💥Crap Cases Crash into Court💥
Updates: JELD-WEN Holding, Inc. ($JELD) + America’s Car-Mart Inc. ($CRMT). New Filings: Poolin Technology PTE LTD + CashCall, Inc. + Alea Holdings US Company
We’re just calling balls and strikes folks. As always, we’ve got some updates and new filings for you. And we try to make it all as readable as possible (sometimes successful, sometimes this sh*t ain’t salvageable). Let’s dig in.
⚡️Update 1: JELD-WEN Holding, Inc. ($JELD)⚡️
Since we last covered North Carolina-based window and door maker JELD-WEN Holding, Inc. ($JELD)(“JELD-WEN” or the “company”) back in March …
… when the stock was down ~21% YTD. Since then, the stock has been a roller coaster of ups and down and now sits meaningfully below its March ’26 value.
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⚡️Update 1: America’s Car-Mart Inc. ($CRMT)⚡️
Barely a month ago, we wrote about Arkansas-based America’s Car-Mart Inc. ($CRMT)(“Car-Mart” or the “company”). As a reminder, the company sells and finances very used cars to very subprime buyers; it had historically done so without tapping credit markets, but couldn’t resist turning to the securitization market to fuel growth during the headiest days of the ’20-’21 used car boom. You can revisit our prior coverage here👇:
Luckily for those of us starved of interesting (potential) restructurings to follow, the company is back with its 4Q26 (ended April) earnings report and an update on its negotiations with lenders, who have been generously granting the company forbearance since June 1, 2026.
First, the quarter. Revenue ⬇️ 18% YOY to $303mm, with sales volumes ⬇️ 27% YOY. According to the company, the declines don’t reflect lower underlying demand; rather, declines are the natural consequence of the company having fewer cars to sell and fewer places to sell them after Car-Mart slashed inventory purchases and closed 30% of its dealerships during the quarter to preserve cash.
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🔗New Chapter 11 Bankruptcy Filing - Poolin Technology PTE LTD🔗
Back on July 22, 2026, Poolin Technology PTE LTD (“Poolin”) and two affiliates, Lonestar Taproot LLC (“LT”) and Lonestar Dream Inc. (“LD,” and together with LT and Poolin, the “debtors”) filed chapter 11 bankruptcy sale cases in the District of New Jersey (Judge O’Hagan). While LT and LD are DE entities, Poolin is a private limited company registered in Singapore; it operated in China through affiliated operating entities, primarily in the business of providing crypto mining pool, wallet, and related blockchain infrastructure services. By September ‘19, it was, at least according to the first day declaration of proposed CRO/FA/IB Michael DuFrayne of DuFrayne LLC, “…the largest crypto mining pool in the world.”
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💥New Chapter 11 Bankruptcy Filing - CashCall, Inc.💥
The facts of this case are … um … unique.
On July 20, 2026, La Jolla, CA-based CashCall, Inc. (the “debtor”) filed a chapter 11 bankruptcy case in the Southern District of California (Judge Marum). Founded in ‘03, the debtor’s business is providing unsecured personal loans to people with poor credit history. Or was, it originated its last loans in March ‘26 and fired its last employee in June ‘26, down from a high of ~1.1k.
Anyway, we’re talking poor credit here, so clearly the loans were uber expensive and default rates were high. Like, holy sh*t were they expensive. Here’s J. Paul Reddam, the debtor’s founder, sole shareholder, and CEO:
“Initially, the Debtor offered $10,000 loans at 24%-39% interest … To broaden its market, the Debtor began to offer additional loan products, including $5,000 loans at interest rates of 47%-59%, and starting in late 2004, a loan of $2,600 at a 79% interest rate and maximum term of 42 months …
To maintain profitability on these risky loans (default rates exceeded 45%), the Debtor eventually raised interest rates to 96%. While the Debtor targeted 15%-20% profits on the $2,600, it was only ever able to achieve about 7-8% profit…
However, as default rates spiked in the wake of the 2008 recession, the Debtor was forced to raise interest rates on its $2,600 loans to up to 135% by July 2009. During this time, the default rate on loans made by the Debtor exceeded 50%.”
The cases flow from those rates and loan-structuring. There has been mucho litigation:
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💥New Chapter 11 Bankruptcy Filing - Alea Holdings US Company💥
On July 19, 2026, Hartford CT-based, Catalina Re-owned Alea Holdings US Company, Alea Group Holdings (Bermuda) Ltd. and venue-providing TX-LLC, FIN Alea LLC, (collectively, the “debtors” and together with two non-debtor entities, the “company”) filed prepackaged (for real) bankruptcy cases in the Southern District of Texas (Judge Lopez). The debtors’ business is — try to stay awake here — to “… oversee their non-Debtor insurance subsidiaries … in their performance of a wide variety of activities, including establishing reserves, negotiating settlements, paying outstanding insurance claims, and managing regulatory and capital requirements,” 😴. The ones on the bottom of this chart 👇:
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📚PETITION’s A$$-Kicking Resources📚
There’s a lot of jittery market activity out there so you’ll have to forgive us for having market dysfunction on our minds. As you know, we’ve had a long-standing list of a$$-kicking resources on the topics of restructuring, tech, finance, investing, and disruption which, in case you forgot,💥you can find here💥. We do occasionally update it and this week you’ll now find a number of titles we’ve been dabbling in related to financial bubbles/crises. Take a look and read until your heart’s discontent.