Legend Venture Partners’ Receiver Establishes Claim Submission Dates for Investors

Important Notice for Legend Venture Partners Investors



In a significant development, Melanie Cyganowski, the Court-appointed Receiver for Legend Venture Partners, has outlined the procedure for investors wishing to submit claims. On June 26, 2025, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York approved these claims resolution procedures as part of a case initiated by the Securities and Exchange Commission (SEC).

Background of the Case


The SEC filed a complaint against Legend Venture Partners, alleging violations of U.S. securities laws, particularly regarding its sales of interests in 'pre-IPO companies.' As a result, the Court appointed Melanie Cyganowski to oversee the resolution process. The approved procedures are now in place to facilitate the resolution of claims from affected parties.

Key Dates and Instructions


The Receiver has established critical bar dates for submitting claims:
  • - August 25, 2025 for non-governmental claimants
  • - September 24, 2025 for governmental claimants

Each claimant must include specific details regarding their claims, which may involve unpaid goods or services, loans, tax liabilities, and various legal theories. To clarify, holders of interests in Legend—i.e., investors—do not qualify as claimants and need not submit a claim form, as their interests will be confirmed through separate investor statements sent directly to them.

Claim Submission Process


Investors and other claimants should adhere to the following steps when filing their claims:
1. Obtain a Claim Form: Claimants can download the necessary forms and find detailed instructions on the Receiver's website at Legend Receivership.
2. Submission Methods: Claims can be submitted via the following options:
- By Mail: Addressed to the claims processing agent at:

Legend Claims Processing
c/o Stretto
410 Exchange Suite 100
Irvine, CA 92602
- Overnight Courier or In-Person: Same address as listed above.
- Email: Claims may also be submitted as a PDF attachment to [email protected].
- Electronic Form: Use the Electronically submitted Proof of Claim available on the Receiver's website.
3. Deadline: Ensure that all submissions reach the claims agent by the relevant bar date. For non-government claimants, this means no later than 5 PM (Eastern Time) on August 25, 2025. Government claimants must meet the September 24 deadline at the same time.

Consequences of Late Submission


Claimants are warned that failure to file a claim by the specified bar dates may lead to losing their rights to receive any distributions or to participate in the resolution process. Therefore, it is imperative for claimants to act promptly and ensure their submissions are exhaustive and well-documented.

Distribution Plan


In addition to these claims procedures, the Receiver is pursuing a distribution plan to compensate investors and holders of allowed claims, as liquidity events enable such distributions. Details regarding the distribution plan will also be posted on the Receiver's website, ensuring transparency for all stakeholders.

Conclusion


This announcement marks a pivotal moment for investors in Legend Venture Partners as they navigate the complexities of the SEC’s actions. It is crucial for all affected parties to pay careful attention to the deadlines and procedures outlined by the Receiver to safeguard their interests. For further updates, claimants should regularly visit the Receiver's official website.

Topics Financial Services & Investing)

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