The fact that they're intentionally delaying giving out the cold storage wallet (well, there's no real valid reason for a delay) sets off massive alarm bells already. It's not exactly something that requires you to make lots of database queries and spend hours upon hours finding, is it?
I guess it's possible their 5 figure sum of BTC is split over 1000 different paper wallets, and it was going to take them 2 or 3 days to collect it all into a single address, but it's been long enough now that at least some kind of update would be useful.