Poolin owes wallet users $163.7M, and its $52M Texas sale can still unravel next week
Poolin Technology and affiliates entered Chapter 11 on July 22 with two proposed sales of West Texas mining assets for a combined $52 million. Thor CALAP LLC can walk away from either deal if diligence is unsatisfactory by Aug. 9, before the court’s sale-process hearing. The sales are tied to separate debtor estates: the Texas assets sit with Lonestar entities, while Poolin Technology mainly holds cash, a lease, and an intercompany claim. That structure makes wallet recovery uncertain. Poolin Wallet users are watching closely because the company issued IOUs after its 2022 liquidity crisis; more than $163.7 million in IOUs are listed among about $173.1 million in prepetition debt. Thor’s bids include $37 million for one package and $15 million for the other, with no major liabilities assumed. Recovery for wallet holders will depend on final sale value, estate-level claim priorities, liens, fees, and any competing bids.
