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Poolin bankruptcy sale deal faces Aug. 9 diligence deadline
CryptoSlate reports Poolin’s proposed $52 million West Texas asset sales hinge on court-approved bidding, with wallet recovery dependent on claims allocations across separate debtor estates.
Poolin Technology and affiliates filed for Chapter 11 on July 22, putting two proposed West Texas asset sales on the clock for a court-supervised bidding process. Under the deal terms, prospective buyer Thor CALAP LLC can terminate either asset purchase over unsatisfactory diligence through Aug. 9, five days before the court hearing on the bidding process and sale.
Poolin Wallet customers are among the most exposed to that Aug. 9 deadline. When Poolin faced a 2022 liquidity crisis, it issued IOUs to roughly 11,700 wallet holders with balances above $100, and its first-day bankruptcy filing lists more than $163.7 million of those IOUs as part of about $173.1 million in preliminary prepetition obligations.
The Texas assets are held in different debtor estates, meaning Poolin Technology itself is not the seller under the asset purchase agreements. Lonestar Dream Inc. and Lonestar Taproot LLC hold the assets Thor would buy, while Poolin’s side of the estate includes about $1.2 million in cash, an office lease, and an intercompany claim against those Lonestar businesses.
The proposed consideration totals $52 million, with Thor offering $37 million in cash for the Tarbush asset package and $15 million for the Pyote package. Deposits of $1.85 million and $750,000 have already been set aside, and while objections to the sale process are due Aug. 7, the court is scheduled to hear the bidding and sale motion on Aug. 14, with wallet distributions still dependent on how net value is allocated among claims.