IRVINE, Calif., September 11, 2025 – Force Ten Partners LLC (“Force 10”) today announced the completion of the restructuring of Water Station Management, LLC, Creative Technologies, LLC, Refreshing USA, LLC, and their subsidiaries (collectively, “Refreshing”), a nationwide operator of water and vending machine assets and manufacturer of water purification machines.
On August 27, 2024, involuntary bankruptcy petitions were filed against Refreshing amid allegations of fraud, operating a Ponzi-like scheme, and violating state securities and consumer protection laws. On October 10, 2024, Force 10 was engaged to provide a Chief Restructuring Officer and restructuring support personnel. The engagement was led by Force 10 co-founder Brian Weiss, who served as Chief Restructuring Officer.
Force 10 investigated the company’s operations, evaluated strategic alternatives, and ultimately determined that reorganization was not feasible. Under Weiss’s leadership, the firm managed the orderly liquidation of assets, assessed litigation claims, and negotiated a plan of liquidation.
During the process, Force 10 discovered 39 warehouses containing more than 7,200 idle water and vending assets, along with approximately 6,200 vending machines located at customer sites nationwide. Force 10, assisted by TAGex Brands and Hilco Corporate Finance, carried out the sale of assets, and in a separate effort with Hilco Real Estate, sold ten properties.
The investigation also revealed that several thousand water station assets pledged to secure $115 million in bonds did not exist. In addition, approximately 22,000 water machines—sold to more than 250 investors for roughly $225 million—were either nonexistent or sold multiple times.
The Department of Justice indicted Refreshing’s founder, Ryan Wear, on securities and wire fraud charges exceeding $200 million. Separately, the Securities and Exchange Commission charged Wear with raising $275 million through violations of federal securities laws.
On September 9, 2025, the Court confirmed a Joint Plan of Liquidation supported by the Debtors, represented by Tonkon Torp LLP, and the Official Committee of Unsecured Creditors, represented by K&L Gates LLP. Ken Rosen served as independent director of the Debtors. In its order, the Court found that the Debtors operated a Ponzi scheme, ordered substantive consolidation with 15 non-Debtor affiliates, and appointed Weiss as Liquidation Trustee.
The Chapter 11 case is pending in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, Case Number: 24-01863-11.