Ray, if you’re going to say something make it accurate or educate yourself more on how bankruptcy proceedings work. You say it’s Linqto’s current management AND my proposal. There is a Creditors Committee made up of 9 Linqto customers. They voted for the settlement. I didn’t get a vote as I am not on the committee. I represent one member on the committee and also 3,600 Linqto customers and I’m doing it for free. We are in bankruptcy court because the guy you called a good man - Bill Sarris - committed fraud - which you have publicly denied. 🤔
Yet, you have heard every attorney involved in the bankruptcy, tell the Judge that Linqto committed fraud. Some of your former Linqto co-workers have been subpoenaed to testify before a grand jury regarding the fraud - that you claim didn’t happen.
My goal - working pro bono - is to try and get investors what they bargained for or as close to it as possible. As for your insinuation that I’m working with current management, I filed a motion objecting to the DIP financing arguing for the court to impose a Constructive Trust so that customer property couldn’t be used as collateral, seized and/or liquidated. I argued in the motion that allowing current management to do that would constitute a court-approved theft.
The Creditors Committee voted for the deal and I agree a under the circumstances - it is the best option we have because if we spend 2 years in bankruptcy it will cost $150M which will come out of customer money. Linqto has only $13-16M in securities. The bankruptcy has already likely cost over $10M and it’s been less than 3 months. Once Linqto is out of money the court will likely order sales of customer funds to pay the professionals. The deal in place - a liquidating trust - should get people 95% of their shares. It’s not a 100% because lawyers and other professionals- unlike me - are not working for free.
But make no mistake about it: we wouldn’t be in this position if Linqto had not committed fraud. In October 2023 lawyers informed Bill
Sarris he was committing fraud. He ignored those lawyers because he was making millions breaking the law.
John I really thank you for everything you do. If we get back our assets, then I will be able to and I really would like to donate to your lawfirm. Is it legal to donate to a lawyer after a bankruptcy case ends ? If it is, please keep us an opportunity to donate for everything you are doing for us.
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