2 minute read | February.18.2026
Linqto, a platform for investing in private and pre-IPO companies, filed for Chapter 11 bankruptcy in July 2025 after new management uncovered potential securities law violations dating back to 2020, leading to investigations by regulators. The Debtors and the Official Committee developed and prosecuted a novel plan structuring that offered customers two recovery options: a liquidating fund retaining indirect private company interests or interests in a publicly listed closed-end fund holding private shares. On February 6, 2026, the plan was approved in court with support from 95% of customers, despite objections from the former CEO and certain shareholders.
Orrick served as co-counsel to the Official Committee of Unsecured Creditors of Linqto alongside lead counsel Brown Rudnick LLP, providing support to the Committee on discovery, estate claims investigations and securities law matters.
Linqto was a global platform that enabled customers to invest in private market and pre-IPO companies.
The novel plan structure gives stakeholders a pragmatic path forward to recover the value of their investments through a structure that best approximates what they bargain for while allowing Linqto to wind down its business in an orderly manner while preserving asset values.
The Orrick team is led by Mark Franke, Brandon Batzel, Ignacio Sandoval, Marsha Mogilevich and Nicholas Poli and includes Ryan Wooten, Ari Roytenberg, Jackie Matyszczyk, Bailey Roe, Andrew Nisco, and Guy Topaz.
The liquidation plan was also covered in Law360.