Coin Cloud gives results of auction; sale hearing set for June 28

By Sarah Lizee

Olympia, Wash., June 6 – Cash Cloud, Inc., which does business as Coin Cloud, gave the results of the auction held on Friday for its assets in a notice filed Monday with the U.S. Bankruptcy Court for the District of Nevada.

Heller Capital, LLC and Genesis Coin, Inc.’s $5.7 million bid for substantially all of the debtors’ assets was named the winning bid.

Also, Christopher McAlary’s offer for the equity interests and assets of Coin Cloud Brasil Ativos Digitais Ltda. was named winning bid. The bid includes $50,000, plus repayment of the receivable owed to Coin Cloud from Coin Cloud Brazil in the amount of $600,000.

The stalking horse bidder, RockItCoin, LLC, was designated as the back-up bidder with a bid in the amount of $3.24 million.

A sale hearing is set to take place on June 28.

As previously reported, on April 25, the company chose RockitCoin, LLC to act as stalking horse bidder for the assets, which include all non-rejected digital currency machine locations and all the debtor’s assets and contracts needed to operate those locations and service those customers, including assumption by the buyer of associated cure costs and payment of certain critical vendor liabilities. The assets also include the debtor’s Brazil operation.

Bid protections under the stalking horse agreement include a breakup fee of 3% of the purchase price at the time of the purchase agreement plus $150,000.

The Las Vegas-based digital currency machine company filed bankruptcy on Feb. 7 under Chapter 11 case number 23-10423.

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