Parent and Liquidshares: ownership and shared services

analysisThe group records place Liquidshares beneath Parent, while Parent's financial-affairs statement lists Liquidshares as an 18% Parent shareholder at the petition date. These are different directions and capacities. The statement is a dated holder disclosure, rather than a complete capitalization table or ultimate beneficial-ownership determination. The wider August 2025 roster mixes current and former shareholders without percentages or dates; its trusts are not interchangeable with assumed personal holdings. ^{1 2 3 4}

analysisThe disclosure statement describes Parent financing securities acquisitions, housing employees and receiving service fees, while Liquidshares held the securities. The committee's quotation of an October 2023 draft legal memorandum also describes Parent sourcing sellers, making series loans and earning interest. That quoted memorandum is not the complete original or a regulator's determination. Customers' series units represented economic exposure rather than individually registered issuer shares. ^{1 2 3 4}

analysisThe debtors' title account was contested by customers and their representatives, who argued for constructive or resulting trusts. The settlement established treatment without an ownership trial. Successor ownership by the liquidating trust remained conditional on plan effectiveness; the retained September 29 account did not establish effectiveness and records Forge's denial of appointment and causation. Existing issuer transfer and first-refusal rights remained enforceable. ^{5 3 6 2 7 8}