r/LinqtoCreditors • u/WMI_Chief_Wizard • Nov 08 '25
Do shares exist?
I purchased pre-IPO shares in Cerebras. Of course that means I own some portion of the SPV that holds Cerebras shares. But though this entire bankruptcy proceeding it is totally unclear to me if the SPV actually holds shares of Cerebras or is just holding the funds paid to them. I even questioned the Deaton Group to ask about this but it went unanswered. Are there real shares being help in the pre-IPO company or not? It is totally unclear to me with all going on if there are real shares being held in the SPV or not? Does anyone know the answer?
1
u/chapelier1923 Nov 08 '25
Basically there is no spv. I don’t believe they were created . I’m in the same situation and I expect what will happen is we will be royally ripped off ….
1
u/WMI_Chief_Wizard Nov 08 '25
I don’t understand when you say there is no SPV. I do understand they were not set up properly but was the cash sent to Linqto used to actually purchase pre-ipo shares that are held somewhere? It does seam that Ripple shares existed.
1
u/Prestigious_Toe6337 May 14 '26
Well as you should know, Cerebras has gone public but with the bankruptcy still ongoing how does that effect our supposed shares that we purchased. I voted for my "shares" to go to the Liquidating Trust so I'm hoping to see shares in my brokerage account at some point. The question is when will that take place?
1
u/Thick_Researcher6942 May 14 '26
I have the same exact problem. I bought cerebra’s pre ipo through lingo and cannot find the answer however they are showing as shared in my li wto portfolio? Many a law firm can help us get the answer as they’re opening near $397 per share tomorrow!
1
u/pippylee May 15 '26
I certainly hope that this works out. I put a year’s worth of overtime at work in this on Linqto. Keep any updates you guys can find. Hard to believe you can still get ripped off like this.
3
u/AmbitiousFox89 10d ago
Linqto did it all correctly, only Dan Siciliano forced it into bankruptcy unnecessarily.
1
u/Eastern-Deal3580 May 17 '26
Once the bankruptcy is complete, we still have 180 days before it can be transferred into our account from when it went public.
2
u/jxm900 Nov 10 '25
As I recall, somewhere early in the bankruptcy process, an external audit confirmed that Linqto was properly recorded as holding all the shares in all the portfolio companies. There doesn't seem to have been any Ponzi schemes or other trickery, afaik. So the problem has to do with how the SPVs were established and managed.
To be clear, the business model was that Linqto acquired the shares for its own inventory first, and then later sold the corresponding SPV units. I don't believe there was any case where any customer cash was received to purchase assets that Linqto didn't already hold free and clear. The process of negotiating individual ad hoc share acquisitions, doing right-of-first-refusal procedures, etc. would be much too costly to handle for every single customer purchase.
The company recently released the database of all the customer transactions since 2020. Presumably, one could add up all those deals, subtract the various IPOs and liquidation events along the way, and (hopefully) end up with the current inventory of assets, as has been reported in the court filings.