--- title: "Linqto: documentary claim register" language: en canonical: https://osint.v3rta.com/dossiers/linqto/documentary-records/ as_of: 2026-10-09 keywords: ["Linqto","Liquidshares","Linqto Capital","private market investments","series interests","Chapter 11","customer recovery plan","Sandton financing","Forge trustee dispute","corporate governance","securities proceedings"] --- # Linqto: documentary claim register **Question.** What do the accepted documentary assertions establish and leave open? **Answer.** This register preserves the accepted assertions and their limits. The topic articles explain the related episodes; source categories follow the disclosure policy. ## Linqto: structure, investor interests and proceedings - Documented: Linqto, Inc. is a Delaware corporation and the parent of Linqto Texas, LLC. [s-d2] - Documented: Linqto Texas filed a voluntary Chapter 11 petition on July 7, 2025, in the Southern District of Texas, case 25-90186; Linqto, Inc., Liquidshares and Liquidshares Manager were affiliated debtors. [s-d2] ## Participants, historical roles and record limits - Documented: Linqto Texas's July 2025 corporate ownership statement identified Linqto, Inc. as its 100% equity holder. [s-d2] - Documented: Linqto's board created a General Committee on March 13, 2025, with the board powers delegable under Delaware law. [s-d2] - Documented: Linqto Texas's July 2025 consent authorized Sullivan & Cromwell as special regulatory and corporate counsel, Jefferies as investment banker, Triple P TRS as financial adviser and Epiq as claims and noticing agent. [s-d2] - Documented: The consolidated top-100 customer-claims list accompanying the July 2025 petition listed Sky Ventures Limited first at $5,035,002. [s-d2] - Documented: The four Linqto debtors shared a service address at 101 Metro Drive, Suite 335, San Jose in July 2025; Linqto, Inc.'s separate case was 25-90187 within jointly administered case 25-90186. [s-d6] - Documented: In July 2025 the restructuring officer described Investment Management and QP as inactive with minimal assets and intended for dissolution; Linqto had owned 100% of Trustline, which was dissolved before the petition. [s-d6] - Documented: Cathy Siciliano joined Linqto's executive leadership as chief operating officer with the new management team. [s-d6] - Documented: The restructuring declaration says the SEC's Division of Enforcement notified Linqto in October 2024 of an investigation into possible federal securities-law violations. [s-d6] - Documented: The declaration says a FINRA examination of Linqto Capital was referred to Enforcement in December 2024 and the investigation remained ongoing in July 2025. [s-d6] - Documented: The restructuring declaration says customer-facing operations were indefinitely suspended on March 13, 2025 after management's review of structural and compliance deficiencies. [s-d6] - Documented: Liquidshares Manager was Liquidshares' managing member; Linqto's chief administrative officer Jesus Ancheta managed Liquidshares Manager. [s-d6] - Attributed: The creditors committee alleged that Sarris caused Liquidshares to tender 243,444 customer-allocated Ripple shares in December 2024, of which Ripple bought 151,105 at $125, leaving an approximately 3% customer-share shortfall. [s-d8] - Qualification: This is the creditors committee’s accusation, not a judgment against Sarris. The criminal indictment’s related tender allegation anonymizes the issuer and uses a January 2025 tender date. - Response: The committee records Sarris’s argument that he intended to remit tender proceeds to customers and expected substantial tender interest; it disputes that account. - Attributed: The committee quoted an October 16, 2023 draft legal memorandum commissioned by Linqto as concluding that several U.S. securities laws and FINRA rules were likely violated. [s-d8] - Qualification: The committee quotes a draft commissioned memorandum; its legal predictions are not adjudicated findings. - Response: Sarris cited the memorandum in arguing that regulatory risks were inflated or hypothetical; the committee argued its quoted conclusions contradicted him. - Attributed: John Deaton represented thousands of Linqto customers in negotiations among the debtors and creditors committee over asset treatment and financing. [s-d8] - Qualification: This is the retained source’s account of the stated actor and period. - Attributed: The January 2026 plan account described a Liquidating Trust for in-kind securities distributions or sale proceeds, a Closed-End Fund election exchanging securities for publicly traded fund shares, and a Wind-Down Trust to pursue claims including against former officers and directors. [s-d8] - Qualification: This describes plan mechanisms; confirmation and implementation must be distinguished from the January 2026 proposal. - Attributed: The retained registry aggregation lists a LINQTO class-42 trademark registered December 15, 2015 to Linqto, Inc. [s-d10] - Qualification: The retained witness is an aggregated trademark listing, not the underlying trademark certificate. - Documented: The retained EDGAR name search returned Linqto Liquidshares under CIK 0001841356 and Linqto Capital under CIK 0001878121. [s-d15] - Documented: David Paul signed Liquidshares' August 1, 2022 Form D as chief financial officer. [s-d16] - Documented: The statement names Adam Warren as maintaining Linqto's books from March 2025, after David Paul, whose bookkeeping service ran from May 2020 to March 2025. [s-d18] - Documented: The statement also lists Rawdon Messenger, growth chief April 18, 2024–February 7, 2025; Nurani, director March–May 2025; Paul, finance and administration chief May 15, 2020–May 2, 2025; Mark Perez, investment chief April 18–October 1, 2024; Susan Woodard, compliance chief August 12–December 2, 2024; and Elisa Zoli Lai, marketing chief December 6, 2022–February 7, 2025. [s-d18] [s-d22] - Qualification: Bookkeeping ended for Paul in March 2025, while his officer tenure is listed through May 2; those are distinct capacities. - Documented: The statement lists Linqto Capital among businesses in which Linqto had an interest, with a business-existence date of March 26, 2021. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Documented: The statement lists Linqto Investment Management among businesses in which Linqto had an interest, with a business-existence date of November 29, 2021. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Documented: The statement lists Liquidshares Manager among businesses in which Linqto had an interest, with a business-existence date of January 21, 2020. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Documented: The statement lists Linqto QP among businesses in which Linqto had an interest, with a business-existence date of October 29, 2020. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Documented: The statement lists Linqto Texas among businesses in which Linqto had an interest, with a business-existence date of April 7, 2025. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Documented: The statement lists Primary Markets Limited among businesses in which Linqto had an interest within six years before bankruptcy, without a percentage or business-existence dates. [s-d18] - Qualification: The filing’s broad interest category does not specify equity percentage, dates or whether the interest continued at filing. - Documented: The statement lists Linqto addresses in San Jose from February 2022, Pacific Grove from October 2022, New York from January 2025 and Washington from November 2023 to June 2025. [s-d18] - Attributed: A retained aggregation of California registry data identifies Linqto as Delaware-incorporated, California registration 3272490 from January 15, 2010, with an active status and San Jose address. [s-d21] - Qualification: The retained witness is a registry aggregation; it is not a newly verified filing directly from California. - Attributed: The February 2024 announcement says Endoso had held CFO, chief revenue officer, COO and president roles since joining Linqto in 2019. [s-d24] - Qualification: This is the retained source’s account of the stated actor and period. - Documented: The interested-parties schedule lists Lilly D'Angelo among current or former directors and officers, alongside named Linqto leadership, without dates or a specific office for her. [s-d53] - Qualification: The list does not establish D’Angelo’s particular office or tenure. - Documented: The shareholder schedule lists Matthew Le Merle and a PENSCO account for his IRA; the merger announcement separately identifies him as BCSA chairman. [s-d53] - Qualification: A retirement account and its beneficiary are separate legal capacities; this listing does not provide a percentage. - Documented: The interested-parties schedule lists JPMorgan, SVB, Uphold Wallet and TD Bank under debtor banking relationships and Sandton Master Fund VI as DIP lender. [s-d53] - Qualification: The schedule is a debtor-wide interested-party list and does not establish which debtor held which account. - Documented: The schedule's vendors include Plaid, Modern Treasury, Forge Trust, Forge Securities, Carta, Hiive, Zanbato, Caplight, Deloitte, RSM, Lowenstein and 5W PR. [s-d53] - Qualification: The vendor listing proves only the listed case role, not services delivered, common ownership or involvement in allegations. - Documented: The schedule's professionals include Sullivan & Cromwell, Portage Point, Schwartz, Jefferies, ThroughCo, Katten, Force 10, Breakpoint, Epiq and CRCFO. [s-d53] - Qualification: Professional roster membership is not proof of participation in every disputed transaction. - Analysis: The retained EDGAR name search found only Liquidshares and Capital for 'LINQTO'; it does not establish that Parent never filed under another name or that no parent fundraising existed. [s-d15] - Qualification: A retained name search is a limited discovery result, not proof of universal absence of filings. - Attributed: Linqto's August 10, 2026 announcement says it continued litigation against Forge Global and Charles Schwab seeking recovery for more than 13,000 customers. [s-d56] [s-d199] - Qualification: The retained passage is a related-news preview ending mid-sentence, rather than the full August10 announcement. Its reference to litigation against Forge Global and Schwab is the company’s characterization. The retained adversary caption names Forge Global Holdings, Inc. and Does1–10, and does not name Charles Schwab as a defendant. Forge’s answer denies the allegations and says mandatory-performance and equitable demands were withdrawn under an August19 stipulation; the stipulation itself is not retained. No merits judgment or final damages outcome is established by this preview. - Attributed: Linqto's January 2026 statement says creditor John Deaton filed a July 9, 2025 class action for approximately 4,000 customers alleging Sarris misled investors; the statement says it remained ongoing. The statement also says the SEC filed four bankruptcy claims. [s-d56] - Qualification: The announcement’s approximate represented-customer count and ongoing label are dated January 2026, not independently established current totals. - Attributed: The early company profile describes Vicki Sarris as cofounder and COO and as a prior cofounder of Home Search Information Network. [s-d58] - Qualification: This is an undated early company-profile account, not a current COO claim. - Attributed: The early company profile lists Oliver Nguyen, Lee Ann Jarrell, Bonny Simi, Harry Cohen, Aydin Koc and David Huey as previous investors; several entries, including Huey, are marked unconfirmed. [s-d58] - Qualification: Several investor entries are expressly unconfirmed, so their relationships remain reported or hypotheses rather than verified current ownership. - Attributed: The early company profile describes Linqto as a Pacific Grove software business selling digital-banking applications, founded January 2010, with 12 staff and about $1 million trailing-twelve-month revenue. [s-d58] - Qualification: The undated early profile’s staff and revenue figures are self-reported historical indicators. - Documented: The shareholder schedule lists the David G Huey and Carla S Hudson Revocable Trust dated July 27, 2021 among current or former shareholders. [s-d53] - Qualification: The named revocable trust is the listed holder; personal shareholder status and trustee appointments are not established by the name alone. - Documented: The July 19, 2026 complaint gives the four debtors' principal place of business and service address as P.O. Box 2859, Sunnyvale, California 94087. [s-d62] - Documented: The Federal Home Loan Bank of San Francisco's November 2024 SEC filing identifies it as a federally chartered U.S. corporation, file 000-51398, EIN 94-6000630, with offices at 333 Bush Street, San Francisco. [s-d64] - Documented: The July 31, 2026 bank-account schedule lists Silicon Valley Bank accounts for Linqto Inc, Liquidshares and Linqto Texas, and JPMorgan Chase accounts for Liquidshares. [s-d84] - Documented: The U.S. Trustee appointed the Official Committee of Unsecured Creditors on July 18, 2025. [s-d70] - Qualification: The appointment paragraph establishes the committee and its appointment date; it does not establish a Deaton financing objection. His customer-representation and objection roles have separate evidence. - Documented: The settlement filing identifies Schwartz PLLC as debtors' counsel and Orrick, Herrington & Sutcliffe and Brown Rudnick as committee co-counsel. [s-d70] - Documented: Linqto Texas's statement of financial affairs identifies parent Linqto, Inc., EIN 27-1350332, as the parent of its consolidated tax group. [s-d94] - Documented: Linqto Texas's statement reports no operating income, an April 2025 registered-agent address in Houston, bookkeeping by Adam Warren from March 2025, and financial-statement work by Charles River CFO from April 7 to July 7, 2025. [s-d94] - Documented: Linqto Texas's statement identifies Linqto Inc as its 100% equityholder and F. Daniel Siciliano as manager at the petition date, with no reported changes or insider distributions in the preceding year. [s-d94] - Documented: Hard Yaka Ventures LP's May 2022 Form D identifies the Delaware fund's general partner as Hard Yaka Ventures GP LLC and Robert Gregory Kidd as its manager; the bankruptcy shareholder list separately connects the fund to Linqto Inc. [s-d105] [s-d53] - Attributed: On July 7, 2025, Linqto denied Matt Rosendin's claim that a CapSign fund held Liquidshares' Ripple shares, stating that Liquidshares' 4.7 million-share holding was unchanged. [s-d107] - Qualification: The denial is Linqto's company statement; it does not independently establish every underlying transfer record. - Response: Linqto expressly denied that CapSign held Liquidshares’ Ripple position and said the 4.7 million-share holding remained unchanged. - Documented: The SEC's 2019 order identifies RSM US LLP, formerly McGladrey, as a Chicago accounting and advisory firm, PCAOB-registered and the U.S. member of RSM International. [s-d120] [s-d18] - Documented: The Epiq docket identifies July 25, 2025 entry 127 as Linqto Texas's employment application with exhibits and a proposed order; it is not itself a shareholder register. [s-d122] - Attributed: Liquidshares' retained SEC index shows separate Form D and amendment filings under CIK 0001841356, including a January 28, 2025 new Form D, within a 100-result display. [s-d135] - Qualification: The retained display is limited to 100 results and is not a complete census of all filings. - Attributed: The index includes a December 30, 2024 Form D with accession suffix 000499; that suffix alone does not establish the number of distinct offerings. [s-d135] - Qualification: An accession sequence number is not a count of distinct series or offerings. - Documented: The SEC's 2005 order identifies Deloitte & Touche LLP as a Delaware LLP headquartered in New York and PCAOB-registered from October 22, 2003. [s-d136] [s-d18] - Attributed: An August 2026 report recounts Forge's alleged July 15 refusal and the debtors' original request to compel performance; later pleadings record Forge's denials and withdrawal of performance and equitable requests. [s-d143] [s-d199] - Qualification: This secondary account largely recounts the complaint and predates the later narrowed relief and answer. - Outcome: Forge's later answer disputes obligations and records withdrawal of Count I and equitable requests. - Attributed: An August 2026 report says the bankruptcy court approved a July sale of approximately $130 million of Ripple common stock to four institutional buyers led by Galaxy Digital, after Ripple waived its first-refusal right; it describes proceeds supporting customer recoveries. [s-d143] - Qualification: The report calls the seller the bankrupt estate rather than identifying a legal seller; it calls the destination the wind-down trust, so it cannot be silently recast as the liquidating trust. - Outcome: The retained report describes July 2026 court approval of the approximately $130 million Ripple-share sale, after Ripple waived its right of first refusal; it does not independently establish all completed transfers or payments. - Documented: On January 23, 2026, Sarris filed an emergency reconsideration and unsealing motion in the bankruptcy case as an interested party, through Stephen Lemmon. [s-d157] - Unresolved: The retained docket records Linqto Texas v. Euritt, adversary 26-03061, filed March 2, 2026, without sufficient retained description to establish the dispute's merits. [s-d157] - Qualification: The docket title and filing date do not establish allegations, findings, or outcome. - Attributed: On April 3, 2025 new Linqto management said its internal investigation found serious securities-law violations, prior management had been warned over 16 months earlier, and two regulatory inquiries were ongoing; platform transactions remained suspended. [s-d166] - Qualification: The new management's account attributes failures to prior management; it is not a final decision on individual culpability. - Attributed: Linqto's April 3, 2025 statement said it laid off 47% of full-time staff on March 18 amid reduced revenue and had provided access to more than $460 million of investments. [s-d166] - Qualification: These are company-reported workforce and investment-access figures, not audited revenue. - Documented: The disclosure statement says Linqto retained Sullivan & Cromwell in February 2025 to cooperate with investigations and assess compliance; management also found no effective accredited-investor verification system. [s-d144] - Attributed: Oregon's retained business-name search lists Linqto Inc as an inactive foreign business corporation, registration 1026332-94; that state-registration status does not by itself establish Delaware dissolution. [s-d184] - Qualification: The Oregon foreign-registration status cannot be treated as dissolution of the Delaware legal entity. - Attributed: The retained SEC issuer card identifies CIK 0001095435 as Alpha Compute Corp, previously AlphaTON Capital and Portage Biotech, incorporated in the British Virgin Islands; Siciliano's February 2026 appointment was announced under the AlphaTON name. [s-d189] - Qualification: Historical issuer names and CIK establish this registry identity; the director appointment is dated and does not establish indefinite service. - Attributed: In their July 20, 2026 motion, the debtors and creditors' committee said investigations by the SEC, FINRA, Justice Department and new management led Linqto to halt operations in March 2025, lose its principal revenue source and seek Chapter 11 relief. They described customers as victims of prior-management fraud; that characterization was their allegation. [s-d198] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The debtors' July 2026 motion described more than 13,000 platform customers, including some unaccredited investors. At the petition date Liquidshares held securities in 111 issuing companies with estimated fair value exceeding $500 million; about $16 million was reserve inventory for later customer sales, with most remaining securities corresponding to customer accounts. [s-d198] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Documented: A retained court-docket record identifies Jeremy Rosenthal as Society Pass's independent director: he submitted a May 20, 2026 declaration supporting its Chapter 11 petitions and appeared with its CEO at the August 3 creditors' meeting. The record names Gabrielle Hamm and Veronica Polnick, also involved in Linqto's cases, as debtor attorneys. [s-d201] - Attributed: The amended customer complaint alleges that Linqto reduced full-time staff from 87 to 28 in early 2025 and froze client accounts around February 27. It says David Paul remained CFO until May 2025. The 68% headcount reduction is distinct from the company-announced reduction in recurring expenditures. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Documented: Linqto, Inc. filed its Chapter 11 petition on July 7, 2025 in the Southern District of Texas as case 25-90187, jointly administered under 25-90186 before Judge Alfredo Perez. [s-d201] - Documented: In a 2019 SEC order, RSM undertook to hire an independent consultant within 120 days to review auditor-independence quality controls at its own expense. The order concerns unrelated audit clients, not Linqto. [s-d120] - Outcome: The SEC order required an independent consultant to be retained within 120 days to review RSM’s auditor-independence controls at its expense. The retained order does not establish subsequent implementation or identify Linqto as an affected audit client. - Documented: The disclosure statement records court approval of the block-trade motion at the August 5, 2025 hearing, establishing procedures for selling or transferring private-company securities held by Liquidshares. [s-d144] - Documented: The disclosure statement lists the initial July 18, 2025 creditors' committee as Sky Ventures Limited, Charles Hejny, Mariann Dickman Raab, Ricardo Ledesma, Robert Pazdera, Melanie Huscroft, Ardi Family Trust, Consort Partners and Impact Tech. It names Brown Rudnick and Orrick as legal counsel and Alvarez & Marsal North America as financial adviser. [s-d144] - Documented: Linqto's financial-affairs statement reports $31,581.26 paid to Plaid in the 90 days before the petition and describes Plaid as a know-your-customer/anti-money-laundering platform provider. This supports an identity-checking service role, not custody of customer cash. [s-d18] - Documented: Linqto's financial-affairs statement reports $27,750 paid to Modern Treasury in the 90 days before the petition and describes it as a software provider. The record does not specify a role in custody or movement of customer funds. [s-d18] - Documented: The consolidated bankruptcy creditor list includes Plaid with a vendor claim of $31,000.01. A listed claim is distinct from the pre-petition payment total. [s-d2] - Attributed: A former employee quoted in the complaint said Linqto engaged Deloitte for a 2024 audit, believed to relate to the proposed BCSA transaction, and that Sarris relayed a November 2024 board direction to stop marketing because of litigation. The proposed-IPO purpose is the employee's inference. [s-d147] - Qualification: The former employee’s explanation of the audit purpose is an inference; the retained account names Deloitte without proving a specific Deloitte legal entity. - Attributed: The complaint alleges Sarris funded sales with personal loans, says Linqto had over 1,000 Texas investors, and identifies Linqto Texas as an affiliate that filed for bankruptcy with Linqto. The retained paragraph does not identify the precise borrower of each personal loan. [s-d147] - Qualification: The complaint does not identify Liquidshares as borrower of every Sarris personal loan. - Documented: A September 23, 2025 amended ownership filing identifies Robert Gregory Kidd as sole owner and manager of Goldeneye 1995 LLC, which beneficially owned 357,815,000 USBC shares, approximately 92.1%. Its listed Nevada address matches Hard Yaka Ventures LP's address; these are separate entities. [s-d221] - Attributed: The same filing lists a September 19, 2025 registration-rights agreement among USBC, Goldeneye, Cohen & Company Securities and Fifth Era LLC. Kidd's involvement is through Goldeneye; the filing does not make him a personal party to that agreement. [s-d221] - Qualification: Goldeneye is the named agreement party; Kidd’s role is indirect through that entity. - Documented: Know Labs' June 2025 announcement identifies Goldeneye as Greg Kidd's affiliate and describes Kidd as Hard Yaka co-founder and CEO, Vast Bank majority shareholder and former Ripple chief risk officer. It names Lowenstein Sandler as buyer's counsel; that engagement is separate from the firm's work for Linqto. [s-d222] - Attributed: Linqto announced Jeremy Rosenthal's immediate appointment as independent director on May 22, 2025, identifying him as a Force 10 partner. It said it had reduced recurring expenditures nearly 70% relative to 2024 and continued cooperating with SEC enforcement. [s-d233] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Attributed: An archived FCC biography identifies Alison Kutler as former Consumer and Governmental Affairs Bureau chief and special adviser on digital opportunity, previously Visa senior vice president for government relations, Rio Tinto external-affairs vice president and Export-Import Bank deputy chief of staff. [s-d234] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Documented: The PCAOB's 2020 RSM inspection report, issued December 16, 2021, places seven of 15 inspected public-company audits in Part I.A because RSM lacked sufficient evidence for its audit opinion. The cited deficiencies mainly concern controls, revenue and loan-loss allowances; Linqto is not named. [s-d237] - Attributed: An executive-data profile uses the name Vicki Lawrence Sarris and describes her as Linqto COO/co-founder with a September 2008 start date. Conference profiles instead give company founding as January 2010. This supports an alias proposal but does not establish a family relationship with Bill Sarris or reconcile the earlier start date. [s-d249] - Qualification: The complete name supplies an alias proposal; neither a marital relationship nor the anomalous September 2008 start is established. - Documented: An executive-data biography describes Jared Reed as Linqto chief architect, with software work for Intuit, Digital Insight and Linqto, and as founder of Stiq Joy Games and co-founder of a software consultancy. It gives no dates for that chief-architect role. [s-d262] - Documented: Equifax's SEC company record identifies a Georgia corporation, CIK 33185 and SEC file 001-06605. Its relevance here is the announced 2022 LawLogix transaction, rather than any documented direct Linqto relationship. [s-d269] - Documented: Society Pass's SEC company record identifies a Nevada corporation, CIK 1817511 and SEC file 001-41037, with a Singapore business address. Its link to Linqto is shared independent director Jeremy Rosenthal, rather than common control. [s-d271] - Documented: Society Pass's SEC filing index records a May 14, 2026 report under the bankruptcy item and repeated listing-compliance reports, including May 20, 2026. The index supports filing dates and categories; it does not by itself explain every underlying notice's outcome. [s-d271] - Attributed: Fifth Era Acquisition Corp. I’s annual report describes Matthew Le Merle as Fifth Era managing partner from 2004, Keiretsu Capital Blockchain Fund Manager managing partner from January 2014, and manager of Blockchain Coinvestors' GP and investment manager. The earlier start dates differ from BCSA's older team page, which used 2014 and January 2018 respectively. [s-d183] - Qualification: Annual-report and older team-page employment dates differ; neither biography is treated as a corporate-registration record. - Unresolved: An undated, expressly unverified organizational directory mixes Linqto officers and advisers from different periods and lists Lilly D'Angelo as a board member. It cannot establish the current board or the period of D'Angelo's service; confirmed roles are drawn from dated filings and announcements. [s-d280] - Qualification: The directory is expressly unverified and undated; it cannot establish current officers or the period of Lilly D’Angelo’s service. - Documented: Susan Lawson Woodard's regulatory history lists Linqto CCO and Linqto Capital general securities principal from August–December 2024, previously EquityBee CCO and EquityBee Securities CEO from October 2021–August 2024, and US CCO at Hiive and The Hive Company from December 2024. Her report contains no disclosure events. [s-d281] - Qualification: The retained FINRA PDF contains partial-range/OCR warnings; no disclosure event appears in the retained report summary, which is not a universal clean-screen certification. - Documented: Spencer Robert Francis's regulatory employment record lists Linqto Capital representative and Linqto investment specialist from August 2022–November 2024, StartEngine private-equity work from November 2024–January 2025, and Francis LLC from March 2025. His actual Linqto broker registration began December 2022; the report contains no disclosure events. [s-d283] - Qualification: Employment began August 2022 but regulatory registration began December 2022; the partially extracted/OCR report is a dated snapshot. - Documented: Nicholas Stephen Henderson's regulatory history lists Linqto Capital and Linqto employment from July 2022–August 2025, Linqto Investment Management adviser representation from January–September 2023, Hard Yaka investment analyst from July–December 2021, and Jefferies research associate from August 2025. It also records a 2019 Keiretsu internship and no disclosure events. Actual broker registration at Linqto Capital ran December 2022–January 2025, a different interval from the employment history. [s-d282] - Qualification: Employment to August 2025 differs from broker registration ending January 2025; the retained FINRA PDF has partial-range/OCR limits. - Documented: A 2022 university profile describes Adam Henderson as a Keiretsu Forum founding member, COO/head of global partnerships and adviser to a Keiretsu Capital real-estate fund. Those career connections do not imply Keiretsu's responsibility for Linqto's conduct. [s-d286] - Attributed: Linqto's January 12, 2021 announcement says Ivon Rodriguez joined as CMO from The 360 Group after earlier international-development work for IE University. A retained career profile adds that she founded The 360 Group and that Sarris approached her in 2020 for consulting that became full-time work. [s-d313] [s-d68] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Documented: A retained company profile identifies Carla Hudson as Linqto CFO, accounting-firm partner at Bianchi, Kasavan and Pope, Monterey County Bank director and former National Association of Accountants president/director, with earlier Touche Ross work. The profile does not date these roles. [s-d58] - Attributed: Joseph Krilanovich's own 2025 résumé describes Linqto chief-design work in 2024–2025, leadership of design teams and authorship of a Linqto.ai strategy, with earlier eBay, Metabiota, Hover, BitTorrent and Tripping roles. Linqto's financial-affairs filing dates his chief-design tenure June 17, 2024–February 7, 2025. [s-d288] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Unresolved: A profile describes a Mark Perez as a Virgo Investment Group founder and Zephyrus Aviation board member, but does not mention Linqto or provide an identifier linking him to Linqto's former investment officer. Those affiliations are not attributed to the Linqto officer on a name match alone. [s-d289] - Qualification: The identity match is not established; Virgo/Zephyrus roles are not attributed to Linqto’s Mark Perez. - Unresolved: An obituary names a securities lawyer Jack Drogin and gives prior legal employers, but does not mention Linqto or establish a dated identity match with its former general counsel. It is insufficient to publish a death or those affiliations as facts about Linqto's Jack Drogin. [s-d290] - Qualification: The identity match and obituary year are not established; death and unrelated career roles are withheld from the Linqto general-counsel biography. - Documented: Linqto announced Elisa Zoli Lai as CMO on January 24, 2023, citing earlier We Are Giant, Facebook/Meta and Procter & Gamble marketing work. The financial-affairs statement dates her Linqto start December 6, 2022, so the announcement date is not treated as her employment start. [s-d291] - Qualification: Announcement and employment-start dates differ and are preserved separately. - Documented: The January 24, 2023 announcement identifies Leo LaForce as Linqto chief revenue officer at that time. Absence from a later financial-affairs list does not establish a precise departure date. [s-d291] - Documented: An executive-data profile dates David Paul's Linqto CFO start May 15, 2020; the financial-affairs statement gives the same start and an end of May 2, 2025. The profile's current-role label is therefore outdated for this edition. [s-d292] - Documented: Linqto's March 14, 2025 announcement says new management began internal investigations in response to regulatory inquiries and hired outside counsel including Sullivan & Cromwell to coordinate them. [s-d239] - Documented: The same March 14 announcement says new management paused platform transactions until the compliance situation was clarified. This announcement date differs from the February 27 account-freeze date alleged in other records. [s-d239] - Documented: The SEC's August 27, 2019 RSM order found prohibited nonaudit services or employment relationships involving affiliates of at least 15 audit clients in 2014–2015, including funds, broker-dealers and public companies. It does not identify Linqto as an affected client. [s-d120] - Response: RSM consented to the SEC order without admitting or denying the findings. - Documented: An executive-data profile identifies Cathy Siciliano as Linqto COO and lists Stanford and Harvard Business School degrees. Its March 13, 2025 timestamp is a profile-entry date, not sufficient evidence of her appointment's effective date. [s-d316] - Qualification: A profile timestamp is not evidence of appointment effectiveness. - Unresolved: A related executive-data listing labels a Bill Sarris as Keiretsu Forum chapter president. The name and association suggest a possible match, but do not independently establish that this is Linqto's founder or date the role. [s-d316] - Qualification: Name-match evidence is insufficient to treat the chapter-president role as confirmed for Linqto’s founder. - Documented: Society Pass announced an April 16, 2026 Nasdaq delinquency notice for late filing of its 2025 annual report. The company said the notice had no immediate listing effect but failure to regain compliance could lead to delisting; this is a potential consequence rather than a completed delisting in that notice. [s-d318] - Response: Society Pass said the Nasdaq notice had no immediate listing effect and described a compliance process. Potential delisting was a risk if compliance was not regained, rather than a completed outcome in that announcement. - Unresolved: A 2019 conference profile describes a Travis Jeppson as Nav's engineering director and Utah graduate. It does not mention Linqto or independently establish identity with its later CTO; this remains a possible historical career match. [s-d319] - Qualification: This is a possible career match only; the profile does not mention Linqto or provide an independent identity identifier. - Documented: A retained investor-course biography describes Greg Kidd as Hard Yaka founder, early investor/adviser to Ripple and other technology companies, and Global ID co-founder/CEO. This is biography, not evidence that those companies participated in Linqto's alleged conduct. [s-d327] - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto Texas, LLC by employer identification number 33-4525745. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto Liquidshares, LLC by employer identification number 84-4378976. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto Liquidshares Manager, LLC by employer identification number 84-4388214. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto Capital, LLC by employer identification number 87-1265380. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto Investment Management, LLC by employer identification number 87-3783975. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: Linqto's August 2025 financial-affairs statement identifies Linqto QP, LLC by employer identification number 85-3792375. [s-d18] - Qualification: Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role. - Documented: FINRA identifies the current firm as SB1 Capital Markets Inc., CRD 154132 and SEC broker-dealer file 8-68611, incorporated in Delaware. Its report describes the September 2025 succession from SpareBank 1 Capital Markets Inc. without a change of ownership or control. [s-d185] - Documented: Hard Yaka Ventures LP’s May 2022 Form D identifies it as a Delaware limited partnership formed in 2022, SEC filer CIK 0001927559. [s-d105] - Documented: Complii FinTech Solutions Ltd’s retained interim report identifies the company as incorporated and domiciled in Australia, with ABN 71 098 238 585; its cover also uses the full suffix “Limited”. [s-d164] - Documented: The retained SEC index names Alpha Compute Corp as CIK 0001095435 and lists former names AlphaTON Capital Corp (filings through April 20, 2026), Portage Biotech Inc. (through September 3, 2025), Bontan Corp Inc. (through August 7, 2013) and Dealcheck Com Inc. (through April 21, 2003). [s-d189] - Documented: Sandton Capital Solutions Offshore Fund VI, LP’s March 2024 Form D identifies a Cayman Islands exempted limited partnership formed in 2024, SEC filer CIK 0002014566. [s-d115] - Documented: Sean Bowden’s retained FINRA registration history identifies Pickwick Capital Partners, LLC with firm CRD 130672. [s-d102] - Documented: Sean Bowden’s retained FINRA registration history identifies Symbridge Capital LLC with firm CRD 307430. [s-d102] - Documented: Sean Bowden’s retained FINRA registration history identifies Arctic Securities LLC with firm CRD 174423. [s-d102] - Documented: The SEC’s August 27, 2019 RSM order censured the firm, imposed a cease-and-desist order and required a $950,000 civil penalty for auditor-independence violations involving other audit clients. The order does not identify Linqto as an affected client. [s-d120] - Qualification: This 2019 matter concerns other clients and predates the reported Linqto engagement. - Response: RSM consented to the order without admitting or denying the findings, except jurisdiction. - Outcome: The order required payment within 30 days; the retained order does not establish subsequent payment or implementation. - Documented: Goldeneye 1995 LLC reports Nevada as its place of organization in the September 2025 amended ownership filing. [s-d221] - Documented: Sonder Holdings Inc. reports Delaware incorporation and employer identification number 85-2097088 in its September 2025 current report. [s-d274] ## Dan Siciliano: leadership and outside capacities - Documented: Linqto, Inc. was Linqto Texas's managing member; Daniel Siciliano signed the July 6, 2025 consent as Linqto's CEO. [s-d2] - Documented: Dan Siciliano, Nikkl's cofounder and CEO, became Linqto's CEO and a director on January 2, 2025. [s-d6] - Attributed: The retained registry aggregation dated March 25, 2026 lists Dan Siciliano as CEO, CFO and California registered agent, and Jesus Ancheta as secretary. [s-d21] - Qualification: This aggregator snapshot describes recorded offices on its stated date, not necessarily current operational duties. - Documented: The July 2025 declaration describes Siciliano as independent director and chair of Federal Home Loan Bank of San Francisco, Nikkl cofounder and CEO, Silicon Valley Directors' Exchange cofounder and chair, former American Immigration Council chair and Optemy founder. [s-d6] - Qualification: These external roles contextualize Siciliano’s experience; they do not transfer Linqto allegations to those institutions. - Documented: The bank's November 13, 2024 filing reports F. Daniel Siciliano's re-election as an independent director for a four-year term beginning January 1, 2025, and identifies his Stanford CodeX and Rock Center affiliations. [s-d64] - Documented: AlphaTON Capital announced on February 10, 2026 that it elected F. Daniel Siciliano as an independent director and audit and governance committee chair following Steven Mintz's resignation. [s-d66] - Documented: AlphaTON's February 2026 biography identifies Siciliano as a former chair of the Council of Federal Home Loan Banks and the San Francisco bank, a bank director since February 2017, SVDX chair, and founder or leader of LawLogix and Nikkl. [s-d66] - Documented: Silicon Valley Directors' Exchange lists Dan Siciliano in its board section. [s-d139] - Attributed: SVDX's biography says Siciliano co-founded and led LawLogix from 2000 to 2015, sold a majority stake to PNC Riverarch in 2012 and led its sale to Hyland/Thoma Bravo in 2015; it also describes his Stanford Rock Center work. [s-d139] - Qualification: The career history is an organization-provided biography; sale counterparties are not thereby Linqto business partners. - Documented: Equifax announced a definitive agreement on July 21, 2022 to acquire LawLogix, a provider of employment-verification and immigration case-management software, from Hyland. This is a later transaction involving a company previously co-founded by Dan Siciliano, rather than a direct transaction with Linqto. [s-d192] ## Shareholders, board authority and competing accounts - Documented: On June 3, 2025, the General Committee established a Special Subcommittee of Alison Kutler, Norman Reed and Jeremy Rosenthal to investigate matters involving Linqto and related parties, including current and former directors and officers. [s-d2] - Documented: The restructuring declaration says Victor Jiang and Karim Nurani resigned from Linqto's board on May 30, 2025, and identified John Deaton, Gavin Solomon and Adam Thompson as board observers. [s-d6] - Documented: Linqto contemplated acquiring Nikkl as Nikkl personnel joined management, but Nikkl withdrew around March 11, 2025; no purchase or sale agreement was executed. [s-d6] - Qualification: A contemplated acquisition and incoming management roles do not establish an executed corporate acquisition. - Attributed: New management's July 2025 declaration asserted that prior management knowingly failed to remedy serious securities-law violations dating to 2020. [s-d6] [s-d8] - Qualification: This is the new management team’s asserted conclusion, contested by former management and shareholder objectors. - Response: Sarris and allied shareholders argued the regulatory risks were exaggerated and the bankruptcy improperly dispossessed them. - Attributed: The committee said Nikkl's proofs of claim 14552 and 14554, filed November 11, 2025, would be reconciled by the Wind-Down Trustee under the plan. [s-d8] - Qualification: Proofs of claim are demands subject to reconciliation, not admitted debt. - Attributed: Sarris filed an objection to plan confirmation and the disclosure statement, docket 1376, alternatively seeking dismissal or an examiner and challenging authority for the petitions. [s-d8] - Qualification: An objection and dismissal request are litigation positions, not a determination that the petitions were invalid. - Response: The committee argued that the General Committee validly authorized the petitions under Delaware law and sought confirmation over his objection. - Documented: The CRO declaration identifies Katten Muchin Rosenman as independent special counsel acting at the sole direction of Linqto's Special Subcommittee, including its internal investigation. [s-d134] - Documented: The bankruptcy court's August 6, 2025 order denied Sapien Group USA and affiliates' emergency venue-transfer motion after an August 5 hearing; the four debtor cases remained in Texas. [s-d161] [s-d179] - Outcome: The court denied transfer; the Linqto cases remained in the Southern District of Texas. - Attributed: In his January 26, 2026 supplemental objection, Sarris said the SEC bankruptcy filings were routine reservations of rights against the debtors, rather than charges against him. He accused CEO Dan Siciliano of a defamatory public-relations campaign and criticized sealing of evidence. [s-d200] [s-d14] [s-d194] - Qualification: This January objection concerns the bankruptcy dispute and preceded the September 2026 criminal indictment, which Sarris denied through counsel. - Outcome: Sarris subsequently faced criminal charges in September 2026 and denied them; this objection is an earlier bankruptcy position. - Documented: On July 16, 2025, Sapien Group USA sought to transfer Linqto's bankruptcy cases to Delaware and attached Victor Jiang's declaration in support. [s-d201] - Documented: Victor Jiang filed a January 16, 2026 objection to confirmation of Linqto's plan as an interested shareholder, with a related reference to the Jones motion. [s-d201] - Attributed: Jiang's July 16, 2025 declaration says Sapien led Linqto's 2020 Series AA preferred financing and retained preferred shares and Liquidshares units tied to Linqto common shares. He claimed Sapien's common shares, consents and proxies together represented a majority of common stock and could replace a board majority. He said Jiang and Nurani were directors elected by preferred holders, who could elect three directors. [s-d210] - Qualification: These are Jiang’s shareholder-control assertions, not an adjudication that the proxies validly controlled the board. - Attributed: Jiang and Nurani's joint May 30, 2025 resignation letter demands an immediate shareholder election to replace Linqto's directors. It alleges fiduciary and legal breaches, including the February 27 asset freeze and failure to provide financial reporting from January through May 2025. [s-d210] - Qualification: The letter states the resigning directors’ accusations; it does not adjudicate fiduciary breaches. - Documented: On May 21, 2025, Linqto shareholder H. Gavin Solomon demanded an annual shareholder meeting under Delaware corporate law. He asserted that no compliant annual meeting had occurred since at least January 31, 2020. [s-d210] - Documented: Victor Jiang identifies himself in his July 16, 2025 declaration as founder and managing partner of Sapien Group USA LLC and its affiliates, a major Linqto shareholder. [s-d210] - Attributed: Jiang alleged that Alison Kutler's board seat was switched from preferred to common stock representation and, together with Siciliano's disputed common-director position, gave them a controlling voting bloc. He said common holders could elect six directors and preferred holders three, and challenged authorization of the change. [s-d210] [s-d8] - Qualification: Jiang’s challenge to the seat change and appointment is contested party advocacy. - Response: The committee disputed invalid authorization, saying every director except Sarris had signed resolutions authorizing the bankruptcy and rejecting the argument that board delegation or Siciliano’s status invalidated it. - Attributed: Jiang asserted that Linqto's approximately $16.4 million year-end 2024 cash reserve was almost exhausted by professional fees after the platform shutdown. He said no government order required that shutdown and characterized the Texas bankruptcy as an attempt to displace shareholders. [s-d210] [s-d8] - Qualification: Jiang’s solvency and government-order assertions do not determine the debtors’ regulatory or customer liabilities. - Response: The committee disputed the solvency narrative, citing less than $125,000 cash at filing, disputed customer claims and financing liabilities, and distinguishing actual cash from earlier projections. - Attributed: Jiang and Nurani's resignation letter alleges conflicts from Siciliano's continuing Nikkl ownership and an uncompleted Linqto–Nikkl acquisition. It criticizes replacing former management with Siciliano, Huskins, Cathy Siciliano and Ancheta, alleged to retain Nikkl interests, while reducing the workforce by 75%. [s-d210] [s-d8] - Qualification: The former directors’ conflict allegations do not establish that the explored acquisition closed or that current management committed a breach. - Response: The committee argued management sought no advantage in the plan manager selection and was not the winning bidder; it rejected the claimed scheme to take customer assets. - Documented: Solomon signed the May 21, 2025 meeting demand as Herbert Gavin Solomon, a Linqto shareholder with certificate CS-127. He demanded a meeting by June 24 and reserved the right to petition Delaware's Court of Chancery. His letter also records Linqto's May 9 announcement scheduling the meeting for June 24, while criticizing missing meeting particulars. [s-d210] - Documented: Sarris's supplemental objection records January 21 and January 23, 2026 orders restricting access to his exhibits, including a Nikkl capitalization table. His filing characterizes that sealing as concealing conflicts; sealing alone does not adjudicate the alleged conflicts. [s-d200] - Attributed: Sarris alleged in his January 2026 supplemental objection that Siciliano, members of management and director Kutler had conflicts arising from financial interests in Nikkl, described as a would-be Linqto competitor. [s-d200] [s-d8] - Qualification: This is Sarris’s accusation of conflict, not a finding that a disclosed ownership interest produced misconduct. - Response: The committee disputed the scheme-to-steal narrative, saying current management did not win the plan-management bids and the plan preserved value for customers. - Documented: Sarris disputed Linqto's January 2026 public accusations about his conduct, accounting problems and potentially undisclosed marketer payments. He called the accusations false and unsupported, including the statement that he had rigged the platform against more than 13,000 customers. [s-d200] - Attributed: The September 26, 2025 equity-group motion names Sapien Ventures LP Fund No. 1, John Murray, Hugh Molotsi, Robert Canepa, Antonio Derossi, John Dicconson and Philip Reicherz as members. It reports collective holdings of approximately 3.491% of common and 17.745% of preferred stock and claimed support from approximately 67% of holders across voting classes. [s-d240] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The equity-group motion alleges that Siciliano, Huskins, Cathy Siciliano and Ancheta held Nikkl interests and that management had not held an annual shareholder meeting since November 2023. It relies on Jiang's declaration for conflicts. Its meeting date differs from Solomon's assertion of January 2020 and remains a competing party account. [s-d240] [s-d8] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Response: The committee said the plan assigned reconciliation of Nikkl claims to an independent wind-down fiduciary and oversight committee, and that those claims did not vote on the plan. - Documented: In a September 17, 2025 letter, Solomon complained that Linqto shareholders had received no Chapter 11 update and demanded a shareholder meeting or town hall and an explanation of the plan's consequences for common and preferred holders. [s-d240] - Response: Bankruptcy counsel Samuel Schwartz replied on September 19 that Linqto was presumed insolvent, shareholders were out of the money, and officers' and directors' duties ran to creditors unless solvency was established. This is counsel's stated position responding to Solomon, not a separate court finding on every duty. - Attributed: The equity group sought an official Linqto shareholder committee on September 26, 2025, represented by White & Case, after the U.S. Trustee declined to appoint one on September 9. The motion is a request and does not establish that a committee was created. [s-d240] - Qualification: The U.S. Trustee’s refusal preceded the request; the motion alone does not establish the court’s ultimate disposition. - Outcome: The motion’s later merits outcome is not established by this retained filing. - Attributed: The equity group said it had been informed that pre-petition block trades sold many of the most valuable reserve securities underpinning its valuation. The statement was part of its argument for shareholder representation, not a transaction-by-transaction sale record. [s-d240] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The equity group argued that Linqto had no pre-petition funded debt, about $2.1 million in trade debt and more than $19 million in securities-sale proceeds available to fund the cases. That argument does not resolve contested customer and regulatory liabilities or solvency. [s-d240] [s-d8] - Qualification: The equity group’s balance-sheet argument did not establish solvency or negate customer/regulatory claims. - Response: The committee disputed solvency and emphasized disputed customer-securities ownership, rescission and damages liabilities and the actual cash position rather than shareholder projections. - Attributed: The equity group contrasted the debtors' approximately $400 million Ripple valuation at June 30, 2025 with its own estimate of at least $800 million, applying a June 12 $175 tender price to its understanding of the share count. A tender price and estimated holding are not an assured realizable value for the entire position. [s-d240] - Qualification: Tender price applied to an estimated quantity is not a guaranteed realization value for the position. ## Liquidshares: holdings, customer cash and plan conditions - Documented: The July 2025 authorization identified Linqto Liquidshares and Linqto Liquidshares Manager as Delaware subsidiaries and authorized Chapter 11 filings. [s-d2] - Attributed: The debtors reported that Liquidshares tendered 243,444 Ripple shares in a tender closing around January 8, 2025; Ripple bought 151,105 at $125 each, yielding approximately $18.8 million. The proceeds, about $19.23 million including interest at the petition date, were held at Silicon Valley Bank in an unrestricted money-market account. [s-d70] - Qualification: Reported proceeds were held by Liquidshares; this does not establish that customers received cash distributions. - Documented: The stipulation says Liquidshares' Ripple-proceeds account moved from Silicon Valley Bank to Customers Bank around September 10, 2025; the account also held approximately $641,000 of dividends and distributions from other issuers at the petition date. [s-d70] - Documented: The disclosure statement says Liquidshares held roughly $19.23 million of Ripple tender proceeds, including interest, and $641,000 from other portfolio-company distributions in a money-market account at Silicon Valley Bank, a First-Citizens division, at the petition date. The account was segregated from other accounts but was neither restricted nor escrow. [s-d144] - Qualification: The First-Citizens SVB division holding the 2025 account is distinct from the failed SVB and its former holding company. ## Jeffrey Stein: restructuring authority and career context - Documented: Linqto Texas authorized Breakpoint Partners as restructuring adviser, including Jeffrey S. Stein's appointment as chief restructuring officer. [s-d2] - Documented: The General Committee ratified the Debtors’ engagement agreement with Breakpoint effective June 3, 2025, under which Breakpoint agreed to designate Jeffrey Stein as chief restructuring officer. The Committee also designated him a nonvoting ex officio member and adviser of the Special Subcommittee. Stein stated that he was not on the Board or General Committee, not a legal manager or equity holder of any debtor, and a member of Breakpoint. [s-d6] - Documented: Liquidshares' Schedule H lists Inc, Texas and Liquidshares Manager as co-debtors; Schedule G lists no executory contracts or leases. Jeffrey Stein signed the schedules on September 22, 2025. [s-d96] - Documented: A July 9, 2025 financing report names Schwartz as bankruptcy counsel, Portage Point Partners as restructuring adviser, Jefferies as investment banker and ThroughCo Communications as communications adviser, with Jeffrey Stein as CRO and Breakpoint managing partner. [s-d118] - Attributed: Jeffrey Stein's October 2025 declaration identifies him as Breakpoint co-founder and managing partner and lists prior restructuring or board roles at Whiting Petroleum, Philadelphia Energy Solutions, Westmoreland Coal, Ambac Assurance, MLR Petroleum, Vertex Energy, Aearo Technologies, Intelsat Connext Finance and NMC Health. [s-d232] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Documented: Sonder's September 2025 filing describes Jeffrey Stein as Linqto CRO since May 2025, Breakpoint co-founder/managing partner since April 2025 and Stein Advisors founder/managing partner since July 2010. It lists ongoing roles at Sunnova, Tribune Resources, Philadelphia Energy Solutions, Ditech and Ambac Financial Group, plus earlier Rite Aid and GWG restructuring roles. [s-d274] - Qualification: The May 2025 CRO biography date precedes June 3 contract ratification; appointment/service and ratification are different events. ## Linqto’s restructuring and customer recovery plan - Documented: Linqto Texas authorized a July 5, 2025 financing commitment with Sandton Capital Solutions Master Fund VI, LP and a senior secured superpriority debtor-in-possession loan agreement. [s-d2] - Attributed: The committee said Forge was selected as liquidating trustee through a competitive process involving the restructuring officer, committee and Jefferies, and said Sullivan & Cromwell's client relationship with Forge had been disclosed. [s-d8] [s-d125] [s-d62] - Qualification: The committee calls the selected party and Sullivan & Cromwell client only “Forge”, without specifying a legal vehicle. The January announcement separately names Forge Global, Inc.; the later adversary complaint names Forge Global Holdings, Inc. The committee disputes Solomon’s nondisclosure allegation; later refusal, appointment and performance obligations were contested. - Response: Solomon objected to Forge’s selection and alleged nondisclosure; the committee said the client relationship was disclosed and the process competitive. - Attributed: A retained corporate-register aggregation identifies Linqto, Inc. as Delaware company 4752594, with Incorporating Services, Ltd as registered agent. [s-d10] - Qualification: This is retained aggregated registry data; direct registry verification is unavailable in this witness. - Attributed: The retained registry aggregation lists Linqto foreign registrations in California, Idaho, Utah, Connecticut, Oregon and the District of Columbia. [s-d10] - Qualification: Foreign registration does not create separate ownership subsidiaries or prove present business activity. - Attributed: The debtors' complaint says the competitive process involved Jefferies and selected Forge as liquidating trustee and Van Eck Associates Corporation as manager of the proposed closed-end fund. [s-d62] - Qualification: Selection of a plan participant is distinct from commencement of its service. - Documented: John Deaton and represented creditors objected on July 29, 2025 to DIP financing and use of Ripple proceeds; approximately 186 customers filed joinders or similar objections, including about 90 represented creditors. Sapien and affiliates filed a limited objection on August 12. [s-d70] - Outcome: The parties negotiated the September settlement; later confirmation approved a customer-treatment plan without resolving all individual civil claims. - Documented: The September 2025 motion recounts a requested DIP commitment of up to $60 million and interim authorization for $10 million on July 8, 2025, with joint and several superpriority claims against the debtors. [s-d70] - Attributed: The September 16, 2025 settlement stipulation proposed DIP borrowing up to $25 million from Sandton Capital Solutions Master Fund VI, LP, with superpriority claims against each debtor jointly and severally. [s-d70] - Qualification: These are terms proposed in the September 16 settlement filing; implementation and final approval require later orders. - Attributed: That settlement excluded platform securities and their proceeds from DIP collateral while including estate claims and avoidance-action recoveries, subject to the professional-fee carve-out. [s-d70] - Qualification: The carve-out and exclusions are those of the settlement stipulation, distinct from the earlier interim collateral package. - Documented: The stipulation reported $10 million of DIP obligations plus fees and costs at its date, and recounted interim liens over debtor cash, deposit accounts, securities and other collateral. [s-d70] - Attributed: The settlement term sheet proposed a liquidating trust holding all Liquidshares equity, while Liquidshares would retain portfolio securities and issue the trust series equity linked to individual issuers. [s-d70] - Qualification: The term sheet describes intended plan mechanics, rather than completed transfers. - Attributed: For customers electing the closed-end fund, the term sheet provided that securities would initially remain with Liquidshares and later transfer to the fund as the trustee redeemed the corresponding series equity. [s-d70] - Qualification: Fund formation and transfer were future conditions in the term sheet, not then-completed events. - Attributed: The stipulation allowed the DIP lender to appoint Jeffrey Stein as attorney-in-fact to select and sell securities with committee consent to pay its claims; the term sheet separately delegated trustee and fund-manager selection to Stein as debtor representative. [s-d70] - Qualification: The sale authority requires committee consent and is scoped to repayment; appointment language is authorization rather than proof every sale occurred. - Documented: The term sheet provided that Liquidshares would remain holder of record of portfolio securities, existing equity interests would be cancelled, and new series equity issued to the liquidating trust. [s-d70] - Documented: The July 8, 2025 interim DIP order names all four Linqto debtors as borrowers from Sandton Capital Solutions Master Fund VI, LP, with a $60 million facility commitment and $10 million interim borrowing limit. [s-d100] - Documented: The interim order grants senior priming liens over DIP collateral, subject to the carve-out and its stated terms; the September settlement later changed the collateral treatment of platform securities and proceeds. [s-d100] - Attributed: Linqto announced on January 13, 2026 that the creditors' committee and CRO Jeffrey Stein had selected Forge Global, Inc. as liquidating trustee and VanEck as closed-end-fund manager in its plan supplement. [s-d125] [s-d199] - Qualification: The announcement names the operating subsidiary; the later complaint names Holdings, and Forge disputes appointment and performance obligations. - Outcome: Forge later refused to proceed and disputed obligations; the performance request was withdrawn, with damages disputed. - Documented: The docket records the February 13, 2026 order approving the disclosure statement and confirming the joint Chapter 11 plan in the four jointly administered Linqto cases. [s-d142] - Attributed: The confirmation order identifies Sapien Group USA as manager of Sapien Linqto SPV Fund Series III, and Sapien Ventures Investment Management as general partner of Funds No. 1 and No. 2; these Sapien entities were Class 4 customer creditors represented by White & Case, which asserted a lien on distributions. [s-d144] - Qualification: White & Case's claimed lien and any debtor challenges are expressly preserved; the order does not finally adjudicate validity, extent or priority. - Documented: The confirmation order preserves A.O.H. Driedijk Holding and Jaimin Bhatt's ability to seek class-claim allowance and additional non-rescission securities damages, subject to objections; it does not release debtors' federal or state securities-law liability. [s-d144] - Attributed: The confirmed plan gives allowed existing equity holders beneficial interests in the Wind-Down Trust under its waterfall, deems Class 13 to reject without voting, and provides no distribution for intercompany interests. [s-d144] - Qualification: Waterfall rights do not guarantee any residual distribution to equity holders. - Attributed: The disclosure statement says Katten was retained June 13, 2025 and the Special Subcommittee limited its investigation to viable estate claims against petition-date directors and officers; potential claims against other related parties were retained rather than released. [s-d144] - Qualification: The internal estate-claims inquiry was deliberately limited and ongoing; it is distinct from the SEC/FINRA/criminal investigations. - Documented: The confirmation order preserves SEC police and regulatory powers against nondebtors and states that liquidating Linqto debtors receive no discharge under section 1141(d)(3). [s-d144] - Attributed: The disclosure statement reports that the Special Subcommittee, advised by Katten after reviewing over 38,000 documents, found no viable estate claims against the new 2025 officers and director Siciliano, Huskins, Cathy Siciliano, Ancheta, Bowden and Kutler and proposed their plan releases. [s-d144] - Qualification: The Special Subcommittee made a limited estate-claims determination. Reed did not participate in the Independent Investigation, and Kutler did not participate in its new-2025 director/officer phase. - Attributed: The Special Subcommittee preserved potential estate claims against other current directors and officers who had been at the company since at least 2024, concerning historical compliance, securities-law conduct, oversight and related-party asset use. Preservation is not a liability judgment. [s-d144] - Qualification: The disclosure describes a phase of an ongoing, non-exhaustive investigation; it does not establish liability against any named earlier officer. - Attributed: The disclosure statement describes a collective management incentive for Siciliano, Huskins, Cathy Siciliano, Ancheta and Bowden, payable only after the proposed fund exceeds a 1.1 market-premium ratio and meets formation and employment conditions; payout is capped. [s-d144] - Qualification: The plan's general 110% wording and detailed formula define conditions and a capped award; no actual fund trading or payout is established. - Documented: On April 21, 2026, the bankruptcy court overruled Jan Kleipool's emergency objection seeking to move his recovery from the default closed-end fund allocation to the liquidating trust after missing the election deadline. [s-d197] - Response: At the March 19, 2026 hearing, the debtors and Special Committee argued that allowing Kleipool to change his election would have securities-law implications. - Outcome: The court overruled Kleipool’s emergency objection and denied the requested relief on April 21, 2026. - Attributed: The debtors' July 2026 motion describes the committee settlement as giving customers indirect interests in platform securities and excluding Linqto shareholders from that value. It reports approximately 95% acceptance by number and claim amount among voting customer classes 4, 8 and 9, and a wind-down trust to pursue causes of action, including against former directors and officers. [s-d198] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Documented: The confirmed plan provides for a holdback of platform securities to fund repayment of the DIP facility and the wind-down budget. First proceeds of that liquidation or financing must pay allowed DIP claims in cash until fully paid. [s-d144] - Documented: The plan requires a segregated Exited Customer Cash Pool by the effective date, prohibits commingling, limits its use to allowed exited-customer claims and bars liens or claims against that pool. [s-d144] - Documented: The confirmed plan defines a facility of up to $25 million with Sandton Capital Solutions Master Fund VI, LP as DIP lender. Its definition prints the agreement date as September 25, 2024, an apparent inconsistency with the 2025 case and financing chronology that should not be silently corrected. [s-d144] - Qualification: The printed 2024 agreement year is retained as a source inconsistency; it is not used as a genuine 2024 DIP transaction date. - Documented: The plan identifies docket 712 as the final order authorizing secured superpriority post-petition financing and use of cash collateral, together with liens and administrative-priority claims. [s-d144] - Documented: The disclosure statement records that the court overruled objections and approved the settlement, Ripple-proceeds and DIP motions on October 3, 2025. Settlement and proceeds orders were entered that day, and the final DIP order on October 6. [s-d144] - Documented: A February 6, 2026 company announcement says the bankruptcy court confirmed Linqto's plan after more than 95% customer support. The written confirmation order was entered February 13; confirmation does not itself mean the plan became effective or distributions began. [s-d239] [s-d325] - Qualification: Confirmation was announced February 6, the order entered February 13, and effectiveness remained a separate condition. - Outcome: The latest retained September 29 account says the plan was still not effective. - Attributed: The September 2025 equity motion describes the earlier proposed $60 million DIP financing: $10 million available under the July 8 interim order and $50 million contingent on final approval, plus issuance, exit, extension and undrawn fees and a 1.15-times minimum return. These are earlier proposed terms, not the final $25 million facility. [s-d240] - Qualification: The earlier $60 million financing proposal was superseded by the later $25 million facility; proposed fees are not treated as final terms. - Documented: The plan provides that on its effective date Liquidshares becomes wholly owned by the liquidating trust, existing equity is cancelled, and new series equity is issued to the trust tied to platform assets. Liquidshares remains record owner and the liquidating trustee becomes its sole manager. This is a conditional plan structure, not an already effective transfer. [s-d144] [s-d325] [s-d199] - Qualification: The ownership and manager changes depend on the plan’s effective date; the latest retained status report says effectiveness had not occurred. - Response: Retained reporting checked September 29, 2026 says the confirmed Linqto plan had not yet become effective and no replacement effective date appeared in the filings reviewed. The estate blamed Forge's refusal to serve; Forge denied both appointment and causation. Confirmation therefore did not establish commencement of plan distributions. - Outcome: The proposed ownership transfer was not represented as completed in the retained September 29 status account. - Attributed: Retained reporting checked September 29, 2026 says the confirmed Linqto plan had not yet become effective and no replacement effective date appeared in the filings reviewed. The estate blamed Forge's refusal to serve; Forge denied both appointment and causation. Confirmation therefore did not establish commencement of plan distributions. [s-d199] [s-d325] - Qualification: The September 29 status rests on a retained research account whose filings review ended September 18; it is not a live October status check. - Documented: In denying Kleipool’s late election change, the court found the notices adequately mailed and said he had not rebutted proper service. It reasoned that a new post-confirmation exchange from closed-end fund interests to liquidating-trust interests would fall outside the plan’s securities-registration exemption and prejudice implementation. [s-d197] - Qualification: This ruling concerned Kleipool’s requested late change, rather than a finding that all customer elections or plan distributions had occurred. - Response: Kleipool alleged interference with his email and postal mail and argued excusable neglect; the court rejected the requested relief. - Outcome: His emergency objection was overruled on April 21, 2026. ## Linqto and BCSA: proposal, conditions and termination - Documented: The 2024 transaction-support agreement contemplated Linqto surviving a merger with BCSA Merger Sub I and becoming a wholly owned subsidiary of Blockchain Coinvestors Acquisition Corp. I, with Linqto equity exchanged for BCSA shares. [s-d4] [s-d65] - Qualification: The merger was proposed, not completed; Linqto terminated the agreement September 26, 2024. - Outcome: Linqto terminated the merger agreement on September 26, 2024; this record does not show a completed merger. - Documented: On April 9, 2024 Linqto and BCSA announced a definitive merger agreement under which Linqto would become BCSA's wholly owned subsidiary, subject to approvals including both companies' shareholders. [s-d50] [s-d65] - Qualification: The agreement required closing conditions and was terminated September 26, 2024. - Outcome: Linqto terminated the agreement September 26, 2024 and agreed to a $5 million termination fee. - Documented: The April 2024 merger announcement names Lowenstein Sandler as Linqto's legal adviser, Seward & Kissel as BCSA's counsel and 5W PR as Linqto's communications contact. [s-d50] - Documented: BCSA's SEC filing reports that Linqto terminated their business-combination agreement on September 26, 2024 and agreed to pay a $5 million termination fee within 30 days; the transaction did not complete. [s-d65] - Documented: BCSA's historical team biography lists Matthew Le Merle as managing director and board chair, Fifth Era and Keiretsu fund-manager partner, and chair of Concept Art House, Securitize Europe and Universal Protocol Alliance and vice chair of SFOX. These are time-bound biographical roles, not direct Linqto ownership links. [s-d326] - Qualification: Historical career roles do not imply direct common control with Linqto. ## Norman Reed: board service and separate career roles - Documented: The July 2025 restructuring declaration listed Adam Henderson as board chairman and Dan Siciliano, Bill Sarris, Alison Kutler, Norman Reed and newly appointed independent director Jeremy Rosenthal as directors. [s-d6] - Documented: Linqto's October 19, 2023 announcement names Norman Reed as a new director and compensation-committee chair, an early Linqto investor and then interim Binance.US CEO. It describes prior work at the New York Federal Reserve and SEC, eight years as DTCC managing director, and general-counsel roles at Omgeo and Ripple. [s-d211] - Attributed: Binance.US announced Norman Reed's appointment as general counsel on December 20, 2021 and listed earlier general-counsel roles at Onsa, Nanopay, Carta, Ripple and Omgeo, a DTCC managing-director role, and service at the SEC and New York Federal Reserve. These are career roles, not evidence those institutions participated in Linqto's conduct. [s-d231] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Attributed: December 2024 reporting identifies Norman Reed as Binance.US interim CEO discussing a proposed early-2025 return of dollar operations after their 2023 suspension amid the SEC case. The report does not allege personal wrongdoing by Reed or establish that the proposed resumption occurred. [s-d320] - Qualification: The source carries an article-body-missing warning but retains the quoted excerpt; only that excerpt’s dated description and announced plan are used. ## William Sarris: founder, offices and proceedings - Documented: The restructuring declaration says Bill Sarris resigned as CEO on January 2, 2025, was terminated as an employee on March 10, and remained a director at the petition date. In January 2026 the committee also described him as a current equity holder. [s-d6] [s-d8] [s-d24] - Qualification: This later account conflicts with February and April 2024 company materials naming Endoso CEO; the record does not resolve who exercised ultimate authority throughout 2024. - Response: Contemporaneous February 2024 announcement says Sarris became executive chairman and Endoso CEO. - Documented: Linqto began in 2010 as Bill Sarris's technology and software business serving financial technology firms and later developed a platform for indirect private-company investments. [s-d6] - Documented: Linqto's August 2025 financial-affairs statement lists petition-date holdings of 18% for Liquidshares, 7% for William Sarris and 7% for Conrad Corporation as trustee of the Conrad Discretionary Trust. [s-d18] - Qualification: The stated percentages are a petition-date company filing, not a complete capitalization table or ultimate beneficial-ownership determination. - Documented: The April 2024 proposed BCSA merger valued Linqto at approximately $700 million enterprise value, subject to adjustments, with existing common shares exchanged for BCSA shares. [s-d22] [s-d65] - Qualification: The $700 million figure is the proposed transaction’s implied enterprise value, not cash proceeds or a completed valuation. - Outcome: The proposed merger was terminated September 26, 2024. - Documented: Linqto's April 9, 2024 employee FAQ identifies Joseph Endoso as the current CEO who would continue leading the company after the proposed merger. [s-d22] - Qualification: This contemporaneous CEO description conflicts with the later restructuring narrative that Sarris resigned only January 2, 2025. - Attributed: Linqto's February 23, 2024 announcement says Bill Sarris was moving from CEO after 14 years to executive chairman and Joe Endoso was appointed CEO. [s-d24] - Qualification: The announced CEO transition conflicts with later company and restructuring statements; the record does not resolve the difference. - Attributed: Linqto's January 23, 2026 management statement describes a 2024 search to replace Sarris as CEO and Endoso as former president, conflicting with contemporaneous 2024 announcements naming Endoso CEO. [s-d56] - Qualification: The later management account and the contemporaneous 2024 announcements are retained as competing descriptions. - Attributed: An early company profile lists Bill Sarris as CEO, Vicki Sarris as COO and cofounder, Carla Hudson as CFO and Hugh Molotsi, Nurani, Antonio Derossi and Earl Sacerdoti as advisers; Derossi's profile entry is marked unconfirmed. [s-d58] - Qualification: The profile is undated and reflects an early software-business period; 2015 is an award reference, not a verified profile date. - Attributed: The 2014 Linqto conference profile lists Bill Sarris as CEO, Vicki Lawrence as COO, Carla Hudson as CFO, Jared Reed as CTO, Erik Thomas as CSA and Dune Thomas as VP for mobile-banking solutions. It describes the company as employee owned and funded, founded in January 2010 and based in Pebble Beach. [s-d229] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Documented: The disclosure statement describes Linqto as founded by Bill Sarris in 2010 for financial-technology software development, later evolving into a platform for indirect private-company and pre-IPO investment. [s-d144] - Attributed: The disclosure statement dates Siciliano's CEO service and board appointment to January 2, 2025 after a search begun in early 2024. It identifies the incoming management team and says Linqto and Nikkl explored a Linqto acquisition of Nikkl; an explored transaction is not a completed acquisition. [s-d144] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Documented: Linqto's 2016 conference profile lists Sarris as CEO/co-founder and board chair, Vicki Lawrence as COO/co-founder and board secretary, Carla Hudson as CFO, Jared Reed as CTO, Erik Thomas as chief architect and Scott Tatro as VP of innovation, with Nurani on the board. [s-d329] ## Linqto Capital: permissions, accounts and personnel - Documented: The restructuring declaration described Linqto, Inc. as the direct or indirect parent of Linqto Texas, Liquidshares, Liquidshares Manager, Linqto Capital, Linqto Investment Management and Linqto QP. [s-d6] - Documented: Capital's regulatory report lists Linqto, Incorporated as sole owner from March 2021, in the '75% or more' ownership band, directing management and policy. [s-d27] - Qualification: The regulatory ownership band should not be restated as an exact percentage; “sole owner” is the report’s capacity description. - Documented: Capital's report lists Sean Bowden as CEO and compliance chief from December 2024 and principal operating officer and financial principal from July 2025, in an ownership band below 5%. [s-d27] - Qualification: The below-5% field does not establish an exact shareholding; the listed operating and financial capacities have different start dates. - Documented: Capital's regulatory report identifies a Delaware LLC formed January 2, 2021, CRD 314557 and SEC 8-70775, with a New York main office and SEC/FINRA approval from December 1, 2022. The report gives Linqto Capital as its doing-business-as name. [s-d27] - Attributed: An August 18, 2025 report quotes Linqto Capital's SEC disclosure of an ongoing FINRA Enforcement investigation and possible involvement in the broader SEC inquiry into its parent and Liquidshares. [s-d83] - Qualification: A disclosure of an investigation is not a finding of violation. - Response: The quoted regulatory disclosure says Linqto Capital was fully cooperating with all applicable regulatory inquiries. - Attributed: An August 2026 report repeats Linqto Capital's disclosure of a FINRA investigation and possible connection to the wider SEC inquiry, and says the company was cooperating. [s-d143] - Qualification: The report quotes a company disclosure and does not independently establish a completed regulatory decision. - Response: The report quotes Linqto Capital’s regulatory disclosure that it was fully cooperating with all applicable regulatory authorities. ## How Linqto’s investment structure worked - Attributed: In July 2025 the restructuring officer described nondebtor Linqto Capital as an SEC-registered, FINRA-member broker-dealer approved for private placements and an alternative trading system, led by Sean Bowden, but said it had never operated as a broker-dealer. [s-d6] [s-d27] - Qualification: Registration and business permission do not establish transaction activity. The indictment uses an approximate spring-2023 approval date, while the regulatory register records December 1, 2022. - Documented: From February 2020 until the March 2025 shutdown, Liquidshares acquired private-company securities or fund interests and offered customers units in series intended to confer indirect economic exposure. [s-d6] - Qualification: The declaration also says the platform stopped customer-facing operations on March 13, 2025; its background dates operation until March 14. - Attributed: The restructuring officer said customers lacked title or direct beneficial interests in underlying securities, which were never transferred to Liquidshares Manager or the applicable series despite the June 2024 purchase agreement. [s-d6] [s-d8] - Qualification: This is the debtors’ restructuring officer’s account, not a final adjudication of customer title; later settlement avoided litigating ownership and preserved customer economic treatment. - Response: The creditors committee argued that a constructive trust should protect customers even if the original structure failed. - Attributed: The restructuring declaration estimated that Liquidshares held securities in 111 issuers worth more than $500 million at the July 2025 petition date. [s-d6] - Qualification: This is a petition-date estimate of securities value, not cash available for distributions or Parent-only balance-sheet assets. - Documented: The restructuring declaration described revenue as the difference between Liquidshares' securities purchase price and the price of units sold to customers; revenue funded operations, insiders and marketing through promoters and influencers. [s-d6] - Documented: The restructuring officer reported $10,221,635.06 net revenue from March 6, 2025 to the petition date through block sales of inventory not allocated to customers, with issuer transfer restrictions and securities exemptions applying. [s-d6] - Documented: The declaration says exit events could yield shares transferred to customers' brokerage accounts or cash to accounts for their benefit; since April 2023 customers could also sell units back to Liquidshares. [s-d6] - Documented: Linqto provided management, financial, tax and administrative services to affiliates, including through an Expense Sharing Agreement with Linqto Capital. [s-d6] - Attributed: The restructuring declaration says Liquidshares' original formation certificate lacked series-company provisions and the series were improperly formed; the certificate was amended on August 17, 2021. [s-d6] - Qualification: The later amendment does not, in this account, remedy the absence of series schedules or actual securities transfers. - Attributed: The committee quoted a draft October 16, 2023 legal memorandum describing Parent's seller sourcing, loans to series and interest income, and Liquidshares' regular markups, as likely unregistered broker-dealer activity. [s-d8] - Qualification: The retained witness is the committee’s quotation of a draft legal memorandum, not the full original memorandum or a regulator’s determination. - Documented: Liquidshares' August 2022 Form D identifies a Delaware LLC formed in 2020, then using a Sunnyvale business address. [s-d16] - Qualification: Form D is an issuer notice claiming an exemption; the SEC does not certify the notice’s accuracy or legal compliance. - Documented: Liquidshares' August 2022 Form D identifies Joseph Endoso, CRD 4685036, in its sales-compensation section and associates him with Rainmaker Securities, CRD 132995. [s-d16] - Qualification: The compensation-section listing does not by itself prove actual personal commission payment to Endoso. - Documented: The August 2022 Form D explains a Rainmaker fee of 2.5% of sales across all special-purpose vehicles, capped at $100,000 monthly, and says subscriptions through the internet portal did not directly involve or compensate registered sales representatives. [s-d16] - Qualification: The filing lists zero commissions in the numeric field but separately explains Rainmaker’s fee arrangement; the two fields must be read together. - Documented: Liquidshares' August 2022 Form D claimed Rule 506(c) for Alloy-1 series units, with a first sale on July 29, a $307,209 offering and $10,021 sold at filing. [s-d16] - Qualification: The amount sold is as of the filing, not final cumulative fundraising. - Documented: The statement's notes say the latest audited financials omitted issuer securities held by Liquidshares, and that customer cash balances were outside the estates and could be withdrawn. [s-d18] - Qualification: The notes distinguish withdrawable customer cash from customer investment claims and issuer securities. - Attributed: The indictment describes Liquidshares as a master LLC purchasing underlying shares and allocating them to special-purpose vehicles, each limited to 99 customers, with hundreds of vehicles for popular issuers. [s-d20] - Qualification: This is the indictment’s account of the operational mechanism; customer legal ownership remained disputed in bankruptcy. - Attributed: The indictment alleges that a broker-dealer entity received approval around spring 2023 but was largely unused while Liquidshares retained undisclosed markups. [s-d20] [s-d194] - Qualification: The indictment’s approximate approval date differs from the regulatory register’s precise December 1, 2022 date. - Response: Sarris’s lawyer Tim Treanor says Sarris is innocent and intends to fight the charges. Treanor attributes customer recovery uncertainty to the later bankruptcy rather than the investments; that causal explanation is a defense position. - Attributed: The indictment alleges that Liquidshares underwrote and sold units of multiple unregistered investment-company vehicles, each limited to 99 customers. [s-d20] [s-d194] - Qualification: This is a charged theory of unregistered investment-company transactions, not a judgment against every issuer or customer. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The indictment cites a January 11, 2024 exchange about intentional price changes for a vehicle offering exposure to Linqto's own shares. [s-d20] [s-d194] - Qualification: Economic exposure through a vehicle must not be confused with direct Liquidshares ownership, separately reported at 18% in the SOFA. - Response: Sarris’s lawyer Tim Treanor says Sarris is innocent and intends to fight the charges. Treanor attributes customer recovery uncertainty to the later bankruptcy rather than the investments; that causal explanation is a defense position. - Documented: The April 2024 employee FAQ refers to member interests issued by Liquidshares series vehicles representing economic exposure to Linqto stock. [s-d22] - Qualification: Series member interests create described economic exposure, not a direct shareholder relationship for every customer. - Documented: Liquidshares' April 23, 2024 Form D reports $225,041 sold in its Liquid Death-1 series offering, without naming a sales intermediary. [s-d30] - Qualification: Absence of an intermediary name in one notice is not proof that all sales lacked brokers. - Documented: Capital's regulatory report says it did not maintain customer accounts, funds or securities with third parties and disclosed no control-by-agreement or external individual financing arrangements; it did use external record-archiving providers. [s-d27] - Qualification: Custody and third-party archival services are different arrangements; these statements do not describe the entire Linqto group’s customer cash custody. - Documented: The debtors' July 2026 complaint says Liquidshares held shares and interests in shareholding entities, purportedly allocated them to series sold to customers, and held securities of 111 issuers valued above $500 million at the petition date, including approximately $16 million reserved for its own account. [s-d62] - Attributed: In its September 2025 settlement motion, the debtors argued that Liquidshares bought platform securities with its own funds, held legal title, and sold customers series units rather than the underlying securities. [s-d70] - Qualification: The committee and Deaton parties asserted competing equitable ownership; the settlement did not adjudicate that dispute. - Attributed: The same motion records the committee and Deaton parties' competing claim that customers were promised SPVs, independent custody and protection from bankruptcy; the parties also pointed to K-1 forms reflecting that structure. [s-d70] - Qualification: These are customer-side allegations recorded in the debtors' motion; legal title and equitable rights were contested. - Attributed: Linqto's June 17, 2025 meeting account acknowledged that Liquidshares was not properly structured as a series LLC, its series had not been properly created, and securities had never been transferred to them despite marketing of direct company-share ownership. [s-d72] - Qualification: The statement comes from the company's new management, rather than a final liability judgment. - Attributed: On May 9, 2025, Linqto said an outside advisory firm compared underlying securities records on two independent equity-management platforms with investor records and found no discrepancies with its internal analysis. [s-d74] - Qualification: This company-announced stock-record comparison does not establish valid series formation or direct customer ownership. - Attributed: The May 2025 statement repeated Linqto's April 3 claim that Liquidshares was properly recorded on issuers' capitalization tables and that customer transactions had executed. [s-d74] - Qualification: Recording Liquidshares on capitalization tables does not establish direct ownership by its customers. - Attributed: The committee and Deaton parties argued that customer-linked securities and proceeds were held in constructive or resulting trust, rather than belonging to the estates. The settlement deferred adjudication of the ownership dispute while establishing customer treatment. [s-d70] - Qualification: The compromise avoided adjudicating the contested legal/equitable ownership issue. - Outcome: The settlement and confirmed plan prescribed customer treatment while avoiding the cost of an ownership trial. - Documented: Linqto Capital's CEO-signed 2025 exemption report asserts that it was not operational, held no customer funds or securities, and carried no customer accounts during the reporting period. [s-d79] - Attributed: Linqto Capital's exemption report for November 22, 2022–December 31, 2023 asserts approval to operate an alternative trading system but no custody of customer funds or securities and no customer accounts during that period. Sean Bowden signed it as CEO on July 10, 2025; the signature date is separate from the 2022–2023 reporting period. [s-d97] - Qualification: Approval to operate an ATS does not show it actually operated during the stated period. - Attributed: The debtors' customer FAQ says Linqto certificates did not represent direct ownership of portfolio companies and customers were creditors; customer accounts could not be transferred to another platform. [s-d98] - Qualification: The FAQ reflects the debtors' customer guidance and does not itself adjudicate each customer claim. - Attributed: The FAQ says customers could seek withdrawal of wallet cash, while shares and exit-event proceeds would not be distributed before emergence from Chapter 11; transactions were paused for regulatory noncompliance and the SEC Enforcement investigation. [s-d98] - Qualification: This is the then-issued FAQ's recovery guidance; it does not establish a later emergence or payout date. - Documented: Liquidshares' amended schedules acknowledge that its certificate lacked the Delaware statutory provisions for a protected series LLC and its purported series were not properly formed. [s-d96] - Attributed: The CRO declaration says no series schedules were created, the master purchase agreement was only signed June 1, 2024, and securities were never transferred to Liquidshares Manager despite its provisions for series recordkeeping. [s-d134] - Qualification: The declaration says securities were never transferred to Liquidshares Manager; the extraction's wording about its books cannot be strengthened into actual custody by the manager. - Documented: The disclosure statement says Inc operated the platform from February 2020 to March 14, 2025, initially lent Liquidshares acquisition money, housed corporate functions and staff, and received Liquidshares service fees while Liquidshares held the securities. [s-d144] - Documented: The disclosure statement says Liquidshares collected a 10% fee called a brokerage commission from April 2023 to August 2024, booked it to Capital, and later called it a redemption fee. [s-d144] - Attributed: The debtors' disclosure statement says Inc likely operated as an unregistered broker or security-based-swap execution facility; this is the debtors' legal assessment, not a separately established regulatory judgment. [s-d144] - Qualification: "Likely" is the debtors' legal assessment; the statement is not a final regulatory or judicial finding. - Attributed: The debtors' disclosure statement says Liquidshares retained securities rather than transferring them to series and likely operated as an unregistered investment company; it also describes Liquidshares and its manager as likely investment advisers requiring SEC registration. [s-d144] - Qualification: The registration assessments are the debtors' qualified conclusions, not an adjudication of liability. Describing both entities as likely investment advisers does not itself establish an intercompany ownership or management relationship. - Attributed: The disclosure statement describes FINRA's inquiry into Capital's anti-money-laundering and customer checks, customer disclosures, net capital, commissions, records and ATS/FOCUS filings; the FINRA and SEC investigations were ongoing at that statement's date. [s-d144] - Qualification: The statement describes investigation status at its own date; it cannot rule out later proceedings. - Documented: An archived February 12, 2025 Linqto FAQ says customer cash was held in a JPMorgan Chase omnibus account in Liquidshares' name for customers' benefit. [s-d151] - Attributed: The retained Linqto website says investments are series-fund units, represent economic interests in private companies and are segregated from corporate assets; bankruptcy records acknowledge that the purported series were not properly formed and securities never transferred. [s-d150] [s-d6] [s-d96] [s-d134] - Qualification: The website describes the offered structure; the bankruptcy record acknowledges formation and transfer failures, so the website is not proof that the structure functioned. - Response: The bankruptcy schedules and CRO declaration acknowledge defective series formation and no transfer of securities. - Attributed: The disclosure statement reports federal, state and international inquiries into prepetition conduct, including SEC and FINRA matters; it says impact could not be estimated and potential sanctions included fines, disgorgement and licence restrictions. [s-d144] - Qualification: The statement says the investigation impact is unquantifiable; potential sanctions are possibilities, not imposed penalties. - Response: The debtors said they had cooperated with authorities, supplied requested documents and continued working on inquiries into prepetition conduct. - Attributed: The amended customer complaint quotes a 2023 legal memorandum recommending an immediate halt or compliant reduction of markups, cessation of nonaccredited Rule 506(b) offerings, revised series documentation and corrected Form D practices. It alleges undisclosed series loans and says Linqto Capital did not facilitate those private placements. [s-d147] - Qualification: The complaint’s quotations and account of the legal memorandum are allegations and remain distinct from the original legal memorandum itself. - Attributed: Sarris argued that a 2024 legal opinion treated Linqto customer assets as customers' exclusive, bankruptcy-protected property, contrary to the debtors' position supporting use of assets in their plan. [s-d200] [s-d8] - Qualification: The creditors’ committee disputed the claim that the legal opinion established valid transfer and protected ownership of all previously sold securities. - Response: The committee said the true-sale opinion assumed a sale and addressed whether it was a true sale or pledge; it did not establish valid transfer of shares to the series, which the committee said had never occurred. - Attributed: The customer complaint alleges deficiencies in Linqto's configuration of Plaid identity verification, quoting internal lawyers' concern that autofilling names and Social Security numbers did not meet FinCEN requirements. The allegation concerns Linqto's configuration, not a finding that Plaid itself violated those requirements. [s-d147] - Qualification: The alleged compliance defect is Linqto’s implementation of Plaid, not an adjudicated breach by the service provider. - Attributed: The customer complaint cites transaction totals reported by Linqto of over $170 million in December 2022, $300 million in December 2023 and $460 million in September 2024. Plaintiffs allege customers bought series interests rather than direct shares, paid undisclosed markups commonly of 20–60% and sometimes 150%, and at least 5,000 were improperly classified as retail investors. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The customer complaint alleges Linqto sent marketing through Braze to over one million registered prospects and customers without regard to accreditation. Relying on a former employee, it alleges the company admitted nonaccredited investors using its own financial-sophistication test from December 2023. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The customer complaint describes a structure in which Linqto bought securities and sold them to Liquidshares, which held shares or fund interests and was supposed to allocate interests to series. Alternatively, it says Linqto lent money to series, with interest secured by securities, enabling a series to buy directly from a seller. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The customer complaint alleges that, through approximately December 2022, Linqto paid Rainmaker 2.5% of sales and brokers at least 1.35% in commissions for offering-related supervisory services and passed those costs to investors. These allegations are distinct from a finding that Rainmaker controlled Linqto. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The complaint alleges Ripple swaps in December 2023–January 2024 used a $55 customer price against Ripple's $61 tender price. A separate June 20, 2024 offer used a $61.48 equivalent price, a 10% trading fee and a $54,000 limit. Plaintiffs allege the tender purpose was undisclosed and customers also bore markups on original and replacement positions. [s-d147] - Qualification: The two swap episodes have different prices and fee terms; the June 2024 $61.48 price is not replaced by the earlier $55 price. - Attributed: The complaint quotes a Liquidshares operating agreement in effect January 21, 2020–January 1, 2024 providing an annual 0.5% fee on series subscription amounts. Applying company-reported aggregate investments, plaintiffs estimate at least $850,000 for 2022 and $1.5 million for 2023; these are estimates, not audited fee receipts. [s-d147] - Qualification: The fee totals are plaintiffs’ arithmetic using transaction totals and the contractual rate, not direct evidence of collected fees. - Attributed: The complaint alleges Linqto created another series after each 100 investors to claim an investment-company exemption, with 164 Ripple series using similar names and one SEC filer identifier. It quotes the 2023 legal memorandum warning that regulators would likely view the series as one issuance and reject the exemption. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Attributed: The complaint identifies Jack Drogin, Jodi Jamison and Susan Woodard as the legal/compliance team that sent Sarris an October 25, 2024 memorandum about unresolved securities-law issues, the SEC information request and likely FINRA action. [s-d147] - Qualification: This is a dated party filing’s account, not a judicial finding of the asserted conduct or valuation. - Documented: The confirmation order provides that debtors and plan successors will remain record holders of platform securities on issuer registers, subject to existing transfer, redemption and first-refusal restrictions. Assumption of identified contracts does not eliminate issuer rights or give each customer direct registered ownership. [s-d144] - Qualification: Existing issuer restrictions remain enforceable; the order does not establish a separate parent-subsidiary assertion merely by describing record holdings. ## Michael Huskins: legal and management roles - Documented: Mike Huskins, Nikkl's cofounder and chief legal officer, initially joined as Linqto Capital's general counsel and became Linqto, Inc.'s general counsel on March 25, 2025. [s-d6] - Documented: The statement lists Henderson, Kutler, Norman Reed, Rosenthal, Sarris and Siciliano as directors and Ancheta, Bowden, Huskins, Jared Reed, Cathy Siciliano and Warren as officers at filing. [s-d18] - Qualification: The SOFA identifies filing-date capacities; zero-percent officer entries should not override the separate current-or-former shareholder list. - Documented: Alpha Compute Corp reported that Michael Huskins was elected to its board and audit committee on August 17, 2026. The company said the board determined he was independent. [s-d190] - Documented: Alpha Compute's August 2026 biography describes Michael Huskins as Linqto's chief legal officer since January 2025, previously Nikkl co-founder and chief legal officer from January 2022 to January 2025, Twilio head of product operations from August 2014 to May 2022, and McKinsey associate principal from November 2007 to August 2014. [s-d190] - Qualification: The January 2025 biography start differs from the March 25, 2025 general-counsel appointment described in the restructuring declaration; capacities and dates are not equated. - Attributed: Linqto's March 14, 2025 announcement names Dan Siciliano as CEO replacing Sarris and a director; Bowden as Linqto Capital CEO; Huskins as Linqto Capital general counsel; Cathy Siciliano as COO; and Ancheta as chief administrative officer. It identifies the Siciliano/Huskins/Cathy Siciliano/Ancheta team's prior Nikkl roles and says prior executives were removed or terminated. [s-d239] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. ## Gene Zawrotny’s complaint and arbitration history - Documented: Former chief revenue officer Gene Zawrotny sued Linqto, Bill Sarris and Joe Endoso on October 7, 2024, alleging compliance failures and retaliation in Santa Clara County case 24CV449128. The restructuring declaration describes Endoso as president in October 2024. [s-d6] [s-d328] - Qualification: These are allegations in an employment complaint, not findings on the merits. - Outcome: A retained docket summary reports a June 9, 2025 order compelling arbitration and staying the action, followed by a July 2025 bankruptcy stay and plaintiff opposition; no merits disposition is shown. - Documented: The statement lists Zawrotny's employment lawsuit, Nurani and Krilanovich severance arbitrations, an IRS 2022-tax-year examination and Datasite's nonpayment suit as pending at filing. [s-d18] - Qualification: These are filing-time pending labels. The retained Zawrotny docket later records compelled arbitration and stays, without a merits award. - Attributed: Zawrotny's complaint describes Sarris as cofounder, CEO and executive chairman in the relevant 2024 period. [s-d26] - Qualification: The plaintiff’s overlapping CEO and chairman description conflicts with the contemporaneous announced CEO transition. - Attributed: Zawrotny's complaint identifies Drogin as general counsel and regulatory chief and Moran as compliance chief in February 2024. [s-d26] - Qualification: These are the plaintiff’s descriptions of roles in the disputed period. - Attributed: Zawrotny's complaint describes Endoso as COO and head of Linqto Capital in January–February 2024. [s-d26] - Qualification: This is the plaintiff’s account of capacities, not an independent finding about operational control. - Attributed: Zawrotny's complaint says he accepted the revenue-chief role December 27, 2023, began January 2, 2024 and was terminated April 18 after 107 days. [s-d26] [s-d328] - Qualification: These employment dates and claimed retaliation are the plaintiff’s account, with later arbitration and bankruptcy stays. - Outcome: A retained docket summary reports arbitration compelled June 9, 2025 and a stay; subsequent bankruptcy-stay filings did not adjudicate retaliation. - Attributed: Zawrotny alleges approximately 30% of roughly 10,000 purchasing customers were unaccredited despite offerings intended for accredited investors. [s-d26] [s-d328] - Qualification: The customer and accreditation figures are plaintiff allegations, not audited counts. - Outcome: The retained procedural summary reports an arbitration order and stay, not findings on the customer figures. - Attributed: Zawrotny alleges undisclosed markups sometimes above 150%, with an algorithm increasing price on each purchase from initial markups of 30–35%. [s-d26] [s-d328] - Qualification: The markup mechanism and percentages are plaintiff allegations, distinct from the later indictment’s figures. - Outcome: The retained procedural summary reports an arbitration order and stay, not findings on the markup figures. - Attributed: Zawrotny alleges customers bought special-purpose-vehicle units rather than issuer shares and management ignored his recommendation to describe the product as units. [s-d26] [s-d328] - Qualification: This is the plaintiff’s account of disclosure and ignored recommendations. - Outcome: The retained procedural summary reports an arbitration order and stay, not merits findings on disclosures. - Attributed: Zawrotny's complaint identifies Oliver Nguyen as human resources director and Katie Snead, later Tejada, as director of client success. [s-d26] - Qualification: These roles are attributed to the plaintiff’s complaint, without a current tenure claim. - Attributed: Zawrotny alleges Linqto induced him to join by describing a $300 million valuation and an expected increase toward $1 billion within a year. [s-d26] [s-d328] - Qualification: The figures are alleged recruitment representations, not independently appraised enterprise values. - Outcome: The retained procedural summary reports an arbitration order and stay, not findings on recruitment representations. - Attributed: Zawrotny's complaint says he previously worked for 11 years at Forge Global as Principal, Institutional Private Markets. [s-d26] - Qualification: This is biographical background in the plaintiff’s complaint; it does not itself prove Forge involvement in alleged Linqto misconduct. - Attributed: A retained state-court docket records that on June 9, 2025 the court granted the Linqto defendants’ motion to compel Gene Zawrotny’s claim into arbitration and stayed the action pending arbitration. On July 25 defendants filed a whole-action bankruptcy-stay notice, opposed by Zawrotny on August 1. The aggregation states that its court data were last updated June 8, 2026 and lists a September 24, 2026 conference as scheduled. [s-d328] - Qualification: The retained source is a docket aggregation rather than the full signed order; it does not establish a decision on retaliation or securities allegations. Its court data were last updated June 8, 2026. The corpus does not establish that the listed September 24 conference occurred, and no arbitration award or merits outcome was retained. - Response: The Linqto defendants moved to compel arbitration and stay the court action. After their July 2025 notice invoking a bankruptcy stay, Zawrotny filed opposition on August 1; those are procedural positions rather than a merits response to every allegation. - Outcome: The June 9, 2025 docket records arbitration compelled and the action stayed pending arbitration. No arbitration award or retaliation or securities merits ruling was retained. As of the June 8, 2026 court-data update, the September 24 conference was listed as scheduled. ## Victor Jiang: shareholder claims and Sapien capacities - Attributed: The creditors committee identified Linda Jones, Victor Jiang and Robert Cunningham as significant shareholders aligned with Sarris in opposing the bankruptcy narrative. [s-d8] - Qualification: Alignment is the committee’s characterization of litigating positions, not an independent business or control relationship. - Documented: The August 2025 interested-parties schedule lists current or former shareholders including Liquidshares, Sarris, Endoso, Conrad as trustee, Henderson, Hard Yaka Ventures, Nurani, Vicki Sarris, Erik Thomas, the Shawn and Norman Reed Living Trust, Sapien Ventures Fund No. 1, Slemmer, Jared Reed, Drogin and Jiang, without percentages. [s-d53] - Qualification: The list combines current and former holdings, without percentages or dates; listed trust vehicles must not be replaced by assumed personal ownership. - Attributed: A February 2025 archived Sapien profile describes Victor Jiang as founder/managing partner and co-founder of Sapien Ventures, Sapien Asset Management and Sun Ocean Capital. It lists Linqto among his investments and says he sat on eight technology-company boards across the United States, Australia and China. [s-d235] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. ## Gavin Solomon: shareholder and trustee capacities - Attributed: The creditors committee identified Gavin Solomon, Victor Jiang and a group led by Robert Cunningham as shareholder objectors to the Chapter 11 plan. [s-d8] - Qualification: This is the retained source’s account of the stated actor and period. - Documented: The shareholder schedule separately lists Conrad as trustee for H G Solomon Discretionary Trust and for Conrad Discretionary Trust. [s-d53] - Qualification: Conrad appears in distinct trustee capacities; they should remain separately identified even though the corporate trustee is one entity. - Documented: The November 3, 2021 director-interest notice identifies Gavin Solomon as Conrad's sole director and secretary, a shareholder of Conrad, and beneficiary of Conrad Discretionary Trust and H G Solomon Discretionary Trust. [s-d54] - Qualification: The notice says a shareholder, not sole shareholder; personal trust-beneficiary roles do not imply sole control or current ownership. - Documented: The notice records Solomon's Complii directorship from November 3, 2021 and describes him as Pancho director, secretary and shareholder and Gavsol Superannuation Fund beneficiary. [s-d54] [s-d333] - Qualification: The notice is dated 2021; subsequent directorship cessation must accompany any current-role description. - Outcome: Solomon ceased as Complii executive director effective March 1, 2023, according to the retained company announcement. - Documented: The shareholder schedule lists Pancho as trustee of Gavsol Superannuation Fund among current or former Linqto shareholders. [s-d53] - Qualification: The trustee’s listed current-or-former holder status does not quantify beneficial holdings. - Documented: Australia's business register identifies PrimaryMarkets Limited as an Australian public company, ABN 24 136 368 244 and ACN 136 368 244, active from March 31, 2009 and GST-registered from September 1, 2015, with main location NSW 2000. [s-d111] [s-d18] - Qualification: The registry identifies PrimaryMarkets. It does not itself establish Linqto’s interest, which is described separately in Linqto’s financial-affairs statement. - Documented: PrimaryMarkets' September 2021 acquisition announcement identifies Gavin Solomon as founder and executive co-chairman, describes a secondary-market platform for private companies and funds, and identifies Helmsec Global Capital as its wholly owned subsidiary. [s-d112] - Documented: The September 14, 2021 takeover agreement identifies PrimaryMarkets as borrower from Conrad Corporation Pty Limited, owing A$160,263.46 at June 30, 2021, with principal and further interest to be repaid by successful completion. [s-d112] - Attributed: The September 2021 announcement proposed PrimaryMarkets becoming a wholly owned Complii subsidiary and its shareholders receiving approximately 25% of Complii; Nicholas Capp and Gavin Solomon signed for PrimaryMarkets. [s-d112] [s-d164] - Qualification: This announcement is prospective; the later interim report confirms completion on November 3, 2021. - Outcome: Complii's interim report confirms acquisition of 100% on November 3, 2021. - Documented: Complii's interim report confirms its November 3, 2021 acquisition of all PrimaryMarkets ordinary shares for consideration valued at A$6,623,900, including 105 million issued shares and options. [s-d164] - Unresolved: A January 30, 2024 NSW tribunal appeal decision names Conrad Corporation and JPG Investments as the Lot 10 owners in a Bondi Junction redevelopment dispute and rejects the owners corporation's appeal. It refers to a Conrad director, Mr Solomon, but provides no company number to conclusively identify this Conrad with Linqto shareholder Solomon's company. [s-d213] - Qualification: The retained tribunal record gives no ACN or other unique company identifier linking its Conrad to the Linqto shareholder’s company. - Outcome: The Appeal Panel refused leave, dismissed the appeal and lifted the stay of the May 12,2023 tribunal orders. This did not establish the unresolved Linqto-shareholder identity match. - Documented: Complii's March 1, 2023 director notice records that Herbert Gavin Solomon ceased as executive director that day, receiving payment instead of six months' notice. He had joined in November 2021 following Complii's takeover of PrimaryMarkets. [s-d333] - Documented: The March 1, 2023 director-interest notice identifies Solomon as a director and secretary, and a shareholder, of Pancho (NSW), and as the sole director and secretary, and a shareholder, of Conrad Corporation, with beneficial trust interests. It records 25,684,852 Complii shares held through Conrad; this is a dated interest disclosure, not evidence of Linqto ownership through either company. [s-d333] ## Linqto’s finances: amounts, dates and limits - Attributed: In January 2026 the creditors committee said the debtors entered bankruptcy with less than $125,000 in cash and contrasted actual cash with shareholders' projections of solvency. [s-d8] - Qualification: The cash amount is the committee’s characterization of the debtors collectively, not the securities portfolio value. - Documented: The statement lists Charles River CFO, Deloitte and RSM as firms that audited, compiled, reviewed or prepared Linqto's financial records from 2023; service ended July 7, 2025 for Charles River CFO and March 31, 2025 for Deloitte and RSM. [s-d18] - Qualification: The category includes auditing, compilation, review and preparation; it does not assign each firm a particular audit opinion. - Documented: Linqto's statement identifies Blockchain Coinvestors, LLC and Sandton Capital Partners as recipients of financial statements during the two years before filing. [s-d18] - Documented: Linqto, Inc.'s financial-affairs statement reports gross operating revenue of $48,336,581 in 2023, $58,184,508 in 2024 and $2,687,640 from January 1 to July 7, 2025. [s-d18] - Qualification: These are Parent’s gross operating revenues before deductions; they are not investor subscription totals, group cash or net profits. - Documented: The statement reports a March 1, 2024 tax payment of $1,921,383.43 connected with Sarris's option exercise. [s-d18] - Documented: The statement's notes say Linqto paid Sarris's tax arising from a grant of stock to Ms. Sarris, upon information and belief at his direction. [s-d18] - Qualification: The note expressly uses “upon information and belief”; it does not identify Ms. Sarris by full name. - Documented: The statement identifies Sarris as a director and former CEO of Liquidshares and reports $471,666.96 in salary and bonuses paid during the year before filing. [s-d18] - Documented: The statement identifies Spencer Francis as a former investment specialist and nephew of an unnamed former chief financial officer. [s-d18] - Qualification: The former CFO is unnamed in this row; identifying that relative as David Paul requires another witness. - Documented: The statement identifies Nick Henderson as senior investment manager and the son of director Adam Henderson. [s-d18] - Documented: The statement identifies Nurani as former strategy chief and director and reports $210,421.49 salary and bonuses in the year before filing. [s-d18] - Documented: The statement identifies Brian Moran as former chief compliance officer and reports $169,868.12 salary and bonuses in the year before filing. [s-d18] - Documented: The statement identifies Mike Huskins as general counsel and general manager of Linqto Capital. [s-d18] - Qualification: The original says general manager, not chief executive officer. - Documented: The statement identifies Adam Warren as interim chief financial officer. [s-d18] - Documented: The statement reports $6,572,330.52 total insider payments and transfers in the year before filing, including $591,593.01 salary and bonuses to CEO Siciliano. [s-d18] - Qualification: The total covers a one-year insider-payment reporting period, not an allegation that every payment was improper. - Documented: The statement lists six Linqto Capital loan-forgiveness entries between October 2024 and March 2025: $600,000, $861,080.69, $350,000, $475,000, $1,669,209.94 and $350,000. [s-d18] - Qualification: The global notes explain that debt-forgiveness entries relate to shared services paid or provided by Parent with corresponding affiliate debt; they should not be treated as unaudited cash transfers. - Documented: The statement says Linqto's JPMorgan Chase account ending 4691 was closed September 11, 2024 with no balance. [s-d18] - Qualification: Closure concerns the identified account only, not all Linqto banking. - Documented: The statement lists prepetition restructuring-service payments to Sullivan & Cromwell, Schwartz and Breakpoint, including $623,125 to Breakpoint on July 7, 2025. [s-d18] - Documented: The statement reports $200,000 reimbursement of legal fees to Sandton Capital Solutions Master Fund VI in the 90 days before filing. [s-d18] - Attributed: Linqto's January 2026 management statement alleges over $2.45 million effective influencer compensation without customer disclosure, including over $650,000 to John Peak, $550,000 to Brad Kimes, $325,000 to Linda Jones, $180,000 to Barry Spencer and $25,000 to Ray Fuentes, in cash, credits, crypto, gifted units and discounts. [s-d56] [s-d200] - Qualification: These are Linqto’s estimates of effective compensation, including noncash benefits, and its allegations about disclosure practices; they are not findings against the five named individuals. No direct personal reply by the five named individuals was identified in the retained corpus; that does not establish absence of a reply elsewhere. - Response: In his January 26, 2026 supplemental objection, Sarris challenged the company’s press-release allegations as insufficiently detailed and described its finfluencer criticism as a direct attack on Linda Jones shortly before the confirmation hearing. This is Sarris’s criticism, rather than a personal denial by Jones or another named influencer. - Outcome: No individual adjudication of these promotion-payment or disclosure allegations was identified in the retained material. Jones’s separate turnover litigation concerns customer recovery, not a finding on this allegation. - Attributed: New management's June 2025 account said inconsistent accounting made Linqto appear profitable despite frequent losses, including omitted series-maintenance and Linqto Bucks obligations. It removed revenue attributed to two 2024 Ripple tenders pending proper classification. [s-d72] - Qualification: This is new management's account of historical accounting and classification, not a fresh audit of all prior statements. - Documented: Linqto Capital's retained SEC index lists four annual X-17A-5 filings: a July 9, 2024 paper filing, an original and amended filing on July 10, 2025, and a March 27, 2026 filing. [s-d77] - Attributed: Linqto Capital's 2025 audited financial statements identify it as a nondebtor dependent on parent capital contributions and court-budgeted parent DIP financing amid recurring losses and limited liquidity; substantial doubt about going concern remained. [s-d79] - Qualification: The retained financial report has partial/OCR extraction; the going-concern disclosure applies to Capital, a nondebtor, not a consolidated group balance sheet. - Attributed: At December 31, 2025, Linqto Capital reported assets of $483,000, including $477,000 cash; liabilities of $160,000, including $156,000 due to affiliates; and regulatory net capital of $318,000. [s-d79] - Qualification: Amounts are in thousands of dollars in the retained statements; OCR limitations do not support precision beyond the reported figures. - Documented: Ferrara, CPA signed Linqto Capital's 2025 audit opinion on March 26, 2026 and said the firm had served as its auditor since 2026. [s-d79] - Documented: The July 2026 operating report says customer-owned cash was excluded from Liquidshares' balance-sheet cash and closing cash, with a small difference caused by requested withdrawals moved to a disbursement account but uncleared at July 31. [s-d84] - Attributed: The July 2026 cash-flow exhibit reports Liquidshares net cash receipts of 130,113,353 and closing cash of 132,674,672, Linqto Inc closing cash of 8,754,650, Texas closing cash of 24,118, and consolidated closing cash of 141,453,440; it shows no DIP draw that month. [s-d84] - Qualification: The source exhibit labels its units "$ in 000s" but presents dollar-scale numbers; the figures are reproduced as reported numeric amounts without multiplying them. Global notes identify July data, while cover forms give a different period label. - Documented: Linqto Capital's 2025 statements report a $1.791 million loss, $2.995 million of member contributions, and closing member equity of $323,000 versus a $881,000 deficit at end-2024; its accumulated deficit was $4.833 million. [s-d79] - Attributed: The July 31, 2026 debtor balance-sheet exhibit reports Linqto Inc DIP financing of 24,257,998, accrued interest of 1,846,644, assets of 9,746,548 and negative equity of 19,404,403; it reports prepetition unsecured debt of 2,687,449 for Inc and 625,000 for Texas. [s-d84] - Qualification: The exhibit's "$ in 000s" header conflicts with apparently dollar-scale displayed values; figures are retained as written without an inferred multiplier. - Attributed: The July 31, 2026 exhibit reports Liquidshares assets of 798,024,709, including other assets of 555,878,481 and cash of 132,677,976. Its liabilities and equity are marked unknown, and private-company values remain at the petition-date valuation. [s-d84] - Qualification: Values are book/reporting figures, not a fresh market valuation; private-company values are static petition-date estimates and the unit header is inconsistent. - Attributed: The report filed September 23, 2026 shows no employees, receipts, disbursements, assets or debt for Linqto Liquidshares Manager; the retained cover identifies Samuel Schwartz as signatory. [s-d84] - Qualification: The filing is styled July reporting, but the form cover says September 1, 2026. The source does not support the extracted attribution of this cover signature to Stein. - Documented: The July 31, 2026 schedule lists two Customers Bank accounts for Liquidshares, JPMorgan Chase accounts for Liquidshares, Inc and Texas, and an Epiq escrow account for Inc at Citizens Bank. [s-d84] - Documented: The schedules explain that intercompany debt-forgiveness entries concerned shared services paid for or provided by Linqto Inc, with corresponding debts owed by other debtors. [s-d94] - Attributed: Liquidshares' amended September 2025 schedules report assets of $685,273,842.50 and liabilities of $415,486,008.86, comprising $2,779,000 priority unsecured and $412,707,008.86 nonpriority unsecured liabilities, with no secured claims scheduled. [s-d96] - Qualification: Debtor-prepared amended schedules are not realizable proceeds or adjudicated allowed claims. - Documented: The amended asset schedule reports $19,927,109.54 of Liquidshares cash, including $19,884,010.12 in a Silicon Valley Bank money-market account, and identifies JPMorgan Chase customer cash to which the debtor has no title. [s-d96] - Documented: Liquidshares' amended investment schedule reports $665,346,732.96 in investments, including marked-to-market Circle stock of $106,642,323.48 and CoreWeave stock of $2,788,362, alongside smaller public-stock positions. [s-d96] - Attributed: The schedule values Liquidshares' Ripple position at $398,839,514.94 and PsiQuantum at $2,607,200 using the company's internal June 30, 2025 methodology; ownership percentages for the private-company entries are unknown. [s-d96] - Qualification: Private valuations use the debtor's internal June 30, 2025 method, and unknown percentages do not establish control. - Attributed: The same schedule values Uphold at $9,482,902.80 and xAI at $20,432,433.09 using the internal June 30, 2025 methodology, within total investments of $665,346,732.96. [s-d96] - Qualification: These are internally valued scheduled positions, not verified market prices or control stakes. - Unresolved: Liquidshares' schedule includes a $1,670,000 position labelled Blockchain Coinvestors with unknown ownership percentage; it does not identify the precise company or fund, so identity with the BCSA sponsor is unestablished. [s-d96] - Qualification: The precise legal vehicle is not identified; this position must not be equated with the SPAC sponsor merely by name. - Attributed: Liquidshares' investment schedule includes a position labelled Linqto with unknown ownership percentage and a zero valuation; Linqto Inc's separate shareholder statement reports Liquidshares as an 18% shareholder. [s-d96] - Qualification: The asset schedule's unknown percentage and the shareholder statement's 18% describe different disclosure fields, not proof that a zero value extinguished ownership. - Attributed: The schedule values Space Exploration Technologies at $34,836,075.47, Cerebras at $26,065,360.86 and Kraken at $7,716,063.23 under the internal June 30, 2025 valuation method, with ownership percentages unknown. [s-d96] - Qualification: Private-company amounts are internally calculated June 30, 2025 schedule values; ownership percentages are unknown. - Documented: Linqto Capital's restated 2023 statements report a March 31, 2025 approval converting $1.669 million owed to Liquidshares at December 31, 2023 into capital retroactively, plus $3.136 million of parent contributions since January 1, 2024. [s-d97] - Documented: The restated statements report Linqto Capital's December 31, 2023 regulatory net-capital deficit of $794,000 against a $323,000 minimum, a $1.117 million shortfall, and an amended FOCUS filing on May 14, 2025. [s-d97] - Attributed: Retained reporting on the June 2026 operating report gives $1,667,003 net cash receipts, almost all at Liquidshares, $2,068,758 restructuring costs at Linqto, Inc., $23,030,487 DIP debt at June 30 and $678,637,726 total assets, including $555,912,760 private-company positions at petition-date marks. These are June figures, not September valuations or costs caused by Forge's later refusal. [s-d325] - Qualification: Dollar figures are paraphrased from a retained research account of the June report; the original operating report is not separately retained here and amounts are not multiplied by the exhibit’s erroneous thousands heading. - Analysis: The 117 printed investment-position amounts sum to $665,346,732.98, two cents above the amended schedule’s stated $665,346,732.96 investment total. [s-d96] - Qualification: The difference is retained as an arithmetic discrepancy in the schedule, without inferring a missing investment, fraud or a change in realizable proceeds. - Documented: Linqto, Inc.'s financial-affairs statement lists $16,000 paid to Brad Kimes and $16,000 paid to John Peak in the 90 days before the July 7, 2025 petition, describing each payment as contractor compensation. [s-d18] - Qualification: These dated payment entries are distinct from management's January 2026 estimates of effective influencer compensation across Sarris's tenure, which include noncash benefits and alleged nondisclosure. ## Sarris’s charges and Endoso’s guilty plea - Documented: On September 2, 2026 federal prosecutors announced Sarris's arrest and an unsealed indictment alleging securities fraud, broker-dealer fraud, wire fraud and conspiracies. The counts were two securities-fraud counts, one broker-dealer-fraud count, one wire-fraud count and two conspiracy counts. [s-d14] [s-d194] - Qualification: The charges are accusations; Sarris is presumed innocent unless and until proven guilty. No later disposition is established by this source. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Outcome: The same announcement reports Endoso’s August 27, 2026 guilty plea and government cooperation; it reports charges, not a Sarris conviction. - Documented: Prosecutors alleged that the markup scheme brought in more than $450 million from over 13,000 customers by mid-2025 and that Sarris sold customer-allocated shares without notifying customers in January 2025. [s-d14] [s-d194] - Qualification: The amount and customer count describe prosecutors’ alleged scheme, not a judicial loss finding. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Documented: Endoso pleaded guilty before Judge Denise Cote on August 27, 2026 and was cooperating with the government, according to prosecutors' September 2 announcement. His guilty plea covered one securities-fraud count, one broker-dealer-fraud count and two conspiracy counts. [s-d14] - Outcome: The retained announcement establishes the plea and cooperation; it does not establish a sentence. - Documented: The August 2025 statement lists pending SEC Enforcement matter SF-04680 and SDNY reference 2025R00335 concerning Liquidshares offerings. [s-d18] [s-d194] - Qualification: Pending was the statement’s filing-time status; September 2026 criminal charges and Endoso’s plea are later developments. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Outcome: Federal prosecutors later announced charges against Sarris and Endoso’s guilty plea in September 2026. - Attributed: The indictment alleges Sarris founded and controlled Linqto's investment platform between 2020 and 2025. [s-d20] [s-d194] - Qualification: This is an indictment allegation, not an adjudicated control finding. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The indictment alleges Sarris and close relatives held substantial equity and that the board awarded him approximately 1.9 million restricted stock units in October 2023, vesting on an IPO, acquisition or funding round valuing Linqto at $500 million or more. [s-d20] [s-d194] - Qualification: The equity incentives and conditions are allegations; no actual vesting or realized proceeds are established here. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The indictment alleges a median markup around 60% in 2020–2025, over a quarter of sales above roughly 80%, and some above 200%. [s-d20] [s-d194] - Qualification: The percentages are prosecution allegations; the median markup is not an investment loss percentage. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The indictment alleges Sarris tendered customer-allocated shares around January 3, 2025 without customer notice or consent, and the unnamed issuer bought more than $18 million of shares. [s-d20] [s-d194] - Qualification: The issuer is anonymized as Company-1 in the indictment; this witness alone does not name Ripple. Sarris remains presumed innocent. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The indictment describes Endoso as Sarris's second-in-command and alleged coconspirator in the pricing scheme. [s-d20] [s-d194] - Qualification: Endoso’s guilty plea is a separate established procedural development; allegations concerning Sarris remain unproven. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: On September 2, 2026, federal prosecutors alleged that Sarris evaded disclosure requirements and sold securities allocated to customers in January 2025 without telling them; these allegations are not a conviction. [s-d14] [s-d194] - Qualification: Sarris is presumed innocent unless and until proven guilty. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: A retained news report repeats prosecutors' allegation that Sarris used artificial scarcity and misleading market-price representations in 2020–2025, with some markups above 200%, attracting over $450 million from more than 13,000 customers. [s-d80] [s-d194] - Qualification: The report derives these allegations from the prosecution announcement and is not independent corroboration; Sarris is presumed innocent. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: A retained report of the prosecution announcement identifies Joseph Endoso as Sarris’s former second-in-command at Linqto and says Endoso pleaded guilty before Judge Denise Cote on August 27, 2026 and was cooperating with the government; Sarris was arrested separately. [s-d80] - Qualification: The retained report attributes the plea and cooperation to prosecutors; Sarris' charges remain allegations. - Attributed: Sarris' federal indictment alleges six counts and seeks forfeiture of proceeds of the charged offences; the forfeiture allegation is not an adjudicated recovery. [s-d20] [s-d194] - Qualification: Counts and forfeiture demands are allegations; no forfeiture judgment is established here. - Response: Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy. - Attributed: The retained California docket identifies United States v. Sarris, 5:26-mj-71175, filed September 2, 2026, as the out-of-district arrest and initial-appearance proceeding, with Kevin Rubino and Jeffrey Nedrow listed as defence counsel. [s-d157] - Qualification: This is the California arrest/transfer docket, distinct from the New York indictment merits case. - Attributed: Sarris' California docket records a September 2, 2026 initial appearance and an order setting a $1 million unsecured bond; he waived Rule 5 and 5.1 hearings. [s-d158] - Qualification: A bond order is not a judgment on guilt and does not establish subsequent compliance or detention status. - Documented: On September 9, 2026 the California court ordered Sarris to appear in the charging district and transferred his bail to the Southern District of New York. [s-d158] - Documented: The retained Rule 5 notice identifies Sarris' arrest around September 2, 2026 as based on the indictment in Southern District of New York case 26-CR-399. [s-d159] - Attributed: The notice lists statutory maximums, not sentences: 20 years and $5 million for counts 1, 2 and 6; five years and $250,000 for counts 3 and 4; and 20 years and $1 million for wire-fraud count 5. [s-d159] - Qualification: Statutory maximums are informational; actual sentencing is determined by the court. - Attributed: The retained docket identifies United States v. Endoso, 1:26-cr-00390, filed August 27, 2026 before Judge Denise Cote, and sealed August orders concerning an information and waiver of indictment. [s-d165] - Qualification: A sealed scheduling order and docket metadata do not substitute for the unavailable information text. - Attributed: Endoso's retained criminal docket records an information, unsealing order, waiver of indictment, appearance and bond entered September 16, 2026; the information text was unavailable in the retained docket material. [s-d175] - Qualification: Docket entry dates are not necessarily the dates of the sealed plea or underlying events; the retained information text was unavailable. - Attributed: In reporting on the September 2026 criminal charges, Sarris's lawyer Tim Treanor said Sarris was innocent and would fight the charges. Treanor attributed customers' recovery uncertainty to a bankruptcy filed six months after Sarris stopped running Linqto, rather than to the investments themselves. [s-d194] - Qualification: This is the defense position; Sarris is presumed innocent of the criminal accusations. - Response: Sarris’s lawyer Tim Treanor says Sarris is innocent and intends to fight the charges. Treanor disputes the claimed link between the investments and customer recovery uncertainty, attributing that uncertainty to the later bankruptcy. - Attributed: The U.S. Attorney’s Office reported that Endoso pleaded guilty on August 27, 2026 to four counts: securities fraud; broker-dealer fraud; conspiracy to commit securities fraud and broker-dealer fraud; and conspiracy to defraud the United States and conduct unregistered investment-company transactions. It said he was cooperating with the government. [s-d194] [s-d14] - Qualification: The official prosecution announcement supplies the four-count plea account. The secondary report is derivative and provides no independent corroboration. - Outcome: Endoso pleaded guilty August 27, 2026 to four counts and agreed to cooperate, according to the U.S. Attorney’s announcement. No sentence is established by that source. ## Alison Davis: disputed Linqto role and separate proceedings - Documented: Linqto's financial-affairs statement lists former roles: Alison Davis, director April 2024–January 2025; Jack Drogin, general counsel and chief regulatory officer November 13, 2023–April 30, 2025; Endoso, director November 2019–January 2025; Travis Jeppson, technology chief October 16, 2023–May 30, 2025; Jiang, director October 2022–May 2025; Joseph Krilanovich, design chief June 17, 2024–February 7, 2025; and Dermot Mee, revenue chief October 21, 2024–May 2, 2025. The statement also describes Endoso as a former president. [s-d18] [s-d22] [s-d183] - Qualification: The SOFA dates are debtor-filed historical assertions. Fifth Era Acquisition Corp. I expressly denies Davis was a Linqto director in 2024–2025; that conflict remains unresolved. - Response: Fifth Era Acquisition Corp. I states that Davis was not a Linqto director in 2024–2025 and seeks dismissal. - Documented: The merger announcement names Matthew Le Merle as BCSA chairman, Lou Kerner as CEO, Alison Davis as managing director and Mitchell Mechigian as CFO. [s-d50] - Qualification: The announcement alone does not establish that BCSA’s Alison Davis is the same person as Linqto’s former director of that name. - Documented: Fifth Era Acquisition Corp. I’s annual report identifies Alison Davis and her spouse Matthew Le Merle as founders and managers of Fifth Era and Blockchain Coinvestors, and Davis as BCSA managing director from November 2021 to its November 2024 liquidation. [s-d183] - Attributed: Fifth Era Acquisition Corp. I’s annual report records Davis' separate SVB-related litigation and the Gliksberg claim against BCSA officers and directors concerning trust assets; it reports no adverse factual findings or judgments against Davis in the listed SVB matters. [s-d183] - Qualification: The SVB and SPAC claims are separate proceedings; no SVB adverse findings against Davis were reported, and the Gliksberg asset allegation is attributed to its plaintiff. - Documented: Fifth Era Acquisition Corp. I’s annual report describes Alison Davis and her spouse Matthew Le Merle as founders and managers of Fifth Era and Blockchain Coinvestors from inception, with both managing the latter's general partner and investment manager. This does not equate the fund family with its acquisition SPAC. [s-d183] - Attributed: The FDIC's January 16, 2025 complaint includes Alison Davis among former Silicon Valley Bank directors, describing her service from 2020 until failure. It seeks damages for negligence, gross negligence and fiduciary breaches. The complaint's allegations do not establish liability or any connection between that bank's collapse and Linqto. [s-d246] [s-d267] - Qualification: These are FDIC complaint allegations; dismissal was later denied without a liability determination. - Response: On October 23, 2025, Judge Noël Wise denied motions to dismiss the FDIC's claims against former Silicon Valley Bank officers and directors including Alison Davis. The order allowed negligence, gross-negligence and fiduciary-duty claims to proceed and required answers by November 12; it did not decide liability. - Outcome: Motions to dismiss were denied October 23, 2025; liability was not decided in that order. - Attributed: A retained legal-news document summary reports a November 22, 2024 Delaware complaint by Gabi Gliksberg against BCSA, its sponsor, Davis, Le Merle and other directors, alleging attempted appropriation of more than $8 million in residual SPAC assets. The complaint itself and subsequent merits outcome were not available in the retained summary. [s-d314] [s-d183] - Qualification: The original complaint was not retained: its detailed account comes from a legal-news summary. A later official issuer filing independently identifies the proceeding as C.A.No.24-1202 and summarizes its trust-account distribution allegations. That corroboration does not establish the merits or prove Linqto’s involvement. - Outcome: A retained official issuer filing described Gliksberg v BCSA, C.A.No.24-1202, as pending at that filing’s date. No later merits judgment or settlement is established in the retained material reviewed. - Documented: BCSA's historical team biography lists Alison Davis as managing director, Fifth Era and Keiretsu fund-manager partner, and director of Collibra, Fiserv, Janus Henderson and SVB Financial Group, with the listed start dates in 2019, 2014, 2021 and 2020 respectively. It identifies her and Matthew Le Merle as spouses; the page does not establish that every listed role continued through this edition. [s-d326] - Qualification: Historical team-page capacities do not establish all offices remained current; failed SVB, SVB Financial Group and successor SVB division are distinct. - Documented: Fifth Era Acquisition Corp. I’s March 31, 2026 annual report identifies Alison Davis as its managing director. This SPAC is separate from BCSA and Fifth Era, LLC. [s-d183] - Qualification: The office is documented at the annual-report date, rather than an assertion of indefinite continued service. - Attributed: Fifth Era Acquisition Corp. I’s annual report says Alison Davis was an outside director of Silicon Valley Bank and SVB Financial Group from May 2020 until the bank entered receivership March 10, 2023. She remained a director of SVB Financial Group, separately from the failed bank, until November 7, 2024. [s-d183] - Qualification: These dated offices are the issuer’s account; they distinguish the failed bank from its former holding company. ## Parent and Liquidshares: ownership and shared services - Documented: The statement lists Liquidshares among businesses in which Linqto had an interest, with a business-existence date of January 21, 2020. [s-d18] - Qualification: This is a business-existence date, not a proven acquisition date for Parent’s interest. - Attributed: The CRO declaration's corporate diagram places Texas, Liquidshares, Liquidshares Manager, Capital, QP and Investment Management beneath Linqto Inc; Capital, QP and Investment Management are marked nondebtor affiliates. [s-d134] - Qualification: The diagram identifies subsidiaries and nondebtor affiliates, without an ownership percentage for every edge. ## Joseph Endoso: dated roles and guilty plea - Documented: Endoso's regulatory history lists a Linqto presidency from April 2019, association with Capital from October 2021, an Investment Management adviser-representative role January–August 2023, and prior Rainmaker, Enverra and OTCXN roles. The report identifies Linqto as Capital’s parent and records Capital registrations in January–February and November–December 2024. [s-d25] - Qualification: Regulatory employment history reflects reported Form U4 entries, which may not track later office changes; registration periods are separate. - Documented: Endoso's regulatory report discloses an outstanding California tax lien of $48,479.39 filed June 13, 2019 relating to 2013–2014 taxes; his statement says amounts remained under discussion with his accountant and the tax authority. [s-d25] - Qualification: The broker disputes the amount through ongoing discussions; the lien is not a finding of securities misconduct. - Response: Endoso stated the tax liability remained under discussion with his accountant and the California tax authority. - Documented: Endoso's regulatory report records Capital registrations in January–February 2024 and November–December 2024, prior Enverra, Rainmaker, KEMA and ABN AMRO registrations, and says he was not currently registered when the report was retained. [s-d25] - Qualification: The report separates two Capital registration intervals rather than a continuous January–December 2024 registration. - Documented: Linqto announced Ivon Rodriguez's appointment as chief marketing officer on January 12, 2021; the announcement identified Bill Sarris as CEO and Joseph Endoso as chief revenue officer and a director. [s-d68] ## Sean Bowden: Capital and reciprocal control disclosures - Documented: Capital's regulatory report describes SpareBank 1 Capital Markets as under common control with Capital through Sean Bowden effective December 26, 2024. [s-d27] - Qualification: The register describes common control through Bowden; it does not provide a personal ownership percentage in SpareBank 1. - Attributed: Sean Bowden's BrokerCheck report records registrations with Linqto Capital from December 26, 2024 and SB1 Capital Markets from November 7, 2024, both at 260 Madison Avenue; it discloses no reportable events. [s-d102] - Qualification: Registrations and absence of disclosed events are report-specific and do not establish absence of all possible complaints. - Attributed: Bowden's BrokerCheck employment history lists Linqto Capital CEO from December 2024, Digital Asset Consultants CEO from July 2023, Pickwick managing director in 2024, Symbridge Capital CEO and CCO from March 2020 to July 2023, and Arctic CCO, CFO and COO from April 2016 to November 2019. [s-d102] - Qualification: Employment dates are those reported in BrokerCheck; registration dates may differ. - Documented: SB1 Capital Markets' BrokerCheck report identifies SB1 Markets AS as foreign parent owning at least 75% from March 2013 and Sean Bowden as CEO and principal operations officer from January 2025, alongside its FINOP and compliance officers. [s-d185] - Attributed: SB1's report describes common control with Linqto Capital through Sean Bowden, effective January 24, 2025; Capital's separate report uses December 26, 2024 for the reciprocal disclosure. [s-d185] [s-d27] - Qualification: Reciprocal disclosures use different effective dates; shared control is the report's description, not proof that Bowden owns either company. - Attributed: SB1 Capital Markets' report records a September 2, 2025 succession changing incorporation from Florida to Delaware without change of ownership or control, at the same Madison Avenue address as Capital; no reportable events are disclosed. [s-d185] - Qualification: No disclosed events is limited to the report; shared address alone establishes no additional control beyond the separately disclosed relationship. - Documented: Sean Bowden's regulatory employment disclosure lists him as CEO of Digital Asset Consultants, LLC from July 2023, providing digital-asset consulting for 20 hours a week. Its listed New York address matches Linqto Capital's address; a shared address alone does not establish common ownership. [s-d102] ## Sandton entities and Linqto’s DIP lender - Documented: The October 9, 2026 LEI record identifies Sandton Master Fund VI as an active Cayman private fund, registration 2102284, created March 28, 2024, with Intertrust care-of legal address and a Sandton Capital Partners care-of New York headquarters address. [s-d61] - Qualification: Care-of addresses are not ownership or management proof; the API offers a separate fund-manager endpoint that is not present in this retained record. - Attributed: Sandton Capital Partners' April 17, 2026 Form ADV identifies a registered investment adviser, CRD 160364 and SEC 801-73961, at 16 West 46th Street in New York; this identifies the adviser separately from the DIP lending fund. [s-d106] [s-d18] - Qualification: The adviser and offshore issuer are distinct from the master DIP lender; a shared address does not make them interchangeable. - Unresolved: The retained SEC name-search results for Sandton Capital Solutions show three onshore or offshore fund entries but no entry under the exact Master Fund VI lender name; the search does not establish that no filing exists. [s-d113] - Qualification: Literal name-search nonappearance is a search limitation, not proof of nonexistence or wrongdoing. - Documented: The March 25, 2024 Form D for Cayman issuer Sandton Capital Solutions Offshore Fund VI, LP identifies Sandton Capital Partners as investment manager, VI GP LLC as general partner, and Rael Nurick and Thomas Hutton Wood as executive officers related to the issuer; the $450 million offering amount covers the issuer and related funds. [s-d114] [s-d115] - Documented: Dimitri Korvyakov signed Offshore Fund VI's March 25, 2024 Form D as chief financial officer of its investment manager. [s-d115] - Qualification: The signature title is a filing capacity; it does not assign ownership of the issuer or lender. - Documented: Sandton's April 17, 2026 adviser filing lists Cayman fund Sandton Fund VI Co-Invest, LP and its general partner, Sandton Capital Solutions VI GP, LLC. The retained extraction omits pages 85–93 and does not identify Linqto's named DIP lender in the extracted portion; a common fund-series name does not establish that these funds are the same entity. [s-d106] - Qualification: Missing extracted pages prevent equating Co-Invest, the series GP and the separately named Linqto DIP lender. - Documented: The October 9, 2026 GLEIF record identifies Sandton Capital Solutions Master Fund VI, LP by LEI 254900TLHT6DPW6S5E29. [s-d61] - Qualification: This identifier belongs to the lending fund, not to Sandton Capital Partners. - Documented: Sandton Fund VI Co-Invest, LP is reported as organized in the Cayman Islands with SEC Form ADV private fund identification number 805-4762706389. [s-d106] ## Forge entities, Schwab ownership and the trustee dispute - Documented: The July 2026 complaint identifies Forge Global Holdings, Inc. as the Delaware corporation sued by the Linqto debtors, with principal executive offices in San Francisco. [s-d62] - Attributed: On July 19, 2026, the four Linqto debtors and their creditors' committee sued Forge Global Holdings, alleging that Forge had refused on July 15 to act as liquidating trustee at Schwab's direction, and initially seeking performance and damages. [s-d199] [s-d62] - Qualification: This is the plaintiffs' account of the dispute; Forge contests appointment, breach, causation and the alleged Schwab instruction. - Response: Forge's September 1 answer denies breach and denies the allegation that Schwab ordered refusal; it also disputes appointment and causation. - Outcome: Forge's answer states that performance Count I and injunctive/equitable requests were withdrawn under the August 19 stipulation; monetary claims remained contested. - Attributed: The complaint quotes the February 13, 2026 confirmation order approving appointment of the liquidating trustee as sole manager of Liquidshares; whether Forge itself was appointed and bound is disputed by Forge. [s-d199] [s-d62] - Qualification: The quoted order is reproduced in a party complaint; Forge denies that it was itself appointed or bound. - Response: Forge denies that it was appointed as alleged, while admitting the confirmation order was entered and unstayed. - Outcome: The August 19 stipulation narrowed the later dispute, as described in Forge's answer. - Attributed: Forge's 2022 annual report identifies Forge Trust Co. as a wholly owned South Dakota non-depository trust company authorized for self-directed IRA custody and regulated by the state banking division. [s-d117] - Qualification: The annual report establishes group/custody capacity, not that Forge Trust acted as custodian of Linqto customer securities. - Attributed: The annual report identifies Forge Securities LLC as a subsidiary broker-dealer regulated by SEC and FINRA and operator of an alternative trading system for private securities. [s-d117] - Qualification: Named supplier status in the Linqto record does not establish the scope of any executed custody or trading mandate. - Attributed: An August 10, 2026 Linqto announcement says it continued litigation against Forge Global, Inc. and its owner Schwab; the retained complaint separately names Forge Global Holdings as defendant. [s-d125] - Qualification: The announcement's group-level naming is distinct from the legal defendant in the retained complaint. - Documented: Forge Global Holdings' SEC filing reports that Schwab completed its acquisition on March 2, 2026 through merger with Ember-Falcon Merger Sub; Holdings survived as a wholly owned Schwab subsidiary and shareholders received $45 per share. [s-d132] - Documented: At the March 2, 2026 merger, Forge Holdings' previous directors ceased serving and Richard Wurster, Michael Verdeschi and Jonathan Craig became directors; Wurster became president and CEO and Verdeschi CFO. [s-d132] - Documented: Forge's 2022 annual report distinguishes Forge Global, Inc., founded as Equidate in January 2014, from Forge Global Holdings: the operating company became Holdings' direct wholly owned subsidiary in the March 21, 2022 SPAC combination. [s-d117] - Attributed: Forge Trust's retained company page describes it as formerly IRA Services Trust Co., part of the Forge group owned by Schwab, chartered and regulated in South Dakota; it reports over $16 billion in custody assets and 2.3 million accounts. [s-d148] - Qualification: Custody assets/accounts are company-reported group-business figures and do not establish a Linqto client mandate. - Documented: At the March 2, 2026 merger, Forge Holdings appointed Wurster, Verdeschi and Craig as directors and named Wurster president/CEO, Verdeschi CFO, Craig and Hecht vice presidents, Tate vice president/secretary, Tellini assistant secretary, Goethe vice president/treasurer and Thacker vice president/controller. [s-d132] - Qualification: These are the survivor corporation's roles at merger completion, not a guarantee of continued office or liability in the Linqto dispute. - Attributed: The debtors and committee said Forge submitted a binding, irrevocable January 5, 2026 bid for both liquidating-trustee and closed-end-fund manager roles, won the trustee selection, and communicated on July 15 that it would not serve. They sought to compel performance before the anticipated July 20 effective date. [s-d198] [s-d199] [s-d325] - Qualification: Forge admits its bid won selection but disputes that it was appointed or contractually bound to serve. - Response: Forge's September 1, 2026 answer denies liability, an enforceable agreement requiring any Forge entity to serve as trustee, and causation of the alleged losses. Forge admits that Forge Global, Inc. representatives communicated on July 15 that it would not serve. Its answer says the August 19 stipulation withdrew the compulsion claim and injunctive/equitable relief, leaving state-law monetary claims II–V; it also invokes plaintiffs' failure to use the backup bid. - Outcome: Forge’s September answer says compulsory-performance and equitable demands were withdrawn; the retained September 29 report describes only monetary claims still pending. - Attributed: Forge's September 1, 2026 answer denies liability, an enforceable agreement requiring any Forge entity to serve as trustee, and causation of the alleged losses. Forge admits that Forge Global, Inc. representatives communicated on July 15 that it would not serve. Its answer says the August 19 stipulation withdrew the compulsion claim and injunctive/equitable relief, leaving state-law monetary claims II–V; it also invokes plaintiffs' failure to use the backup bid. [s-d199] - Qualification: The August 19 stipulation was not independently retained here; its withdrawal effect is quoted and characterized in Forge’s answer. - Documented: Forge's answer admits filing of the plan-support and transition-services motion on July 8, its July 10 amendment and entry of the July 13 approval order. It also admits Forge Global, Inc. negotiated forms of the agreements, including a $2 million service fee. The proposed arrangements involved the debtors, Liquidshares, Van Eck, the fund and trustees. [s-d199] ## The customer civil case and preserved claims - Attributed: A report recounts the July 2025 customer suit against Sarris and John Deaton's initial representation of the plaintiffs, who alleged misleading promotion of Ripple and other private shares. [s-d143] [s-d146] - Qualification: The quoted investor assertions are allegations; Deaton later withdrew from representing the original plaintiffs in this civil action. - Outcome: The October 31, 2025 docket order terminated Deaton as counsel after withdrawal and denied Sarris' disqualification motion as moot. - Documented: The retained civil docket identifies A.O.H. Driedijk Holding v. Sarris, 1:25-cv-05643, as filed July 9, 2025 in Manhattan, assigned to Lewis Kaplan and referred to Barbara Moses, with last known filing October 2, 2026. [s-d146] - Attributed: The November 17, 2025 amended complaint names Sarris, Endoso, Paul, Moran, Nurani, Slemmer, Jiang, Davis, Reed, Henderson and Rainmaker Securities as defendants; Linqto corporate debtors are not named as defendants in that pleading. [s-d146] - Qualification: Naming defendants in a complaint establishes procedural roles, not liability or a business association among co-defendants. - Attributed: The civil complaint alleges Brian Moran was Linqto chief compliance officer from November 2021 to December 2024 and affiliated with Capital from December 2022 to December 2024. [s-d147] - Qualification: The role dates are alleged in the civil complaint; they are not an adjudication of the complaint's substantive claims. - Attributed: The civil complaint alleges Karim Nurani was chief strategy officer from 2020 to March 2025 and a director from March to May 2025. [s-d147] - Qualification: The complaint's role account is preserved as attributed history. - Attributed: The complaint alleges Victor Jiang served as a Linqto director from October 2022 to May 2025. [s-d147] - Qualification: The role and dates are allegations in the complaint. - Attributed: The complaint alleges Alison Davis served as a Linqto director from April 2024 to January 2025 and chaired BCSA; Fifth Era's later SEC filing expressly denies that she served on Linqto's board and says it is seeking her dismissal. [s-d147] [s-d183] [s-d18] - Qualification: The retained SOFA and amended complaint give a board tenure, while the later issuer filing expressly denies it; this conflict remains visible. - Response: Fifth Era Acquisition Corp. I states that Davis was not a Linqto director in 2024–2025 and seeks dismissal. - Attributed: The complaint alleges Norman Reed served on Linqto's board from October 2023. [s-d147] - Qualification: This is the complaint's role allegation at its filing date. - Attributed: The complaint alleges Adam T. Henderson served on Linqto's board from 2022. [s-d147] - Qualification: This is the complaint's role allegation at its filing date. - Attributed: The complaint alleges David Paul was Liquidshares' chief financial and administrative officer from May 2020 to May 2025 and signed its series Form D filings. [s-d147] - Qualification: The complaint's employment and filing-role account does not itself establish liability. - Attributed: The complaint alleges Endoso held CEO, CFO, chief revenue officer, COO and president roles at Linqto in 2019–January 2025, served on its board until January 2025, and was a Rainmaker representative receiving sales commissions in at least 2020–2022. [s-d147] - Qualification: The civil complaint's role allegations are separate from Endoso's later guilty plea; the plea should not be imputed to other defendants. - Attributed: The complaint identifies Rainmaker as a FINRA-registered broker-dealer and SIPC member based in Miami and alleges it provided paid supervisory services to Linqto. [s-d147] - Qualification: Paid oversight is alleged in the complaint and does not show Rainmaker controlled every Linqto activity. - Attributed: A.O.H. Driedijk Holding and Bhatt's amended complaint identifies them as purchasers of Liquidshares series units and pleads federal and state securities and California unfair-competition claims against individuals and Rainmaker. [s-d147] - Qualification: The asserted statutory violations remain civil allegations; the plan preserves claim rights and objections. - Attributed: Linqto's August 5, 2026 statement says the court denied consolidated Circle-share turnover motions as improper and procedurally defective after a June 22 hearing; Linda Jones had first moved in February, and the committee supported debtors' opposition. [s-d152] - Qualification: The retained company statement reports a procedural denial, not a final finding that all investors lacked equitable rights. - Outcome: The statement reports that the consolidated turnover motions were denied; it does not report an adjudication of every ownership claim. - Documented: Lori Maxwell and Anthony DeLuccia filed the original civil complaint against Sarris on July 9, 2025 through John Deaton; later amendment changed the lead plaintiffs and added defendants. [s-d146] - Outcome: The amended complaint was filed November 17, 2025 with different lead plaintiffs and additional defendants. - Documented: Sarris moved to disqualify Deaton on July 17, 2025; the docket records denial as moot on October 31 after Deaton withdrew, rather than an adverse disqualification finding. [s-d146] - Outcome: The October 31, 2025 order denied the motion as moot after Deaton withdrew. - Documented: The civil docket records service on Endoso on December 16, 2025 and Aurora Cassirer's July 28, 2026 appearance for him. [s-d165] - Attributed: Fifth Era Acquisition Corp. I’s annual report acknowledges Davis is a defendant in the amended Linqto civil case, disputes the allegation that she was a Linqto director in 2024–2025, and says it seeks her dismissal. [s-d147] [s-d183] [s-d18] - Qualification: This is a denial by an issuer associated with Davis; it conflicts with the Linqto SOFA and complaint and does not itself resolve the factual dispute. - Response: The Linqto SOFA and amended complaint identify Davis as a former director in April 2024–January 2025. - Documented: On September 17, 2025, Judge Lewis Kaplan appointed the Linqto Investors group as lead plaintiff in the customer securities case and approved Scott+Scott and Catherine Pratsinakis of Dilworth Paxson as co-lead counsel. [s-d146] - Documented: On October 31, 2025, Magistrate Judge Barbara Moses closed Sarris's motion to disqualify John Deaton as moot after Deaton withdrew from representing Maxwell and DeLuccia. The court's disposition did not adjudicate the disqualification allegations on their merits. [s-d146] - Outcome: The disqualification motion was closed as moot on October 31,2025 after Deaton withdrew; no merits ruling on the alleged conflict followed in that disposition. - Documented: The December 11, 2025 scheduling order extended Sarris's response deadline until the new defendants had been served or plaintiffs disclaimed service. September–October docket entries record Timothy Treanor and Arlo Devlin-Brown replacing his previous counsel. [s-d146] ## Linqto and Forge Holdings: the contested trustee obligations - Documented: The docket identifies the Linqto debtors and committee's Forge Holdings adversary proceeding as 26-03265, filed July 19, 2026, and records a stipulation filed August 18. [s-d157] - Attributed: The debtors' July 2026 motion describes Forge's proposal for a wholly owned trustee subsidiary, a 2% realization fee, and a later negotiated $2 million service fee. It alleges Forge told Jefferies on July 15 that Schwab instructed it not to serve. [s-d198] [s-d199] - Qualification: Forge denies the allegation that Schwab instructed it not to serve and disputes breach and causation. - Response: Forge’s answer denies the Schwab-instruction allegation and says no enforceable agreement bound any Forge entity to the trustee role. - Outcome: No retained merits ruling decides the disputed instruction or liability. - Documented: Forge's answer admits that the debtors filed Ripple-sale motions on June 26, 2026 and that the court granted them on July 1. The complaint describes the proposed sales as reducing Ripple concentration to meet the closed-end fund's 25% single-company limit and providing wind-down liquidity; Forge does not admit all of that characterization. [s-d199] - Attributed: The same September 29 report describes the Forge adversary proceeding as open with no judgment, dismissal or settlement, following withdrawal of compulsory-performance and equitable claims as characterized in Forge's answer. Four monetary claims remained, Forge denied liability and demanded a jury. The report had not obtained the August 19 stipulation itself. [s-d199] [s-d325] - Qualification: The report had not obtained the stipulation; Forge’s answer characterizes withdrawal. September 29 is the status-check date. ## Liquidshares’ complete scheduled investment register - Documented: Liquidshares' amended investment schedule lists ABRA at $280,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ACORNS at $473,126.90, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ADDEPAR at $374,736.28, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ALCHEMY at $234,338.88, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ALGOLIA at $112,350.42, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ALLOY at $86,098.60, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ALTO PHARMACY at $405,500.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ANTHROPIC at $16,711,797.76, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ASAPP at $91,786.25, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ASTRANIS SPACE at $293,073.30, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists AUTOMATION ANYWHERE at $136,682.52, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists AVATHON (FKA SPARKCOGNITION) at $226,746.43, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists AXIOM SPACE at $1,259,938.80, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BIGID at $139,723.79, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BITGO at $358,512.50, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BITPAY at $414,463.50, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BLOCKDAEMON at $462,465.07, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BLOOMREACH at $225,174.60, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BRANCH at $116,832.38, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists BREX at $131,339.21, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CALM at $123,216.75, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CARBON at $456,108.10, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CHAINALYSIS at $768,037.51, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CHIME at $654,827.25, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CITYBLOCK at $37,952.46, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists COHERE at $244,507.25, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CONSENSYS at $86,637.42, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists COPPER at $197,030.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists CYBEREASON at $50,040.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DAILYPAY at $134,580.06, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DAPPER LABS at $97,477.60, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DATABRICKS at $1,188,542.27, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DATAMINR at $154,375.32, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DEEL at $82,854.97, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DEGREED at $142,279.68, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DISCORD at $270,731.07, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DRIVEWEALTH at $211,410.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists DUNE ANALYTICS at $75,348.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists EAT JUST at $232,947.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists EIGHTFOLD.AI at $90,539.19, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists EPIC GAMES at $381,017.05, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists EVENTS.COM at $400,800.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists FANATICS at $233,906.31, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists FIGMENT at $250,418.52, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists GECKO ROBOTICS at $779,845.56, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists GLINT at $850,000.14, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists GROQ at $2,632,102.66, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists H2O.AI at $566,563.19, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists HONEYBOOK at $88,948.74, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists IMPOSSIBLE FOODS at $74,053.27, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ITRUSTCAPITAL at $999,940.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists KORE.AI at $200,116.70, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists LAMBDA LABS at $805,585.75, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists LEDGER at $815,363.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists LIGHTMATTER at $2,461,544.41, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists LIQUID DEATH at $430,577.91, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists LOCUS ROBOTICS at $115,867.02, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists M1 FINANCE at $193,647.15, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists MOTIVE at $219,113.13, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists NEO4J at $85,175.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists OPTORO at $313,057.50, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists PATREON at $106,400.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists PLACER.AI at $211,062.50, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists POLYSIGN at $100,832.37, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists POSTMAN at $104,970.54, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists PROVE IDENTITY at $152,640.81, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists PRYON at $399,159.20, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists QUANTUM SPACE at $499,998.87, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists QUMULO at $144,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists REDWOOD MATERIALS at $416,181.41, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists RELATIVITY SPACE at $2,264.04, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists RIPPLING at $400,590.01, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SAMBANOVA SYSTEMS at $1,597,189.35, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SCALE AI at $687,788.17, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SECURITYSCORECARD at $114,075.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SHIELD AI at $905,206.97, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SINGLESTORE at $161,555.52, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SNAPLOGIC at $246,975.75, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SOLUGEN at $141,009.90, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SPACE PERSPECTIVE at $0.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists STANDARD AI at $75,620.16, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists STRIPE at $2,012,477.69, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists SYNTIANT at $500,073.60, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists TAE TECHNOLOGIES at $278,062.50, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists TANIUM at $222,251.78, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists TEALIUM at $65,625.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists THOUGHTSPOT at $126,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists THRASIO at $250.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists TRADESHIFT at $54,041.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists TURO at $294,966.19, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists UNSTOPPABLE DOMAINS at $402,610.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists UPGRADE at $377,500.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists VARO at $236,629.80, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists VIZ.AI at $238,630.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists WELLHUB (FKA GYMPASS) at $140,685.86, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists WHOOP at $184,306.81, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists WORKRISE at $27,533.04, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists XPANSIV at $163,088.21, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ZINCFIVE at $150,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ZIPLINE at $1,554,906.81, valued internally as of June 30, 2025 with ownership percentage unknown. [s-d96] - Qualification: This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name. - Documented: Liquidshares' amended investment schedule lists ASTERA LABS (ALAB) at $4,391.38, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. - Documented: Liquidshares' amended investment schedule lists BETTER HOME & FINANCE (BETR) at $9,178.68, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. - Documented: Liquidshares' amended investment schedule lists BOLT PROJECTS HOLDINGS (BSLK) at $711.00, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. - Documented: Liquidshares' amended investment schedule lists DRAFTKINGS (DKNG) at $1,257.98, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. - Documented: Liquidshares' amended investment schedule lists MARQETA (MQ) at $11,874.06, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. - Documented: Liquidshares' amended investment schedule lists RUBRIK (RBRK) at $10,153.05, using marked-to-market valuation. [s-d96] - Qualification: This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established. ## Margaret Slemmer: Linqto and Hard Yaka roles - Attributed: The Nevada docket lists Margaret Slemmer with Kevin Leiske, Brett Beldner and Joseph Christopher Lewis on the defense side in Hard Yaka LLC v. Hard Yaka Ventures GP, LLC, filed March 3, 2025. This is a fiduciary-duty dispute involving Robert Gregory Kidd, not a finding of misconduct by Slemmer. [s-d201] - Qualification: The Slemmer identification relies on her exact name and Hard Yaka GP role, later stated in the Delaware decision; the proceeding is separate from Linqto. - Attributed: In the federal Delaware contract case Leiske v. Kidd, filed May 14, 2025, Slemmer, Leiske and Lewis sought remand on May 19. The docket period ends October 22, 2025, but that alone does not establish a merits outcome. A related Ninth Circuit appeal, Hard Yaka, LLC v. Leiske, was filed November 28, 2025. [s-d201] - Qualification: A docket end date is not treated as a judicial merits decision or evidence that the underlying dispute ended. - Attributed: On February 3, 2026, Delaware's Court of Chancery affirmed, on narrower grounds, an award of legal-expense advancement to Hard Yaka GP managers including Slemmer in disputes with Kidd. Advancement determines funding of litigation expenses, not the merits of the Nevada or arbitration disputes. [s-d224] - Qualification: This is a legal-expense advancement ruling, not a final merits judgment on underlying management allegations. The retained decision excerpt ends during the exhaustion-defense analysis; its introductory disposition and nexus analysis are present, but the complete opinion is not retained. - Response: The managers argued the proceedings implicated their corporate status and their indemnification rights were cumulative. Defendants countered that the cases concerned personal financial payouts and that the managers should first seek advancement from the GP. - Outcome: On February 3,2026 the Delaware Court of Chancery affirmed legal-expense advancement on narrower grounds. The ruling concerned advancement, rather than a final resolution of the underlying Hard Yaka management disputes. - Documented: The Delaware decision identifies Kevin Leiske, Joseph Christopher Lewis, Margaret Slemmer and Robert Gregory Kidd as Hard Yaka Ventures GP managers. The GP is general partner of Hard Yaka Ventures LP, and Kidd is the fund's sole indirect limited partner. [s-d224] - Documented: An executive-data profile updated July 13, 2026 describes Margaret Slemmer as Hard Yaka partner and COO and refers to her intervenor status in the 2025 Nevada dispute. Her GP-manager identity is more directly supported by the Delaware decision; the profile does not independently corroborate the merits of that dispute. [s-d263] - Documented: The Nevada docket identifies Hard Yaka LLC and Robert Gregory Kidd as plaintiffs, Hard Yaka Ventures GP as defendant, and Leiske, Beldner, Slemmer and Lewis as intervenors in case 2:25-cv-00387. These shared proceeding roles do not prove business association or common control among all parties. [s-d317] - Outcome: The Nevada docket records denial of Hard Yaka LLC’s emergency motion on March 17, 2025 for unmet conferral requirements and an unenforceable state order at removal. On April 28, 2025, sensitive records were sealed and the intervenors’ dismissal motion was pending. Neither entry establishes a merits determination. - Documented: On March 17, 2025, Judge Cristina Silva denied Hard Yaka's emergency motion because meet-and-confer requirements were unmet and the state order was unenforceable at removal. The parties were ordered to confer on expense payments and investments before further motions; the order did not resolve the dispute's merits. [s-d317] - Attributed: On April 28, 2025, the Nevada court sealed records containing sensitive business and financial information about Hard Yaka Ventures LP and investors. The intervenors' dismissal motion was then pending. Sealing is a disclosure restriction, not evidence of liability. [s-d317] - Qualification: The sealed records and pending motion are procedural facts, not a judgment on the fiduciary allegations. - Documented: Linqto’s financial-affairs statement lists Margaret Slemmer as a former director from October 2020 to February 2025. [s-d18] - Qualification: These are debtor-filed historical dates. ## Karim Nurani: strategy, board and investor disputes - Documented: Linqto's April 15, 2020 conference announcement names Karim Nurani as chief strategy officer and Greg Kidd as a strategic adviser. Matthew Le Merle and Forge CEO Kelly Rodriques were also announced speakers; shared event participation does not itself establish a business relationship among every speaker. [s-d214] - Documented: A retained docket extract records Liquidshares' July 7, 2025 Chapter 11 petition and a disputed employee claim by Karim Nurani. The creditor list does not establish that the claim was allowed or paid. [s-d2] [s-d201] - Attributed: Karim Nurani's own biography describes him as Linqto chief strategy officer, Global Investor Conference co-founder, Global Investor Podcast host and Keiretsu Connect partner, with earlier Bay Angels and Sandalwood Ventures work. [s-d287] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. - Attributed: The 2016 profile names Antonio Derossi, Karim Nurani, Hugh Molotsi, Harry Cohen and Oliver Nguyen as key investors, reports $1 million raised, 15 staff and $1.2 million revenue, and dates founding to January 2010. These historical figures do not describe the later investment platform's scale. [s-d329] - Qualification: The biography or announcement establishes only its stated capacities and period; later continuation is not independently established. ## Rainmaker and Moran: roles and separate regulatory history - Documented: Rainmaker Securities' regulatory profile identifies Delaware LLC CRD 132995, SEC 8-66667, formed March 9, 2004, with a Coral Gables office. It reports four regulatory and one civil disclosure events and names Rainmaker Group Holdings as its sole member since September 2012. [s-d247] - Documented: Rainmaker's regulatory disclosure states Rainmaker Group Holdings owns 100% of Rainmaker Securities and Glen Anderson and Greg Martin each own more than 25% of the holding company. It separately says another entity, RCM, is owned 50/50 by them; the percentages should not be conflated. [s-d247] - Documented: Brian Moran's regulatory employment history lists Linqto, Inc. chief compliance officer from November 2021 to August 2024, Linqto Capital consultant from May 2021 to December 2024 and Linqto Investment Management adviser representative from March 2022 to September 2023. Broker registration and employment dates are distinct. [s-d248] - Documented: Moran's employment disclosure lists Cicada Securities chief compliance/operating officer and principal and Fundamental Interactions Neutron Direct CEO/COO from April 2021. It also records prior securities registrations and compliance work elsewhere; those roles do not transfer his later sanction to Linqto. [s-d248] - Attributed: FINRA's October 9, 2025 settlement with Brian Moran concerns his financial-and-operations role at StartEngine Primary, rather than Linqto. Without admitting or denying findings, he consented to findings that backdated capital resolutions led to inaccurate net-capital calculations and reports, operations below required net capital on 45 days with deficits up to about $2 million, and customer-reserve deficits up to about $220,000. [s-d248] [s-d324] - Qualification: Moran consented without admitting or denying findings. The case concerns StartEngine Primary, not Linqto, and retained PDF text has OCR and partial-page limitations. - Response: Moran consented to sanctions without admitting or denying the findings. The underlying financial-and-operations matter concerned StartEngine Primary rather than Linqto. - Documented: The same FINRA matter imposed a $10,000 fine, three-month suspension from financial-and-operations-principal functions from November 3, 2025 to February 2, 2026, and examination requalification. It did not impose a general industry suspension in every capacity. [s-d248] - Qualification: The suspension was limited to FinOP capacity; a requalification condition marked unsatisfied in the snapshot does not establish noncompliance after that snapshot. - Outcome: FINRA imposed a $10,000 fine, a FinOP-capacity suspension November 3,2025–February 2,2026 and examination requalification; the source does not establish later compliance with the requalification condition. - Documented: A January 10, 2018 FINRA settlement censured Rainmaker, imposed a $30,000 fine and required review of customer-information procedures after missing required customer information in approximately 60 exempt securities transactions. The disclosure says the fine was paid January 29, 2018; this is not a Linqto finding. Rainmaker accepted the findings without admitting or denying them. [s-d247] - Response: Rainmaker accepted the 2018 FINRA settlement without admitting or denying the findings. - Outcome: The 2018 matter resulted in censure, a $30,000 fine and a customer-information-procedure review undertaking; the report records the fine as paid January 29,2018. - Attributed: An Illinois consent resolution dated September 2, 2016 imposed a $1,000 Rainmaker fine and restitution of $16,125 and $8,875 to two investors concerning supervision of a representative's Ten X sales. Rainmaker did not admit wrongdoing in fact or law. This is a separate historical matter. [s-d247] - Qualification: Rainmaker expressly did not admit wrongdoing in fact or law in the Illinois resolution. - Response: Rainmaker did not admit wrongdoing in fact or law in the Illinois consent resolution. - Outcome: The September 2,2016 consent resolution imposed a $1,000 fine and agreed restitution of $16,125 and $8,875; this is a separate historical matter. - Attributed: Rainmaker's civil disclosure identifies a pending putative securities class action in the Southern District of New York, filed November 17, 2025 and served January 19, 2026, alleging offering-related supervisory services for compensation through an affiliated platform. Its timing and description correspond to the amended Linqto customer case. [s-d247] - Qualification: A pending disclosure is not a merits judgment; the report is an indexed/partially extracted snapshot, not a universal no-later-outcome search. - Outcome: Rainmaker’s regulatory disclosure lists the putative class action as pending in that report’s snapshot, with filing November 17,2025 and service January 19,2026. No later merits judgment or settlement is established by that disclosure. - Documented: A July 15, 2015 FINRA settlement censured Rainmaker and fined it $125,000 over private-placement diligence and solicitation. Principal Glen Anderson received a $10,000 fine and suspension as a general securities principal from August 3 to October 3, 2015. Those sanctions concern that separate historical proceeding. The settlement was accepted without admitting or denying findings. [s-d247] - Response: Rainmaker accepted the private-placement settlement without admitting or denying findings. - Outcome: The July 15,2015 settlement imposed $125,000 on Rainmaker; Glen Anderson received a $10,000 fine and suspension as general securities principal August 3–October 3,2015. - Documented: The retained FINRA employment report identifies Cicada Securities as firm CRD 314109. [s-d248] - Documented: The retained FINRA employment report identifies Fundamental Interactions Neutron Direct, LLC as firm CRD 322233. [s-d248] - Documented: The retained FINRA registration history identifies StartEngine Primary LLC as firm CRD 291773. [s-d283] - Documented: The retained FINRA registration history identifies EquityBee Securities, LLC as firm CRD 41896. 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