Victor Jiang: shareholder claims and Sapien capacities

analysisThe amended customer complaint describes Jiang’s Linqto directorship from October 2022 to May 2025, and the restructuring declaration records his resignation on May 30. In his July 16 declaration, Jiang identified himself as founder/managing partner of Sapien Group USA and affiliates. A February 2025 Sapien biography separately describes co-founder roles at Sapien Ventures, Sapien Asset Management and Sun Ocean Capital; those are capacities at that biography’s date. ^{1 2 3 4}

analysisJiang said Sapien led Linqto’s 2020 Series AA financing and held preferred shares and Liquidshares units tied to Linqto common shares. He claimed its common shares, consents and proxies together represented a common-stock majority capable of replacing a board majority. That asserted voting control was not adjudicated in the retained declaration. ³

analysisJiang and Nurani’s resignation letter alleged fiduciary and legal breaches involving the February 27, 2025 asset freeze and missing January–May financial reports. Jiang also challenged Kutler’s alleged switch from a preferred-holder to common-holder board seat and Siciliano’s appointment. The committee disputed invalid authorization, saying every director except Sarris signed the bankruptcy resolutions and rejecting the challenge to board delegation. These remain opposing litigating accounts. ^{1 2}

analysisJiang asserted that approximately $16.4 million of year-end 2024 cash was consumed by professional fees after a shutdown he said no government order required. The committee disputed the solvency narrative, citing less than $125,000 cash at filing, disputed customer claims and financing liabilities. Earlier cash and projected asset values do not settle the filing-date liabilities. ^{1 2}

analysisSapien’s July 2025 motion to move the bankruptcy cases to Delaware, supported by Jiang’s declaration, was denied on August 6 after an August 5 hearing. Jiang later filed a January 16, 2026 objection to plan confirmation. The separate shareholder group’s September 2025 request for an official equity committee followed the U.S. Trustee’s refusal; its retained motion does not establish the court’s eventual disposition. ^{3 4 5 6}