure that eBay is going to collect it even though I was the one who got screwed.
*Edit to add*
Relisted two of the lots.
*Edit again to add*
And found eBay's corporate phone number in San Jose. Had to call about a dozen times to find a way through the maze of automated attendants and purposely-unhelpful operators, but I did it. Left a message with the office of North American Operations, no less. Take that, eBay.
Brad
