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Linqto: structure, investor interests and proceedings

Linqto sold indirect investment interests. Its restructuring, customer-title dispute, criminal charges and civil proceedings have distinct parties and outcomes.

published
11 oct 2026
updated
12 oct 2026
records as of
09 oct 2026
reading
2 min
entities
414
sources
141
cite entities.csv

the questionWhat do the records establish about Linqto and its investors?

1What this research adds

analysisThe account connects the investment mechanism to the debtor entities, funding terms and proposed post-confirmation structure, while separating each participant’s capacity and the different procedural outcomes. 1 2 3 4 5 6 7 8 9 10 11 12 13 14

sources in this section

  1. Court record source · s-d144 identified by category only · Court record
  2. Court record source · s-d134 identified by category only · Court record
  3. Company statement source · s-d72 identified by category only · Company statement
  4. Court record source · s-d70 identified by category only · Court record
  5. Court record source · s-d100 identified by category only · Court record
  6. Court record source · s-d142 identified by category only · Court record
  7. Research source · s-d325 identified by category only · Research
  8. Court record source · s-d199 identified by category only · Court record
  9. Court record source · s-d62 identified by category only · Court record
  10. SDNY announcement of charges against Sarris and Endoso's plea, September 2, 2026 U.S. Department of Justice, Southern District of New York
  11. Media source · s-d194 identified by category only · Media
  12. Court record source · s-d146 identified by category only · Court record
  13. Court record source · s-d96 identified by category only · Court record
  14. Court record source · s-d84 identified by category only · Court record

2The company and the investment

analysisLinqto began in 2010 as a financial-technology software business and later became a platform for indirect investments in private companies. The July 2025 corporate diagram places Linqto, Inc. above Texas, Liquidshares and Liquidshares Manager, the other three Chapter 11 debtors. Capital, Investment Management and QP were identified separately as nondebtor affiliates. 1 2

analysisCustomers bought units intended to provide exposure through series, while Liquidshares held the underlying securities. New management acknowledged defective series formation and missing transfers. Customers and their representatives argued that the assets should be protected for them; the ownership compromise prescribed customer treatment without deciding the contested legal and equitable title. 3 4

sources in this section

  1. Court record source · s-d144 identified by category only · Court record
  2. Court record source · s-d134 identified by category only · Court record
  3. Company statement source · s-d72 identified by category only · Company statement
  4. Court record source · s-d70 identified by category only · Court record

3Restructuring and the retained status

analysisThe July 2025 financing began with a $60 million commitment and $10 million interim borrowing authority. A September settlement contemplated a smaller $25 million facility from Sandton Capital Solutions Master Fund VI, LP. Its customer-treatment structure combined a liquidating trust with a potential closed-end fund; the wind-down arrangements separately addressed estate claims and residual equity interests. 1 2 3

attributedThe 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. 3

qualification
Waterfall rights do not guarantee any residual distribution to equity holders.

analysisThe written confirmation order was entered February 13, 2026. Confirmation did not itself activate the plan or begin distributions. The latest retained September 29 account, based on a filings review through September 18, said effectiveness had not occurred. Liquidshares’ contemplated ownership transfer to the trust therefore remains conditional, and issuer transfer and first-refusal rights remain relevant. The estate attributed delay to Forge’s refusal, while Forge denied appointment and causation; no replacement effective date appeared in the filings that account reviewed. 4 3 5 6

sources in this section

  1. Court record source · s-d100 identified by category only · Court record
  2. Court record source · s-d70 identified by category only · Court record
  3. Court record source · s-d144 identified by category only · Court record
  4. Court record source · s-d142 identified by category only · Court record
  5. Research source · s-d325 identified by category only · Research
  6. Court record source · s-d199 identified by category only · Court record

4Proceedings with different parties and outcomes

analysisThe debtors and committee sued Forge Holdings after Forge Global, Inc. representatives said they would not serve as liquidating trustee. Forge disputed enforceable appointment, breach, causation and the alleged instruction from Schwab. Its September 1 answer characterized the August 19 stipulation as withdrawing compulsory-performance and equitable demands, leaving four contested monetary claims. The latest retained account identified no judgment, dismissal or settlement; the stipulation itself was not retained. 1 2 3

analysisFederal prosecutors announced charges against William Sarris on September 2, 2026. He is presumed innocent; his lawyer Tim Treanor said he would fight the charges and attributed recovery uncertainty to the later bankruptcy. Endoso’s August 27 guilty plea and government cooperation concern Endoso; no retained sentence is established, and the plea does not establish Sarris’s guilt. The November customer complaint names a different set of civil defendants, whose co-defendant status does not show shared culpability or a business partnership. 4 5 6

sources in this section

  1. Court record source · s-d199 identified by category only · Court record
  2. Court record source · s-d62 identified by category only · Court record
  3. Research source · s-d325 identified by category only · Research
  4. SDNY announcement of charges against Sarris and Endoso's plea, September 2, 2026 U.S. Department of Justice, Southern District of New York
  5. Media source · s-d194 identified by category only · Media
  6. Court record source · s-d146 identified by category only · Court record

5Amounts and their limits

analysisParent revenue, Liquidshares’ scheduled investments, separate customer cash, nondebtor Capital accounts and monthly debtor reports measure different things. The complete scheduled investment register contains 117 positions. Private-company percentages were unknown, and the values are not an assured recovery estimate. Later operating reports retain inconsistent unit headings and petition-date valuations. 1 2

sources in this section

  1. Court record source · s-d96 identified by category only · Court record
  2. Court record source · s-d84 identified by category only · Court record

timeline · 2010–2026

  1. Linqto’s software-business founding, per retained accounts c-f18 c-f474
  2. Endoso’s CEO appointment announced c-f121
  3. Conditional BCSA combination announced c-f147
  4. Linqto terminated BCSA agreement; fee agreed c-f180
  5. Siciliano succession date in later disclosure account c-f477
  6. Linqto announced platform pause and new management c-f421 c-f463
  7. Jiang and Nurani resignation letter c-f361
  8. Zawrotny court action stayed for arbitration c-zawrotny-arbitration
  9. Four Linqto Chapter 11 cases commenced c-f9 c-f380
  10. Interim DIP borrowing order c-f238
  11. Official creditors’ committee appointed c-f210
  12. Settlement and proceeds orders entered c-f390
  13. Written plan-confirmation order entered c-f277
  14. Schwab acquired Forge Holdings c-f264
  15. Forge communication that it would not serve; obligations disputed c-f350 c-f353
  16. Forge Holdings adversary complaint filed c-f172 c-f309
  17. Performance/equitable requests withdrawn, per Forge answer c-f353
  18. Endoso guilty plea, per official announcement c-f63
  19. Sarris charges announced; accusations contested c-f59 c-f345
  20. Retained status account reports plan not yet effective; review cutoff September 18 c-f494

cite this dossier

DossierTwist, “Linqto: structure, investor interests and proceedings”, dt.003, 11 October 2026 (updated 12 October 2026), https://osint.v3rta.com/dossiers/linqto/

Free to read, cite and republish with credit under CC BY 4.0: credit “DossierTwist” and link to the dossier.

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