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Poolin files for Chapter 11, owing 11,700 wallet users $163.7 million

The bankruptcy filing covers Lonestar affiliates’ Texas mining assets, and initial stalking-horse offers total $52 million for those operations.

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Bitcoin mining pool operator Poolin Technology has filed for Chapter 11, listing $163.7 million in IOUs owed to wallet users, according to CryptoSlate. The filing also cites 11,700 wallet-holder creditors tied to unsecured IOUs. In the case filed in the US Bankruptcy Court for the District of New Jersey on July 22, Poolin’s two Texas affiliates, Lonestar Taproot LLC and Lonestar Dream Inc., are seeking court approval for asset sales. The court filings describe a combined preliminary prepetition capital structure of $173.1 million across Poolin and provide an initial view into the estate’s wallet obligations. Prospective buyer Thor CALAP LLC has signed stalking-horse agreements for the Pyote assets, and separate terms for Tarbush-related assets, which together set opening offers worth $52 million. CryptoSlate notes the offers are calculated as about 31.8% of the wallet IOUs, but they are linked to assets held by the Lonestar affiliates rather than cash in Poolin Technology’s wallet business. The outcome for wallet creditors depends on unresolved issues including final sale prices, liens, estate allocations, bankruptcy expenses, and allowed claims. Poolin Technology’s first-day declaration also lists about $1.2 million in a New Jersey bank account, while the Texas power rights and mining equipment sit with the Lonestar affiliates, and the court has not yet determined the value of Poolin Technology’s claim against its affiliates.

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