Poolin owes wallet users $163.7M, and its $52M Texas sale can still unravel next week

Poolin Technology and several affiliates entered Chapter 11 on July 22 with two proposed asset sales, worth a combined $52 million, tied to its 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.

Poolin Wallet customers have the most riding on that deadline, as many 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, and Poolin's assets amount to about $1.2 million in cash, an office lease, and an intercompany claim against the two Lonestar businesses.

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