The saga of Poynt’s extended bankruptcy proceedings will reach a critical juncture on Halloween, next Wednesday, October 31st. The saga of Poynt’s (TSXV:PYN) extended bankruptcy proceedings will reach a critical juncture on Halloween, next Wednesday, October 31st.
Poynt this morning announced that Hardie and Kelly, the trustee representing the company in its bankruptcy hearing, intends to file a report with Canada’s Office of the Superintendent of Bankruptcy.
The report refers to agreement the company entered with a third party lender on Oct. 16, 2012, for debtor-in-possession financing for $1-million. Poynt says it has not yet received the cash from the lender, but expects to soon.
Today’s press release says the trustee expects to make the court application Wednesday, Oct. 31, 2012, at 3 p.m. (Calgary time). The report says the company, adds that should the stay be terminated, the company will be assigned to t bankruptcy, meaning it would cease operations and undergoing a liquidation process in accordance with the terms of the Bankruptcy and Insolvency Act.
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Early in June, Poynt filed notice of intention to file a proposal under Canada’s Bankruptcy and Insolvency Act. The company said it was not currently in a position to meet its obligations to secured and unsecured creditors. Since that time, the Court of Queen’s Bench of Alberta has granted several orders extending Poynt Corp.’s creditor protection.
After a brief time as a TSXV market darling, the fortunes of Poynt the company diverged from the fortunes of its eponymous app, which was a runaway success. Around the time the app was passing the sixteen million user mark, the company was reporting it had lost $20.47-million in fiscal 2011 on revenues of just $2.4-million. In better days, Poynt was part of a national media advertising campaign for BlackBerry’s “Super Apps” and, in 2010, was named the North American winner of the third annual BlackBerry Partners Fund “Super Apps” Developer Challenge.
At press time shares of Poynt were down 25% to $.015.