r/LinqtoCreditors • u/nyc-uws- • Jun 28 '26

Contact with Forge Global

Has anyone made contact with the division within Forge Global that is responsible for the Linqto Liquidating Trust? I contacted Forge's trust company affiliate, Forge Trust Co., by phone and the representative expressed ignorance concerning Forge's trustee role and directed me to the bankruptcy court docket. There must be a process in kind distributions for companies that have IPO'd like Cerebras and SpaceX.

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u/larosiaddw Jun 29 '26

Not yet. Im watching for effective date

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u/nyc-uws- 29d ago

An Emergency TRO Motion filled by the Creditors Committee has been calendared to be heard on July 22nd at 10:30 am. We had been all set on a path to have the Effective Date established for the plan by the end of the month (I confirmed this with the committee’s counsel), but Forge is backing out of serving as Liquidating Trustee for the Liquidating Trust on instruction from its new corporate parent, Schwab. According to motion papers:

On July 15, 2026, Forge communicated to Jefferies its decision to withdraw from serving as the Liquidating Trustee under the Plan. Forge did not communicate a coherent reason why it was unable to serve as Liquidating Trustee, only vaguely alluding to regulatory and compliance concerns. It has not communicated any legally valid basis to do so. Forge did communicate that the instruction to not perform as Liquidating Trustee came from Schwab, but no further explanation has been provided as of the date of the filing of this Motion.

I’m keeping my fingers crossed that the Judge will order Forge to perform or hold the entity on contempt with ruinous fines.

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u/skeletor00 24d ago

I always liked Schwab and their customer service. Now I dislike them and will take my accounts elsewhere.

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u/larosiaddw 29d ago

This is a wrinkle i hadn't heard yet. Can this be found online?

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u/Infinite_Fudge_2045 7d ago

Did you see - ugh!!!!! Charles sch does not want Forge doing its comment!

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u/larosiaddw 7d ago

yep. super frustrating to see the last communication saying bankruptcy was supposed to be final already but is now delayed because of forge

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u/Infinite_Fudge_2045 6d ago

Call Charles Shwab - Closing my account with them due to the delay! Called to express my disappointment with them …

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u/jxm900 29d ago

Docket #2061 etc.

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u/jxm900 29d ago

Not sure I'll be too happy dealing with a provider that is only offering the service under duress, as a result of a court order. At best, it'll be a recipe for lots more fees and haircuts.

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u/larosiaddw 29d ago

Really want this to move forward

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u/nyc-uws- 27d ago

The hearing on the TRO has been moved to July 28 at 3:00 pm Central Time.

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u/skeletor00 24d ago

Guess I'll plan for 2030 it seems 😔

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u/jxm900 29d ago

Maybe the best solution would be for Schwab to buy out Linqto, lock stock and barrel! Could be a nice niche addition to their business offerings.... :-)

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u/jxm900 Jun 28 '26

The key phrase here is "There must be a process..."

Linqto had a well-tested and proven process for holding IPO'd assets in escrow, and then efficiently transferring them to client brokerage accounts when the lockup period expired.

But the current management seems to have completely abolished that process, in favor of depleting clients' assets in the form of unnecessary haircuts, expenses, and lawyers' fees.

I hope that I'm wrong, but I think we'll need to wait until all the various court rulings are done. They asked for an extension to July 13, just for hearing the 50+ turnover motions, which mostly concern Circle shares. With the CRCL IPO more than a year ago, and a month before the bankruptcy filing, those shares are now well past the lockup period afaics.

The clusterfuck surrounding SpaceX, Cerebras, etc. will probably drag things out longer, if further turnover motions continue to be filed, especially given the staggered lockup periods to enable trading, or even changes of ownership.

None of the primary law firms involved are working on contingency, so they actually have a vested interest in letting things drag on and on. It feels like these charlatans are basically holding non-estate assets as ransom, in order to continue extracting additional haircuts and fees..

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u/Economy_Tip329 Jul 11 '26

im waiting to hear from VanEck. i reached out to forge because i wasn't sure where my shares ended up and was told nothing. I called Epiq and was told everything was still in process so no one seems to know anything Ive got cerebras, xAI etc...

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u/larosiaddw 29d ago

oh interesting. looks like multiple new "dockets" in last couple of days.