Poolin Technology filed for Chapter 11 bankruptcy on July 22, proposing to sell its West Texas mining operations for $52 million. The move leaves roughly 11,700 wallet customers holding IOUs worth over $163.7 million from the 2022 liquidity crisis, with no guarantee they'll see a dime.
The $52 Million Asset Sale
The proposed sale involves two packages: the Tarbush package for $37 million and the Pyote package for $15 million, both to buyer Thor CALAP LLC. Thor has already made deposits of $1.85 million and $750,000. But the deal isn't locked in. Thor can walk away if due diligence doesn't satisfy them by August 9. That's five days before the bankruptcy court hearing on August 14.
The Texas assets are held by Lonestar Dream Inc. and Lonestar Taproot LLC, not by Poolin itself. Poolin's own assets are just about $1.2 million in cash, an office lease, and an intercompany claim. Mining and hosting at those sites stopped on July 10, and debtors don't plan to restart them.
Wallet Creditors in Limbo
Poolin Wallet customers are owed more than $163.7 million from IOUs issued during the 2022 liquidity crisis. That's roughly 11,700 holders with balances above $100. But the amount they'll actually recover depends on a chain of unknowns: estate-specific claims, liens, taxes, fees, and the intercompany claim. Right now, it's impossible to calculate a recovery percentage.
The pre-petition marketing process turned up three other interested parties besides Thor. But there's no guarantee a better offer will materialize. If Thor walks away after August 9, the whole sale could collapse.
Key Dates Ahead
Three gates remain before any distribution to wallet holders. First, Thor must stay past the August 9 diligence deadline. Second, the court must approve the bidding and sale process. Third, net value must be allocated among competing claims.
Objections to the bidding procedures and sale motion are due August 7. The court hearing is set for August 14 at 11 a.m. ET. If the sale moves forward, the proposed bid deadline is September 8, with an auction on September 10 and a sale hearing by September 16.
For now, wallet creditors wait — and watch whether Thor sticks around.
