The Chapter 11 process could shape recoveries for roughly 11,700 Poolin Wallet holders still waiting on IOUs issued after the company’s 2022 liquidity crisis.
Poolin Technology and several affiliates entered Chapter 11 on July 22 with plans to sell two West Texas mining asset packages for a combined $52 million, but prospective buyer Thor CALAP LLC can still exit either deal through Aug. 9 if its diligence is unsatisfactory. The timetable matters most for Poolin Wallet customers, many of whom have been waiting since Poolin’s 2022 liquidity crisis, when the company issued IOUs to roughly 11,700 wallet holders with balances above $100. First-day bankruptcy filings list more than $163.7 million of those IOUs within roughly $173.1 million of preliminary prepetition obligations. The assets being sold sit in different debtor estates from the wallet liabilities, leaving recoveries dependent on how sale proceeds, liens, fees, administrative costs, and Poolin’s intercompany claim are handled through the claims process. Under the amended agreements, Thor would pay $37 million for the Tarbush package and $15 million for the Pyote package, with deposits already posted and balances due at closing. Objections to the bidding procedures and sale motion are due Aug. 7, a court hearing is set for Aug. 14 at 11 a.m. ET, and the proposed schedule includes a Sept. 8 bid deadline, a Sept. 10 auction if needed, and a sale hearing by Sept. 16. Competition is possible after three other indications of interest emerged in prepetition marketing, but creditor recovery remains undetermined.