After Poolin entered Chapter 11 on July 22, Thor CALAP LLC can still exit the proposed Texas mining asset deals through Aug. 9, while recoveries for about 11,700 wallet holders remain dependent on estate allocation and claim priority.
Poolin Technology and several affiliates entered Chapter 11 on July 22 and are seeking court approval for the sale of two West Texas mining asset packages to Thor CALAP LLC for a combined $52 million. Thor can terminate either agreement through Aug. 9 if its diligence is unsatisfactory, ahead of an Aug. 14 court hearing. First-day filings list more than $163.7 million in IOUs owed to roughly 11,700 Poolin Wallet holders as part of about $173.1 million in preliminary prepetition obligations following the company’s 2022 liquidity crisis. Recoveries for wallet users remain unresolved because the Texas assets and the wallet liabilities sit in different debtor estates, leaving distributions dependent on sale proceeds, any valid liens, fees, administrative costs, and the treatment of Poolin’s intercompany claim through the claims process.