Notice to Customers with Unfulfilled Orders Placed Prior to December 20, 2023
In July of 2022, Origami Paddler entered a court ordered receivership process, essentially a bankruptcy, due to its inability to pay its debts as they came due, including its obligations to meet customer orders. Attempts to reorganize the company through that process were ultimately unsuccessful and the court approved the sale of Origami Paddler’s assets to one of its secured creditors.
The assets were then transferred to a technology holding company headed by individuals who were also owed money by Origami Paddler. The new owners agreed to step up and try and give Origami’s products another chance. Without that proposal, the court was going to have no choice but to order the complete liquidation of the remaining assets at auction. This would have essentially been a ‘fire sale’ and the end of the Origami Paddler brand.
Had that occurred, most of Origami’s creditors, including customers with unfulfilled orders, would have had little to no chance of recovering the money owed to them. As part of the court approved agreement with the new owners, Origami Paddler will be paying a percentage of its sales for the next several years to the court appointed receiver. The receiver will then distribute those funds to the creditors in the manner prescribed by Washington State bankruptcy laws. In short, claims for orders placed prior to December 20, 2023 will still be handled by the receiver, and are not the responsibility of the new owners of the Origami Paddler assets. For these claims, please contact the court appointed receiver at the address below for the current status of the case.
The Court Appointed Receiver for Origami Paddler
Kevin Hanchett
Resource Transition Consultants LLC
4100 194th St. SW, Suite 208
Lynnwood WA 98036
office 425-678-8162