Clearing a fab of tools with a nine-month lead time and no buyer list

Cassini closed a legacy fab holding 600 process tools. The obvious buyers were three competitors who all knew the estate was a forced seller.

We split the estate: 40 tools with genuine scarcity went to a sealed-bid process with a reserve, and the remaining 560 ran through a timed online auction over three weeks.

De-installation was priced into the lots, which widened the buyer pool to operators who had never bought a tool in place before.

$118M against a $96M internal expectation. The sealed-bid group cleared 71% of the total value on 6% of the units.