Projects > PSINet

PSINet Liquidating Trust LLC

PSINet Liquidating LLC was established under a liquidating and reorganization plan for PSINet Inc.
and its US subsidiary debtors.  PSINet is a worldwide ISP and highly experienced provider of IP-based
communications services for business whose services include corporate internet access and private IP networks; managed internet security; web and database hosting services, electronic commerce solutions, voice, fax, live audio-video, and other applications making it a major presence in the international internet community with more than 800 points-of-presence and operations in the United States, Canada, Europe, Latin American and Asia.

Scope of Services:

Since PSINet was in Chapter 7 liquidation, OLS Trading, Inc. worked directly with the Chapter 7 Trustee successfully liquidating in excess of 80,000 items as they became available for sale in 11 unique and separate sales.  Because this was in the hands of a liquidating trust, it was our responsibility to account for each item and optimize the return to the client in order to meet the requirements of the Trustee and satisfy the credit obligations of PSINet.

Outcome: OLS successfully sold over 80,000 items; mostly to the ultimately consumer, thus protecting the value.  All items were sold and accounted for.  Removal was completed in budgeted timeframe.

 

CLIENT CHALLENGES   OLS SOLUTIONS
  • Problematic encounter with court appointed liquidator
  • Large quantity of assets
  • Fear of over saturating the market
  • Strict accountability on assets
  • Limited Removal Time
  • Fear of diminished return
 
  • OLS photographed and bar-coded each item, and made the inventory available to them real time via the web.
  • The items were sold as the quantity of assets became available, so as to spread the sale out over time rather than having one large sale and having assets compete with themselves.
  • Reports were sent to the client promptly after each sale detailing asset, serial number, and buyer and amount the item sold for.
  • Through the AESI Process the assets were sold at an online sale– mixing an attractive variety of product to create broader interest in a national marketplace.
  • OLS developed a strategy to manage the swift removal of sold assets to avail the client of space for new assets coming to sale -- through eleven sales and in excess of 80,000 items.
     

 

We are so confident of our process that we will value your assets,
and give you a Solution without any obligation or cost.

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