{"url":"https://newsforagent.com/news/2026-10-14/linqto-kroll-liquidating-trustee","markdown_url":"https://newsforagent.com/news/2026-10-14/linqto-kroll-liquidating-trustee.md","title":"Linqto Names Kroll Trustee, Replacing Forge in Bankruptcy","headline":"Linqto Picks Kroll as Liquidating Trustee, Replacing Forge Global in Chapter 11 Exit","description":"Linqto selected Kroll as trustee for its liquidating trust, replacing Forge Global, which the company is suing for damages.","section":"Leadership","published_at":"2026-10-14T18:48:26+00:00","modified_at":"2026-10-14T18:48:26+00:00","author":"News Desk","key_takeaways":["Linqto selected Kroll as Trustee for the Liquidating Trust, replacing Forge Global Inc.","The selection was made by Linqto's Unsecured Creditors Committee after a process conducted by Chief Restructuring Officer Jeffrey Stein, advised by Jefferies LLC.","VanEck remains the manager for the forthcoming Closed End Fund, the other customer recovery option under the confirmed Plan of Reorganization."],"companies":[{"name":"Linqto","is_primary":true,"profile_url":"https://akta.pro/company-profiles/00021j9/linqto","website":"https://www.linqto.com"},{"name":"Forge","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0000bon/forge","website":"https://forgeglobal.com"},{"name":"Kroll","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0002i7u/kroll","website":"http://www.kroll.com"}],"source":{"publisher":"Business Wire","title":"Linqto Selects Kroll As Trustee for the Liquidating Trust","url":"https://www.businesswire.com/news/home/20261014410207/en/"},"other_sources":[],"tags":["Leadership","Linqto","Forge","Kroll"],"body_markdown":"[Linqto](https://akta.pro/company-profiles/00021j9/linqto), Inc. announced that [Kroll](https://akta.pro/company-profiles/0002i7u/kroll) was selected as Trustee for the Liquidating Trust, replacing [Forge](https://akta.pro/company-profiles/0000bon/forge) Global Inc., which Linqto is suing for damages after Forge terminated its contractual commitment to serve as Trustee without warning or explanation. The selection was made by Linqto's Unsecured Creditors Committee, according to [Business Wire](https://www.businesswire.com/news/home/20261014410207/en/).\n\n## Kroll's Selection and the Forge Dispute\n\nKroll, an independent provider of global financial and risk advisory solutions, was chosen as Trustee for the Liquidating Trust, one of the two customer recovery options in Linqto's confirmed Plan of Reorganization approved by the U.S. Bankruptcy Court for the Southern District of Texas. The selection replaces Forge Global Inc., which Linqto is suing for damages following Forge's abrupt termination of its contractual commitment to serve as Trustee of the Liquidating Trust without warning or explanation.\n\nThe selection of Kroll was made by Linqto's Unsecured Creditors Committee after a thorough process. Linqto's Chief Restructuring Officer, Jeffrey Stein, conducted the process and was advised by Jefferies LLC. Previously selected VanEck remains the manager for the forthcoming Closed End Fund, the other option for customer recovery under the Plan.\n\n\"The Unsecured Creditors Committee is pleased to select Kroll as the Trustee for the Liquidating Trust,\" said Kenneth Aulet, Partner at Brown Rudnick and Lead Counsel to the Official Committee of Unsecured Creditors in the Linqto bankruptcy case. \"Recognizing the urgency to replace Forge and exit bankruptcy as quickly as possible, we worked quickly and collaboratively with Linqto's CRO and Jefferies to narrow down the list of highly qualified applicants.\"\n\n\"We are excited to work with Linqto customers and are committed to moving as quickly as possible to create opportunities for liquidity and maximize value for beneficiaries,\" said Mitchell Mansfield, Managing Director and Global Head of Fund Solutions at Kroll. \"We are working with the relevant stakeholders and expect to execute the trust agreements immediately.\"\n\n## Linqto's Bankruptcy Plan and Customer Recovery\n\nAccording to akta.pro [company records](https://akta.pro/company-data), Linqto's Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas in February 2026, with customers expected to recover approximately 95% of current fair market value of their original investments. In January 2026, Forge Global, Inc. was selected as Liquidating Trustee to administer customer-linked assets and VanEck was selected to manage the Closed-End Fund as part of the Chapter 11 reorganization plan. Linqto and affiliated debtors filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas in July 2025 after new management uncovered systematic regulatory compliance violations and fraud by former CEO William (Bill) Sarris.\n\n## Earlier Legal and Restructuring Events\n\nIn August 2026, Linqto said it was moving forward with risk mitigation strategies to exit bankruptcy as quickly as possible, after the U.S. Bankruptcy Court approved its reorganization plan, which was supported by 95% of customers, according to AInvest. That same month, Linqto announced it would continue pursuing litigation against Forge Global, Inc. to recover millions of dollars in damages for more than 13,000 Linqto customers, according to Yahoo. In September 2026, former Linqto CEO William Sarris was arrested and indicted for securities fraud and conspiracy, allegedly inflating pre-IPO investment markups to over 200% in some cases, according to Wealth Management.\n\n## Next Steps for the Liquidating Trust\n\nLinqto said the selection of a replacement Trustee was among the last remaining hurdles to exit from bankruptcy and that it expects to move quickly to exit. The company also said that the securities to be transferred for the benefit of Linqto's customers remain safe and secure. Kroll said it expects to execute the trust agreements immediately, and upon execution, the Liquidating Trust will be legally established.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}