Poolin owes wallet users 163.7 million dollars, Texas sale may unravel next week

Poolin Technology and affiliates filed for Chapter 11 on July 22, proposing asset sales worth 52 million dollars related to West Texas mining sites. Buyer Thor CALAP LLC can terminate the deals by August 9 if due diligence is unsatisfactory, ahead of a court hearing on the bidding process. Poolin Wallet customers are particularly affected, as 11,700 wallet holders have been waiting since the 2022 liquidity crisis, with over 163.7 million dollars in IOUs listed in the bankruptcy declaration. The IOUs and Texas assets belong to different debtor estates, meaning Poolin Technology is not a seller in the asset purchase agreements. The assets are held by Lonestar Dream Inc. and Lonestar Taproot LLC, while Poolin has about 1.2 million dollars in cash and other minor assets. Thor's offer includes 37 million dollars for the Tarbush package and 15 million dollars for the Pyote package, with deposits already made. The sale's success hinges on Thor's commitment past August 9, court approval of the bidding process, and how wallet distributions are managed. Objections to the bidding procedures are due by August 7, with a court hearing set for August 14 and a proposed bid deadline of September 8. The amount available to wallet creditors will depend on various unresolved factors, including claims and administrative costs.

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