Triller

Triller Group’s common stock began trading publicly on October 16, 2024. According to information provided by Triller Group, prior to the merger, a reverse stock split was implemented, which resulted in shareholders of Triller receiving one (1) share of Triller Group for every four (4) shares of Triller. The Receiver is advised that shareholders of Triller Group are generally subject to a lock up and their shares will become freely tradeable after a six month holding period that commenced on October 15, 2024, the date of the completion of the merger.

StraightPath purchased Pre-IPO Shares in “Triller” through two different channels. The first type was through economic interest agreements between StraightPath and one entity and certain trusts that held equity in Triller Acquisition LLC. The second type was through economic interest agreements between StraightPath and a foreign entity that itself holds interests in another foreign entity that owns “Triller” equity. The Receivership Entities bear the risk as to whether the counterparties to the agreements will perform their obligations under the agreements.

For more information, see the Receiver’s Tenth Quarterly Status Report (available here).

Plan of Distribution

On August 19, 2024, the Receiver filed a motion to approve the proposed plan of distribution (the “Motion to Approve the Proposed Plan”).

Please visit the Plan of Distribution page here for more information.

Plan Responses must be submitted to the Receiver by email to StraightPathReceiver@Otterbourg.com or by USPS Mail to StraightPath Receivership c/o Otterbourg P.C., 230 Park Avenue, New York, NY 10169, Attention: Erik B. Weinick, Esq., so that it is received no later than September 23, 2024. An investor’s Plan Response must include the investor’s Receivership Investor Number (found on each investor’s Receivership Investor Statement).  The Receiver will compile all Plan Responses and file them with the Court.

Compendium of Information and Interim Status Report

On June 17, 2024, the Receiver provided investors with consolidated data regarding StraightPath’s pre-receivership operations (the “Compendium”), set forth in Tables 1-4. On July 8, 2024, the Receiver provided additional information set forth in Tables 5-6. All 6 Tables are available here.  The Compendium is currently comprised of the following charts:

1. Estimated Fair Value of Pre-IPO Companies as of the Receivership Date, June 14, 2022 (i.e., Receivership tax basis)
2. Fair Market Value of Pre-Receivership Public Companies as of the Receivership Date, June 14, 2022 (i.e., Receivership tax basis)
3. Surplus/Shortfall Analysis of Pre-IPO Companies
4. Surplus/Shortfall Analysis of Pre-Receivership Public Companies (updated July 8, 2024)
5. Estimated Average Markup: Pre-IPO Companies
6. Estimated Average Markup: Public Companies

Please note that the footnotes to the Compendium are an integral part of the data presented and must be reviewed for a complete understanding of the information contained in the Compendium.

On January 6, 2023, the Receiver filed with the Court an Interim Status Report Concerning Preliminary Findings on Commingling and Share Shortfall (the "Interim Report"). A copy of the Interim Report can be found by clicking here.

Town Hall

The Receiver held a public Town Hall on May 14, 2024 at 12:00 Noon Eastern Standard Time.  A recording of the Town Hall can be accessed here.

Rubrik

On April 25, 2024, the shares of common stock of Rubrik Inc. (“Rubrik”) began trading on the New York Stock Exchange.  The Receivership owns Rubrik shares both directly, and indirectly through special purpose vehicles (“SPVs”). The Receiver is advised that the Rubrik shares it holds, both directly and indirectly, are subject to a lock-up.  Rubrik has announced that the lock-up will end on or around September 11, 2024. The Rubrik shares that the Receivership holds through SPVs may also have their own applicable distribution procedures. None of the Rubrik shares held by the Receivership can be distributed to investors unless approved by the Court.

Update Regarding Criminal Action

On November 29, 2023, the United States Attorney’s Office (“USAO”) for the Southern District of New York announced the unsealing of an Indictment charging Michael Castillero, a/k/a Michael Alejandro, Francine Lanaia, and Brian Martinsen with, among other things, conspiracy, securities fraud, wire fraud, and investment adviser fraud in connection with their management of StraightPath Venture Partners LLC, StraightPath Management LLC, and nine related StraightPath Funds.  The USAO’s press release announcing the Indictment can be found by clicking here.  A copy of the Indictment can be found by clicking here. The prosecutor of the criminal case against Castillero, Lanaia and Martinsen is the United States Attorney for the Southern District of New York. The Receiver has no role in the criminal case against Castillero, Lanaia and Martinsen.  A trial has been scheduled for June 9, 2025.

Tax Information

In September 2023, the Receiver issued amended 2021 Schedule K-1s and 2022 Schedule K-1s.   Please visit the Frequently Asked Questions page for more information about the 2022 Schedule K-1s.

Procedures for Resolution of Claims and Interests and Bar Dates for Claims

On March 30, 2023, the Court entered an Order approving the Receiver’s Motion for Resolution of Claims and Interests and Establishing Bar Dates for Claims (the “Resolution Procedures”).  Please visit the Claims and Interests page here for more information. 

Receivership Background

On June 14, 2022, the Hon. Melanie L. Cyganowski (Ret.) (the “Receiver”), former Chief Bankruptcy Judge of the United States Bankruptcy Court for the Eastern District of New York, and Chair of the Restructuring and Bankruptcy Department of Otterbourg P.C., was appointed to serve as the Court-Appointed Receiver pursuant to an Order (the “Receivership Order”) of the Honorable Lewis A. Kaplan of the United States District Court for the Southern District of New York.

Pursuant to the Receivership Order, the Receiver was appointed as Receiver for the estate (the “Receivership Estate”) of SP Ventures Fund LLC, SP Ventures Fund 2 LLC, SP Ventures Fund 3 LLC, SP Ventures Fund 4 LLC, SP Ventures Fund 5 LLC, SP Ventures Fund 6 LLC, SP Ventures Fund 7 LLC, SP Ventures Fund 8 LLC, SP Ventures Fund 9 LLC (collectively, the “SP Funds”); StraightPath Venture Partners LLC ("SPVP”); and StraightPath Management LLC (“SPM” and collectively with the SP Funds and the SPVP, the “Receivership Entities”).

Under the terms of the Receivership Order, the Receiver, among other things, has the responsibility and duty (i) to use reasonable efforts to determine the nature, location, and value of all assets and property interests of the Receivership Entities; (ii) take custody, control, and possession of all property of the Receivership Entities; (iii) to sue for and collect, recover, receive, and take into possession from third parties all property of the Receivership Entities and records relevant thereto; (iv) to manage, control, operate, and maintain the Receivership Estate; (v) to engage and employ persons in the Receiver’s discretion to assist the Receiver in carrying out the Receiver’s duties and responsibilities; (vi) to pursue, resist and defend all suits, actions, claims and demands which may be pending or which may be brought by or asserted against the Receivership Estate; (vii) to make necessary or required filings in the counties, states, and/or jurisdictions in which the property of the Receivership Entities is located in order to secure these assets; and (viii) to propose a liquidation plan and distribution plan to the Court upon motion.

A copy of the complaint filed by the Securities and Exchange Commission on May 13, 2022 can be found HERE.

A copy of the Receivership Order filed on June 14, 2022 can be found HERE.

You may contact a representative of the Receiver by sending an email to straightpathreceivership@stout.com.