Want to buy a modem company? Hayes Assets To Be Sold At Auction
February 05, 1999: 5:29 p.m. ET
NORCROSS, GEORGIA, U.S.A. (NB) -- By Grant Buckler, Newsbytes. The assets of Hayes Corp. [NASDAQ:HAYZQ] have been put up for auction. The modem manufacturer entered bankruptcy protection last October and closed its doors at the beginning of January.
Hayes has retained Volpe, Brown, Whelan & Co. LLC, of San Francisco, to conduct the sale of the company's assets.
The assets of the pioneering modem manufacturer have been divided into a number of packages, including key product lines. Sealed bids are being accepted up to Feb. 9, and the public auction will be conducted on Feb. 12., with the final sales to take place in court a week later.
When the company filed for protection under Chapter 11 of the Bankruptcy Act in the state of Delaware last fall, company spokespeople told Newsbytes that Hayes ran into trouble because its sales failed to keep up with its research and development spending. The company said it planned to sell its manufacturing facility in Norcross to a contract manufacturer.
Hayes dominated the modem market in the 1980s, when compatibility with standards set by Hayes defined modems in much the same way as compatibility with IBM personal computers defined PCs. The company began to falter in the 1990s, though, and in 1996 was forced to file for Chapter 11 protection for the first time. The company emerged from that bankruptcy proceeding, with Ron Howard taking over as chairman from founder Dennis Hayes.
According to documents posted on the Hayes World Wide Web site at hayes.com by Volpe, Brown, Whelan & Co., the company's product lines are being sold as several lots, including its V.90 and V.34 modem products as one package, its 336 DVD External Modem, Asynchronous Digital Subscriber Line (ADSL) products, cable products and legacy products, among others. The Hayes Europe and Hayes Asia/ Pacific operations are to be sold separately, as are the company's domain names and its customer contacts and databases.
Further information about the bidding process is available on the Hayes Web site.
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