On June 26, 2025, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York approved a set of claims resolution procedures proposed by Melanie Cyganowski, the Court-appointed Receiver in the case captioned Securities and Exchange Commission v. Legend Venture Partners LLC No. 1:23-cv-05326-LAK (S.D.N.Y). Ms. Cyganowski was appointed as Receiver at the request of the U.S. Securities and Exchange Commission (SEC) following the SEC’s filing of a complaint alleging various violations by Legend Venture Partners LLC (Legend) of U.S. securities laws involving Legend’s sales of interests in certain “pre-IPO companies.” A copy of the SEC’s complaint may be found on the Receiver’s website at https://www.legendreceivership.com/.
The approved claims resolution procedures set bar dates for claims, which are August 25, 2025 for non-governmental claimants and September 24, 2025 for governmental claimants. Claimants include any person or entity that asserts a claim, including, without limitation, based on the following: (1) the provision of goods or services or the sale of securities that has not been paid in whole; (2) money loaned that has not been paid in whole; (3) tax liabilities, including those held by federal and state governments; (4) primary, secondary, direct, indirect or contingent liability; and/or (5) contract, tort, indemnity, reimbursement, subrogation theories, or other legal or equitable theory. A holder of an interest (i.e. an investor in Legend) is not a claimant, and holders of an interest should not submit a proof of claim form to establish their interests in Legend. All investors in Legend will have investor statements sent directly to them. Any proof of claim filed by an investor on account of an interest will be disallowed as a claim on grounds, among others and without limitation, that it is duplicative of an investor statement or investor objection.
Specific information and instructions on how to obtain a claim form and timely submit a claim may be found on the Receiver's website: https://www.legendreceivership.com/. Completed proofs of claim, together with supporting documentation, must be served on the Receiver’s claims agent so as to be actually received no later than the applicable bar date, and in the following manner:
- First Class Mail addressed to
Legend Claims Processing c/o Stretto
410 Exchange
Suite 100
Irvine, CA 92602
- Overnight courier or in-person delivery addressed to
Legend Claims Processing c/o Stretto
410 Exchange
Suite 100
Irvine, CA 92602
- By e-mail, as an attachment in portable document format (.pdf), to LegendClaims@Stretto.com
- Using the electronic Proof of Claim Form available on the Receiver’s website (at https://www.legendreceivership.com/).
Claimants should include all required supporting documentation with their claims. As a reminder:
- 5:00 p.m. (prevailing Eastern Time) on August 25, 2025, is the deadline for any claimants other than governmental units to serve proofs of claim against the receivership entities; and
- 5:00 p.m. (prevailing Eastern Time) on September 24, 2025, is the deadline for governmental units to serve proofs of claim against the receivership entities.
Failure to file a claim by the relevant bar date may result in forfeiture of rights to receive any distribution or participate in the resolution process.
In addition to the claims resolution procedures, the Receiver has also moved the Court for approval of a plan of distribution which will enable her to provide distributions to investors and holders of allowed claims as proceeds from liquidity events become available. A copy of the Receiver’s plan is also available at her website (at https://www.legendreceivership.com/).
Should you have any questions, please contact the receiver at LegendReceiver@Otterbourg.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250710809061/en/
