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.
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