Former PC construction company Artesian Builds will soon see the company’s inventory from its two US locations auctioned off to pay off debts that led to the company’s bankruptcy. bankruptcy filing. The bundle includes several motherboards, CPUs, GPUs and other components to release their stock to other companies.
CEO Noah Katz’s naivety is believed to be the cause of the downfall and bankruptcy of his PC company, Artesian Builds
The auction lots up for grabs include items (listed in order of quantity from lowest to highest):
- 43 computer systems (not fully completed)
- 59 GPUs
- 167 hard drives and solid state drives
- 219 RAM kits
- 283 cooling systems
- 346 motherboards
- 359 power supplies
- 360 processors
- 413 PC cases
Consumers should not expect to be able to bid on any of the above items as the company will be hosting an auction via Zoom for the lots from their North Carolina and California locations to be auctioned the highest, with an additional bid of over $5,000 or higher. This will benefit start-up companies looking for stock to build their products, or established PC building companies looking to buy additional stock at a low price. Artesian Builds will also auction off any remaining office equipment and tools left behind at both sites. At the time Artesian Builds’ bankruptcy closed, the court found the company still had $917,595 in inventory remaining.
The Artesian Builds consumer effect is the hundreds of open orders that still remained at the close of business. It is reported that according to the filed for bankruptcy – a component of the company’s bankruptcy proceedings in California – unfulfilled consumer orders at Artesian Builds were estimated at $1.37 million.
However, the most surprising auction item has nothing to do with computer parts. The final batch to be sold to cover the debt created by the company involves not only the company’s name, domain and trademarks, but also the customer and influencer lists compiled by the company. This discovery may have a negative effect on those involved, as the private names of influencers and customers are considered “subject to the requirement of appointment and review by a consumer privacy ombudsman”. Although access to the data itself is not without difficulties, if this information is obtained, everything from email addresses to postal addresses will be available for sale.
Last April, Artesian Builds officially filed for bankruptcy following a live stream where a raffle of a high-end gaming PC was held by the winner due to the person not having not enough influence on social networks, especially on the Twitch platform. Former employees interviewed anonymously by the PC Gamer website, some believe that the real destruction of the company was the “inexperience” of Noah Katz in his role as CEO of the company.
The reason.. LIKE WHAT? Sorry, not everyone has money for a PC. IT’S EXPENSIVE! So condescending. @ArtesianBuilds do better. I won this PC. It makes me feel like I’m not a good streamer. (after) pic.twitter.com/pc8EDycP6B
– kia (@kiapiaa_) March 1, 2022
As reported by PC Gamer, all debts paid are ranked in order of importance, starting with secured creditors and then unsecured creditors. Ex-employees will see some payment made, but it will fall after secured creditors have paid their dues. Consumers are on the phone, listed as unsecured creditors, and unsure of the amounts Artesian Builds will return to anyone who has lost money due to the company’s negligence. However, the impact of this legality is that there may be no funds left to pay affected customers, particularly if the company does not have the funds to repay debts to banks and other secured creditors.
News source: Gamer on PC