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In the News "Office Equipment of Failed Tulsa Debt Collector Set for Auction" By Shaun Schafer The auction list reads like a "What's What" of computer and telecommunication equipment. Auctioneers' gavels will pound the final nails into the corporate coffin of Commercial Financial Services Inc. next week. The computer servers and terminals, telephones, photocopiers, desks and other office items of the fallen debt collection company will be sold in a two-day auction that starts at 10 a.m. Wednesday and Thursday at the Marriott Southern Hills, 1902 E. 71st St. Previews of the auction items will be held from 9 a.m. to 5 p.m., Monday and Tuesday in the defunct company's offices at CityPlex Towers, 2448 E. 81st St. "They are busy consolidating items out there," CFS attorney Larry Wolfson said Thursday. "They are putting it in a position where the day after the auction, they can start shipping." Auctioneers Philip Pollack & Co. Inc., of Wheeling, Ill., and DoveBid Inc., of Foster City, Calif., estimated their auction budget at about $300,000. Because of the number of items to be auctioned (a partial inventory from Pollack contains more than 3,300 items) the two companies decided to combine their efforts. DoveBid and Pollack, which have worked together on large auctions in the past, have advertised the event through newspapers and trade magazines, on their Web sites and through specialized mailing lists and data bases. They also have produced a color brochure that is available online and has been mailed out. DoveBid, the successor company to Dove Brothers LLC, has conducted more than 100 auctions on behalf of computer manufacturing companies. Auctioneers DoveBid and Pollack will receive a 5 percent buyer's premium on everything sold. This means that if something, such as an office chair, sells for $100, then the buyer actually would have to pay $105. DoveBid and Pollack will get the $5 buyer's premium. "They really have a good idea of who buys at these auctions," Wolfson said. "They have done an excellent job." CFS hopes to raise $5 million in the auction to help pay creditors. "We think maybe $5 million to $7 million," Wolfson said. "Maybe we'll get lucky, maybe not." The auction list reads like a "What's What" of computer and telecommunication equipment. IBM, Compaq, Lucent and Bay Networks are just some of the names running down the long columns of the inventory list. The list includes more than 2,000 computer hard drives; 100 computer network controllers; 200 computer servers and storage racks; 4,000 telephones; 3,000 personal computers and monitors; hundreds of laser printers; 2,000 work stations and office chairs; generators and photocopiers; and office furniture. Because of CFS's rapid growth prior to its bankruptcy, much of the equipment is new or barely used, Pollack said. Once the fastest-growing company in the state, CFS ran into monetary problems last October. The company, which employed more than 3,900 one year ago, filed for bankruptcy protection Dec. 11. It ceased operations June 23. About 30 people still work for the company, attempting to close the business' books. Additional information can be obtained from the auctioneers. Philip Pollack & Co. can be reached online at www.pollackco.com or by phone at (847) 520-0040. DoveBid is online at www.dovebid.com or can be contacted by phone at (800) 665-1042. |