What is the status of Legend?
Legend is not an operating business and is not accepting any additional investor funds. By order dated July 7, 2023 (the “Receivership Order”), the United States District Court for the Southern District of New York (the “Court”), appointed Melanie L. Cyganowski, as Receiver (the “Receiver”) of Legend Venture Partners LLC and its affiliates (the “Entities”) and created the Receivership Estate (as defined in the Receivership Order). 
 

The “Legend Entities” include Legend Venture Partners LLC, Legend Ventures Fund 1 LLC, Legend Ventures Fund 2 LLC, Legend Ventures Fund 3 LLC, Legend Ventures Fund 4 LLC, and Legend Ventures Fund 5 LLC. The goal of the Receiver is to marshal the Receivership Entities’ property and to distribute the property to investors and claimants. 

Under the Receivership Order, Legend’s prior management, sales person or other persons previously associated with Legend do not have any authority regarding Legend.  The Receiver is the only person with authority over the Legend Entities.  
 

A copy of the Receivership Order may be found here. Additional relevant orders and filings may be found on the Court docket page (“Dkt.”) which can be accessed by clicking here.

Why was the Receivership necessary?
The Securities and Exchange Commission (the “SEC”) sought the imposition of a receivership for the reasons set forth in (i) the Complaint at Dkt. No.1, which the SEC filed on June 22, 2023, and which can be accessed here, and (ii) the Emergency Motion for a Temporary Restraining Order and Preliminary Injunction at Dkts. 6-15 and also filed on June 22, 2023. The SEC set forth the reasons necessitating the appointment of the Receiver in its memorandum of law in support of the Emergency Motion and can be accessed here. 
 

The Court granted the relief sought by the SEC on July 7, 2023, when it entered the Receivership Order, finding that the appointment of the Receiver was necessary and appropriate for the purposes of marshalling and preserving the assets of the Receivership Entities. 

What is the status of the Voyager Space IPO and what will happen to Legend’s shares?

On Tuesday, 6/10/2025, Voyager Technologies, Inc. (“Voyager”) launched its initial public offering, and shares began trading on the New York Stock Exchange the following day, 6/11/2025 (NYSE: VOYG).  Legend’s investments in Voyager were made through a special purpose vehicle (“SPV”).  The Receiver has been advised by that SPV that Legend’s interests are subject to a 180 day “lock up” following the initial public offering and that the SPV will not distribute shares to Legend until the 180-day “lock-up” has concluded.  In order for the Receiver to make any distribution or sale of the Voyager shares, the shares must be transferred from the SPV, and the Receivership Court must enter an order approving the Receiver’s proposed Plan of Distribution or otherwise authorizing such distribution or sale.  The Receiver will continue to monitor the status of Voyager and post any updates as appropriate.

What are the latest developments in the Receivership?
On May 28, 2025, the Receiver filed two motions with the Court.

First, the Receiver filed a motion (the “Plan Motion”) for approval of her proposed plan of distribution (the “Plan”).  A copy of the Plan may be found here. A Summary of the Plan that explains the Plan provisions may be found here.  A copy of the Plan Motion may be found at Dkt Nos. 179-182 (See links below).
Docket No. 179, Docket No. 180, Docket No. 181, Docket No. 182

Second, the Receiver filed a motion to approve certain procedures to verify investor interests in Legend and creditors claim (the “Procedures Motion”).  A copy of the Procedures Motion may be found at Dkt Nos. 175-178 (See Links Below).
Docket No. 175, Docket No. 176, Docket No. 177, Docket No. 178

PLEASE CONTINUE TO MONITOR THIS WEBSITE FOR UPDATED INFORMATION ABOUT THE PLAN, INCLUDING CONCERNING ANY DISTRIBUTIONS UNDER THE PLAN.  
 

What is a Receivership?
Receivership is a process in which a court-appointed neutral party – the receiver – acts as a custodian to marshal and preserve a company’s property.  A receiver can be authorized to investigate the financial and business affairs of the company under her control, and in certain circumstances, institute legal proceeding on behalf of the company’s estate. Additionally, a receiver is normally tasked with the duty of proposing a plan to distribute the property to investors, subject to approval by the Court.  It is common for receivers to retain professionals, including attorneys and financial advisors, to assist them in their duties.

Who does the Receiver work for?
The Receiver reports to the Court, which has oversight over the Receiver’s activities in administering the receivership. 
The Receiver is not your lawyer, and she cannot provide you with legal advice.  You have the right to hire or consult with your own lawyer, and the Receiver encourages you to speak with your own lawyer.

Will there be a distribution from the Receivership?
At this point that is unknown. The purpose of the Plan Motion is to seek Court authority to approve a Plan for distributing cash once any of the Pre-IPO Companies in which Legend invested “goes public” or has another type of Liquidity Event. Please note, Legend did not purchase “shares” but rather invested in Pre-IPO Companies indirectly, primarily by investing in other investment companies.  

Can the Receiver provide an estimate of the expected timing and amount of distributions investors can expect?
The Receiver cannot speculate on the timing, nature or value of distributions given, among other things, the uncertainty of (i) the timing of future Liquidity Events; and (ii) the value of Receivership assets at the time of distribution.

What happens if a company has an IPO or other Liquidity Event?
The Receiver will hold shares or the proceeds of any Liquidity Event in Receivership custody until such time as the Court issues an order approving the Plan, another plan or otherwise grants the Receiver authority to proceed with distribution, at which time the Receiver will proceed in accordance with the Court’s order.

What is the status of Triller?
Legend invested indirectly in the entity commonly referred to as “Triller” whose common stock began trading publicly on October 16, 2024. However, the shares subject to Legend’s investment continue to be subject to a six-month “lock up” (i.e., a holding period that was expected terminate on or around April 15, 2025.  However, Triller has advised that it “is not current in its SEC filings” and as a result, the “lock-up” continues and the Receiver has not received any Triller shares from StraightPath’s counterparties. The Receiver will continue to monitor the situation and provide updates as warranted. 
 

How can I receive information about the Receivership?  
The Receiver encourages investors to regularly check the Receivership website for updates, including quarterly status reports. Periodic review of this website is the best way to stay up-to-date on developments in this Receivership. The website will be updated on a regular basis. You can register to receive email updates by clicking on the orange Subscribe button on this page.

You can subscribe to the Court docket through the receivership website to receive email notifications of documents as they are filed with the Court.  The Court docket page can be accessed by clicking here.

No documents are required from investors at this time. The Receivership Team will contact investors when and if any additional information is needed.
 

What is the status of criminal proceedings?
On June 7, 2024, the United States Attorney’s Office (“USAO”) for the Southern District of New York announced the Indictment of Mario Gogliormella, Steven Lacaj, and Karim Ibrahim a/k/a Chris Hayes (the “Legend Defendants”) charging them with, among other things, conspiracy, securities fraud, wire fraud, and investment adviser fraud in connection with their management of L&G Capital Corp., Legend Venture Partners, LLC, and a series of related Legend Funds.  The USAO’s press release announcing the Indictment for the action, can be found by clicking here. All three defendants have pleaded not guilty.  The trial in the criminal action is currently scheduled to commence in March 2026. 

Will the Receiver commence any actions to claw back additional funds?
The Receiver has not commenced any actions to date. While the Receiver continues to evaluate potential claims, it is important to understand that under the Receivership Order, any proposed legal proceedings by the Receiver against the Legend Defendants must first be approved by the Court. 

Who do I contact for additional information?
You may submit an inquiry by email to legendreceivership@stout.com. Please review the contents of this FAQ page and other information available on the Receivership website prior to contacting the Receiver.
 

How long does the receivership process take?
At this stage of the proceedings, we cannot predict how long it will take to complete this process.

Should I hire a lawyer?
You have the right to hire or consult with your own lawyer, and the Receiver encourages you to speak with your own lawyer if you have any legal questions. As noted, neither the Receiver nor her counsel represent investors.