Poolin Technology Files for Chapter 11 With $163.7 Million in Wallet-Holder IOUs

Poolin Technology filed for Chapter 11 with $163.7 million in unsecured wallet-holder IOUs owed to about 11,700 users. According to NS3.AI, its Texas affiliates are seeking court approval for asset sales with opening offers worth $52 million. The offers equal 31.8% of the IOUs, but they cover Lonestar affiliate assets rather than cash in Poolin Technology's wallet business. Wallet recoveries remain uncertain because sale prices, liens, estate allocations, expenses, and allowed claims have not been resolved.