I bid 23¢: Hayes Public Auction Set For Tomorrow
Newsbytes - March 16, 1999: 7:04 p.m. ET
SAN CARLOS, CALIFORNIA, U.S.A. (NB) -- By Ian Stokell,
Newsbytes. Assets of one of the great names in the computing
industry, Hayes Microcomputer Products Inc., are set to go on the
auction block Wednesday, March 17 and 18, in the company's
ongoing spiral into bankruptcy liquidation.
The United States Bankruptcy Court appointed Emerald Asset
Management LLC to conduct a two-day public auction of the Hayes'
headquarters facilities in Norcross, Ga.
Hayes filed voluntary petitions under Chapter 11 of the US
Bankruptcy Code on October 9, 1998.
Emerald says the two-day auction event features: Automatic
Insertion, Manufacturing Equipment, Large Scale Testers, Optical
Inspection, Electronic Test and Measurement, Personal Computers,
Executive Office Furnishings, and Facility Equipment.
Emerald's Web site builds the auction as "complete liquidation" of
"corporate headquarters, manufacturing, research and development
and warehouse facilities" plus "over $24 million at cost inventory and
parts offering."
Products listed up for auction range from Fuji CP-IV, CP-III and
CP-II Chip Shooters, to MPM Ultraprint Automatic ScreenPrinters,
to Electrovert Econpak Plus EPK+400/F and Sensbey LGC-400FM
wave solder machines, to Hewlett Packard 3070 Series II In-Circuit
board testers, to Cyberoptics Laser Section microscopes, all the way
down to hundreds of PCs and notebooks.
A company spokesperson told Newsbytes that the auction is a
"live" event only at Hayes' Norcross, Ga., location, which means
that, while more details are available from Emerald's Web site,
interested parties cannot make bids online.
As reported previously by Newsbytes, Hayes dominated the
modem market in the 1980s, when compatibility with standards set
by Hayes defined modems. However, the company ran into trouble
in the 1990s, and in 1996 was forced to file for protection under
Chapter 11 of the Bankruptcy Act for the first time.
When Hayes filed for Chapter 11 protection for the second time
last fall, company spokespeople told Newsbytes that Hayes ran into
trouble because its sales failed to keep up with its research and
development spending.
Emerald Asset Management is on the Web at eamllc.com
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