Most companies, unfortunately, do the exact same thing. Rarely has a company actually shut down on good terms with its customers and employees, normally it squeezes every last penny out of the "bankruptcy laws".
@@Noah-lj2sg bankruptcy laws require the assets to be frozen and sold, and determines the order in which creditors get paid. There is no “squeezing” lol that’s just the way it is. Obviously not a fan of Artesian but this is a curator selling off inventory, the original owners have no control over this.
The icing on the cake of how terrible the company is, if you look at the original listing, among the assets they are selling, is privacy data of 10,000 people (Names, billing addresses and emails). After they were caught, they removed this from the listing.
the reson you get adds anywhere on the internet is becouse EVERY company is selling your data, its like stock brockers buying and selling only its "user information". everything you do on the internet will be collected, the resolution of the browser that is open to what you click on and even the mouse movement. everything is collected and sold, its called information farming.
Yeah I bought a PC from them in January, barely got my refund on it too, think it was late March. Had to dispute it with the credit card, and Artesian came back saying that I had recieved the PC weeks prior. Save your emails, that's how I proved they were lying their asses off.
@@Garrett1974 they were paying their workers through paypal and later claming fraud and having paypal withdraw the funds from the employees accounts, people should sue them
“Where did the money go?” I likely have a pretty good answer: it didn’t go anywhere. They are specifically filing for what’s called “Chapter 11” Bankruptcy. This type of bankruptcy allows for the protection and retention of certain capital for the purpose of redistribution and reorganization without having to resort to complete liquidation of all assets. This allows them to continue to pay debts without losing all control to the court. Likely, this money will resurface in obscure (but legal) ways as they weasel their way out of future liability.
I think his parents were tied up in the business, and the way they were 'silent partners' or something like that, they will be paid first out of all the creditors that are owed. So yeah. Stupid frat boy won't really learn any lessons..
Once the company ceases to exist, i'm pretty sure all contracts are pretty much out of the realm. Hope the asshole owner doesn't go under on a different name, while having someone else act as CEO.
Im glad JayTwoCent gave the person who fairly won an actual pc in the flesh. Artesian builds had one job and fucked up HARD, not to mention all the scummy shit they did over their time as a company.
Yeah really good PR move by Jay I'm sure he made tons of money and got tons of views from doing it. Wonder if he would have done the same thing if there wasn't financial incentive.
@@stevebanning902 knowing Jay, he probably would. He literally was going to give her his own parts to try and help. But then evga stepped in and donated a bunch of stuff. At that point he probably felt like he needed to do a video to shout out evga. And because he wanted to shine light on how crappy artesian was. He probably did make some money on the video though through views
@@MoA-Reload... And she doesnt seem to use that Pc because at the same day that I saw the video ( it was already like a week old or smth ) I checked her stream, and she was using an entirely different pc with other components in it So yeah idk what happened to Jay's Pc.. did she sell it?
One of my friends got a PC that he paid for built on stream, including a couple small upgrades from donations, DURING the giveaway disaster stream (either that or the day before). It was shipped out during the frantic "ship as much as we can before corporate freezes our assets and stops us" phase. He got one of the last ones.
How is this not simply fraud? They took money with clear claims of what would be given as a result and did not fulfill their contracts. If a bankruptcy judge lets this go through without comment I'll be amazed.
Legally, Fraud requires there to be some degree of deliberate failing or misleading - Its not fraud if the company intended to follow through, and made it's best efforts to do so, but still failed. The company is left with a debt to refund the money received, due to failure to provide the good or service the money was paid for. Unless they were deliberately misleading about their ability to build and deliver PCs, or made no efforts to build the PCs, they aren't liable for any debt beyond a full refund unless the sales contract includes failure penalties (unlikely, since it would be based on artesians T&Cs, you usually only see that on actually negotiated contracts). So, they OWE people money. But you see, the fundamental thing about bankruptcy, the very thing that it IS, is saying you owe more money than you have or can get by selling all your stuff. So all the stuff gets sold, and money gets paid out to everyone they owe it to in an order of priorities - and customer refunds are not high on that list. Bank debts will probably get paid, building lease might get paid, suppliers waiting on outstanding invoices for parts might get some of what they are owed, employees (at least in NZ, not certain in USA) will probably get all their pay (unless business is badly in the red). Owners and investors of the business get nothing.
It will likely go through. And really a lot of people will be pissed. Not only the customers/content creators that got fucked over by this. But other custom computer manufacturers would be pissed. All because these assholes got away with stealing millions in a bankruptcy. They will have a harder time making sells. All because people's trusts has been damaged. Now I know this may not be the case. Yet it will cause a minor shake up. Even may cause a small drop in Custom PC sells. But it won't be major. After all. GPU pricing is already doing that. On top of everything else going up. Because of a conflict that everyone told that one country to not do it. Because it is stupid. But they did it anyway and proved to be bigger fools than a certain president who can ride a bike properly.
@@alimanski7941 There is a slight difference in that some stuff that was already bought and paid for is now being auctioned off. The streamer PC's were built on stream and declared to belong to said streamers. They were just never sent. It can easily be argued that Artesian no longer owned the stock even if they never bothered to ship out the order.
@@ShaggyRogers1 The determining factor is whether the product was fulfilled and delivered. Some of the systems were returned for repair. Those systems are not valid auction assets. And yes, it sucks that customers are out money with the structuring of a bankruptcy reducing the likelihood of financial recovery.
Damn that's messed up man. I feel so bad for all those people who paid up front for a PC and got scammed. Many of them scraped up enough to get their first PC, exited to finally get an amazing graffics card, thinking constantly about what mods they would try first.
I've last watched you years ago when u made really cheap PCs and built ones for your friends. Its amazing to see how you grew (also physically let's gooooo) and I'm super proud man
holy... I just feel bad for the creators, yes they were stupid for accepting a contract in where not only you don't get paid but you have to pay just for a "free pc" but still... damn man
I think that Phynix company has a real opportunity to buy the lot and give the PCs as was intended, I'm sure they'd gain trust and a lot of customers doing so.
@@nostrum6410 But it would be the right thing to do. I SWEAR whoever made the rule saying that even PERSONAL PROPERTY owned NOT by the Company can be sold just to pay creditors, if that despicable waste of oxygen is still alive, honestly, they should just be sentenced to the electric chair. Because that should be ALL KINDS of illegal. IT WAS NOT THE COMPANY'S PROPERTY!
@@jeremydale4548 i agree with you, but i dont see how its reasonable to expect this third party to blow their money doing the right thing. I suspect that was illegal aswell
I still don't understand how PCs sent back for warranty work got auctioned off as AB's property. If a car dealership closes they don't auction off the customer cars locked in the service department as the dealership property.
@@hungWTF no he wouldn't. The money from these auctions won't be going to Artisan or anyone involved in the company. It gets distributed between Artisan's creditors and anyone else that can prove that Artisan owes them. So if you bought a PC and paid for it but it wasn't delivered you can in theory contact the liquidators with proof and receive at least some of what you're owed.
Since they failed to send out these PCs and clearly had the ability to, they should be able to be sued. All of the people who subbed would have to be a part of the lawsuit most likely.
They cant sue. They can waste their money on getting a lawyer to do the paper work but it would be pointless since the judge would tell that lawyer to pound sand. In fact any lawyer that would offer to do it would be a shit lawyer taking advantage of the victims and could actually be reprimanded by the courts for filing bs paperwork to the court. Its an LLC which protects the owners. And then they filed for and were granted bankruptcy. So theres quite literally nothing these victims can do at this point. Use it as a life lesson. Read contracts and actually think about what your doing with who. A lot of this stuff should of been red flags for any logical person. but its understandable for content creators to be a little excited and not think about it logically. You live and you learn.
@@ronnie3044 Kinda sickening how they were able to basically defraud all these people and be completely shielded form liability due to the way corporate law works.
@@mkuhnactual True. But thats something people need to think about when they start working with companies. Its a life lesson. At least in this case nobody is out too much. You kinda have to shield people otherwise nobody would start a business. Most businesses fail in the first 5 years. LLCs and Bankruptcy court atleast allows you to try and start something without losing literally EVERYTHING. Without them there would be a lot of families on the streets because their business failed.
@@UnknownUserZeroZero What about them? They are just out of luck. Thats how it works. Is it fair/right? No. But thats life. Thats why I said its a learning experience. You have to be careful with who you spend money with. And to look on the bright side, at least this was a relatively low amount of money (1k-3k i would imagine). Ive seen people lose 75k+ to a company that went bankrupt.
A company gets big enough going bankrupt is more like taking a wee break. I worked in a Sony Centre that was franchised to a family owned company that at one point had the Sony Centre and 5 other stores that were home gift, bridal and furniture plus a sizeable warehouse. When they went "under" just over 100 employees were made redundant and all but one of their stores and the warehouse were shuttered. The one store they had left was open for business a week later and they pulled it off by having a different business name, transferring ownership of that business to their kids and making sure any properly valuable stuff was either in the warehouse or in the store with the different name above it's door. Sure their business shrunk somewhat but the flashy cars, big houses and the properly valuable stuff was protected and who cares about 100+ ppl being out of work with zero notice. Hell, going "bankrupt" even protected them from getting into trouble with the Tax man as it was screwing VAT that put them in the crapper in the first place.
This whole thing makes me greatful I decided to just do the research and build my own pc instead of trusting a builder. Really sucks for all those people that ended up losing money from this bs
"everyone's favorite computer company"? I haven't even heard of these clowns until all this happened and JayzTwoCents and Gamers Nexus started covering the story. I fell sooo bad for anyone that got caught up in this complete sh*t storm... :-(
I did watch one of their build streams and as shitty as it was, it was kinda fun to watch a system get even more upgraded for donos as it felt like the viewer had some sort of say in how cool the creators system would be
3:46 They can take them to court for civil, so small claims court, and attempt to get something... but... getting paid depends on how much money he has left after the bankruptcy.
That IP might be worth it depending on how the tertiary case goes, but I'm fairly sure the 20k is worthless. It's a charity company, and if I've learned anything, with few exceptions, charities might be the most corrupt and unscrupulous companies you can ever work with.
The fact that all items in a single location are being sold as single lots seems suspicious to me. It drastically reduces the amount of people who would be willing to bid on it, making it easier for the original owners to buy through a shell company to pick up where they left off.
But auctioning a load of stuff off individually then arranging either shipping or pickup takes a lot of time and effort which someone has to be paid for, that payment has to come out of the proceeds, so selling in one lot is likely to generate more money to pay off the company debts. At least it is being auctioned, so should be some sort of market value.
Or you can throw the RMAs into a pile, don't mention their RMAs and try to get full price. So far when it comes to this company, assume the worst then multiply that by two and you're probably bang on.
@@mattc3581 That's fair enough take, I've just gotten cynical. It does make sense to bundle up a lot of things, but I just cant help but see it as an opportunity for a proven scummy businesses man to do scummy businesses man things and come out of this much better off. Especially since already spoken for product is getting caught up in the mess.
For the 20 years i lived here the carpet place on the corner has filed for bankruptcy every few years. A lot more often than individuals can thats for sure. Then they reopen with a different name. The stock and everything else about the place remains the same, including the staff. So your idea isnt that uncommon. And its so blatant and obvious in some cases, and goes on for so long, it either must be legal or no one cares.
I'm going to leave this as anonymous as I can. There is a guy that I've been supporting and being a mod for for a while now and a group helped him get a new PC which was done through artesian (the group helps out veterans and currently serving for those who want to know). A build was done and gift subs were done to put better parts in. When the PC finally got delivered it came without the 2TB m.2 nvme as well as the upgraded RAM capacity (basically gift subs were done to add in an m.2 nvme and to double the RAM) It's not a huge drawback for the build but it what it meant was all the gift subs which was around the 70+ mark was all for nothing. This was before the change of pricing of gift subs and before the bankruptcy.
I was one of those partnered content creators that they tryed taking advantage of. Initially they approached their "Prey" with very inviting and welcoming buz words but the second you where in with them anyone with a sizable audience would be put up on a pedestal to make them feel special and thats when the "taking advantage of" would happen, youd start hearing them asking you to do things and setting expectations of what they want from you...If you didnt have a large audience you where basicly religated to being a Low form cash cow to make a few extra bucks off of through your affiliate code. Its pretty scummy and honestly I feel sorry for those who didnt know or where inexperienced to understand what was actually happening.
I can tell you that they had over 50 pc's that were being built or repaired for paying customers. These people payed or were promised a pc and it will be sold as is on the lot. These machines are not listed in the public listing, It's really sad.
4:32 I guess this is where the cash they milked from streamers went - literal money landuring XD I wish I had enough cash to buy these lots and send them to the victims of Artesian
An old friend of mine had one built, but didn't get the build until just before the controversy. He still won't tell me how much it cost, and it took a lot of prying and guessing before I figured out it was Artisan lol
When an entity files bankruptcy, anyone who feels they have a claim can submit that claim to the court that is supervising the bankruptcy. Lenders, vendors, contractors, employees, customers, tax authorities, etc. The court then decides an equitable distribution of the assets. If the filing deadline hasn't expired, anyone who was wronged should look into submitting their claim.
if I had the money I'd just make the pcs myself and ship them to the promised people instead of wasting my money on that so at least I know the creators are getting what they deserved. sadly because I think like this I won't ever have the money to do this.
SOP/according to bankruptcy laws in most, if not every country. This is why you buy everything having substantial value with credit card. Credit card companies have insurance for (among other things) seller going bankrupt. After bankruptcy is filed - at least in Finland - you have to inform, that seller is no more the company, but agent handling the bankruptcy. Caveat for buyer: no return policy and prices are VAT excluded, so you have to factor in -20% in sticker price in order to bankrupt company not profiting on your purchase.
What I want in this life is for one person who buys a lot to just go through all the inventory and gift out all the PCs that creators had basically bought and give it back to them. As for the fans who spent £12k on donations, it just sucks. This isn't a company going bust, this is a criminal organisation.
artesian builds tried to sell me a low tier build at double the price the case i wanted and the bd drive was more cheaper than their case they were pushing
Honestly I would like to see LTT buy these lots, and giving out these PCs to the people who were promised a new gaming PC who never got theirs, it may seem unlikely, but if there's anyone I could trust on delivering, it would have to be LTT since they have a solid standing reputation with their community and within the tech industry as a whole.
Yeah, between the development of their screwdriver, backpack, and the property acquisition they just made, they probably don't have the capital to pick up these lots right now.
geez! I would want to buy the lot just to give those creators the pcs the are owed!! I can't believe they got away with as much as they did for as long as they did.
I kind of wish Steve and jay split the cost and bought them and sent the pcs to the people promised originally. Would have been fun content watching them meet them all
