Crypto▼ Bearish
Poolin wallet users owed $163.7M as $52M sale hangs on Aug. 9
Poolin's Chapter 11 filing lists $163.7M in wallet IOUs. Its $52M Texas sale must clear Thor's Aug. 9 deadline and court approval before any payout.
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Poolin Technology and its affiliates entered Chapter 11 on July 22 with two proposed asset sales worth a combined $52 million, tied to West Texas mining sites. Prospective buyer Thor CALAP LLC can terminate either deal over unsatisfactory diligence through Aug. 9, five days before the court's scheduled hearing on the bidding process and sale.
The heaviest creditor exposure sits in Poolin Wallet. Many customers have been waiting since the company's 2022 liquidity crisis, when Poolin issued IOUs to roughly 11,700 wallet holders with balances above $100. Its first-day bankruptcy declaration lists over $163.7 million of those IOUs as part of roughly $173.1 million in preliminary prepetition obligations.
The IOUs and the Texas assets sit in different debtor estates, which is why Poolin Technology is not a seller under either asset purchase agreement. Lonestar Dream Inc. and Lonestar Taproot LLC hold the assets Thor would buy. Poolin's own assets amount to about $1.2 million in cash and an office lease. It also holds an intercompany claim against the two Lonestar businesses. The structural split routes any recovery through the claims process rather than directly from the sale. The value of that claim depends on the net proceeds left after valid liens and costs.
Under the amended sale motion, Thor would pay $37 million in cash for the Tarbush asset package and $15 million for the Pyote package. Those packages cover the mining and hosting sites in West Texas. Deposits of $1.85 million and $750,000 are already set, with the balance due at closing. The filed schedules list no additional assumed liabilities, though Thor may still cover cure costs on selected contracts.
Lonestar Dream halted mining and hosting operations at the sites on July 10. The debtors said they do not intend to resume them. The sale price reflects the value of the asset packages. Wallet recovery depends on how that value and claim priorities are allocated through the claims process, according to the debtors' filings.