---
title: "Liquidshares: holdings, customer cash and plan conditions"
language: en
canonical: https://osint.v3rta.com/dossiers/linqto/liquidshares/
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"]
---

# Liquidshares: holdings, customer cash and plan conditions

- Jurisdiction: US (US)
- U.S. Internal Revenue Service EIN: 84-4378976
- U.S. Securities and Exchange Commission CIK: 0001841356

**Question.** What did Liquidshares hold and what was proposed to change?

**Answer.** Liquidshares held the portfolio and separate customer cash accounts. Investor title was disputed and successor ownership depended on plan effectiveness.

## Portfolio and cash

- Analysis: Liquidshares was the Delaware debtor holding issuer securities and interests in shareholding vehicles. Its amended September 2025 schedules report $685,273,842.50 assets and $415,486,008.86 liabilities. The schedules distinguish securities investments, Liquidshares money-market cash and JPMorgan customer cash to which the debtor claimed no title. Scheduled assets are not realizable sale proceeds, and listed liabilities are not necessarily allowed claims. [s-d2] [s-d62] [s-d96]
- Analysis: The debtors reported a Ripple tender closing around January 8, 2025: Ripple purchased 151,105 of 243,444 tendered shares at $125 each, yielding approximately $18.8 million. Petition-date proceeds with interest were roughly $19.23 million. The Silicon Valley Bank money-market account was segregated but neither restricted nor escrowed; this was the First-Citizens division, distinct from the failed bank. Holding proceeds does not establish customer distributions. A settlement filing says the account moved to Customers Bank around September 10, 2025. [s-d70] [s-d144]
- Analysis: The investment schedule values Liquidshares' Parent position at zero with its ownership percentage unknown. Parent's financial-affairs statement separately lists Liquidshares as an 18% shareholder at the petition date. Valuation, scheduled percentage and the Parent holder disclosure answer different questions; zero valuation does not establish extinguished ownership. The complete investment register retains each position and its valuation scope. [s-d96] [s-d18]

## Disputed title and conditional succession

- Analysis: The debtors argued that Liquidshares held legal title and sold customers series units. The committee and Deaton parties asserted competing equitable rights, pointing to promised SPV ownership, custody protections and K-1 forms. The settlement prescribed customer treatment without adjudicating the legal-versus-equitable ownership dispute. [s-d70]
- Analysis: The confirmed plan provides that Liquidshares becomes wholly owned by the liquidating trust on the effective date and the liquidating trustee becomes its sole manager. Liquidshares retains issuer-register title subject to transfer, redemption and first-refusal restrictions. The retained September 29 status account, whose filings review ended September 18, did not establish plan effectiveness. The estate blamed Forge's refusal to serve; Forge disputed appointment and causation. Confirmation therefore does not establish an implemented ownership transfer or commencement of distributions. [s-d144] [s-d325] [s-d199]

## Sources

- [s-d2] Court record source · s-d2
- [s-d62] Court record source · s-d62
- [s-d96] Court record source · s-d96
- [s-d70] Court record source · s-d70
- [s-d144] Court record source · s-d144
- [s-d18] Court record source · s-d18
- [s-d325] Research source · s-d325
- [s-d199] Court record source · s-d199