23andMe Bankruptcy Filing

On Monday March 24, 2025, 23andMe Holding Co., and certain affiliated debtors each filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri, Eastern Division (the “Bankruptcy Filing”).  Although StraightPath previously held certain publicly traded shares in 23andMe Holding Co., pursuant to the authority vested in her by the Plan here, the Receiver liquidated these holdings prior to the Bankruptcy Filing, and as a result, there are no further holdings that may be affected by the Bankruptcy Filing.  The specifics of that disposition will be provided in the Receiver’s next report regarding dispositions.   

Required Information for Form W-9 

PLEASE NOTE, when filling out a Form W-9 you must complete the following parts of Form W-9, and the information input must be consistent with Exhibit D to your StraightPath subscription agreement: 

• Line 1 – Name 
• Line 2 – Business Name (if invested through a business)
• Line 3a – Tax Classification
• Line 5 – Address 
• Line 6 – City, State, and Zip Code,
• Part I – Tax Identification Number (TIN)
• Part II – Certification

Also, regarding Part I – Tax Identification Number (TIN), you must input either your social security number or employer identification number. 

PLEASE NOTE: Unless you provide this information in your Form you will not be entitled to receive any distributions that you might otherwise be entitled to receive. The Receiver encourages all investors and creditors to consult with their personal tax advisors and/or financial custodians (in the case where the StraightPath investment is made through an IRA or custodial account) in completing either a Form W-9 or Form W-8.

Town Hall

The Receiver held a Town Hall on January 22, 2025 at 12:00 PM ET via a Zoom Webinar.  You can access a recording of the Town Hall here. 

Distribution of Funds

On December 20, 2024, the Receiver issued a Notice concerning tax documents that must be completed and delivered to the Receiver for any investor or creditor to receive any distribution as may be allowed under the Plan.  A copy of that Notice may be found here.

Specifically, as described in the Notice, to receive a distribution, all investors and creditors must complete an IRS Form W-9 or Form W-8 in accordance with the Notice.  Investors and creditors may complete those forms using this portal, or may obtain a copy of the Form here which they must then return by U.S. Mail.

Scopely Distribution

On January 31, 2025, the Receiver sent checks or wire transfers to the Scopely Silo Investors who delivered properly completed W-9s/W-8s by January 15, 2025 (the “First Scopely Distribution”).  On February 12, 2025, the Receiver filed a report on the First Scopely Distribution, which can be accessed here.  ONLY THOSE SCOPELY SILO INVESTORS THAT TIMELY PROVIDED THE RECEIVER WITH A PROPERLY COMPLETED FORM W-9 OR W-8, AS APPLICABLE, RECEIVED THEIR DISTRIBUTIONS IN THE FIRST SCOPELY DISTRIBUTION ON JANUARY 31, 2025.  IF A SCOPELY SILO INVESTOR FAILED TO TIMELY PROVIDE THE RECEIVER WITH A PROPERLY COMPLETED W-9 OR W-8, DISTRIBUTIONS TO THAT SCOPELY SILO INVESTOR WILL BE DELAYED.

The Receiver intends, on or before March 31, 2025, to make a further distribution from the remaining Available Scopely Cash to Scopely Silo Investors who did not receive a distribution in the First Scopely Distribution and who by March 3, 2025 have delivered to the Receiver properly completed Forms W-9 or W-8.

Unless a Scopely Silo Investor requests a wire transfer, the distributions will be sent by checks mailed to the addresses on such Scopely Silo Investors’ W-8s and W-9s, as applicable. 

The Receiver estimates that each Scopely Silo Investor will receive approximately forty-five percent (45%) of the amount the investor invested in StraightPath that was earmarked for Scopely, which percentage could increase depending on the resolution of Disputed Interests and Claims related to Scopely.  

PLEASE NOTE THAT UNDER THE PLAN ONLY SCOPELY SILO INVESTORS ARE ENTITLED TO RECEIVE A DISTRIBUTION FROM THE SCOPELY BUY-OUT PROCEEDS.  PLEASE ALSO NOTE THAT THE RECEIVER CANNOT MAKE DISTRIBUTIONS TO ANY INVESTOR THAT HAS NOT DELIVERED TO THE RECEIVER A PROPERLY COMPLETED FORM W-9 OR W-8, AS APPLICABLE. 
 

Rubrik Distribution

The Receiver has completed the sale of all Rubrik Shares.  The Receiver is currently working with the Receivership Team to determine the amounts to be distributed to each Rubrik Silo Investor and whether any Rubrik cash proceeds will be distributed through the Pot Component.  Please continue to monitor this website for updated information concerning Rubrik.

Pending Motions and Applications

Plan of Distribution

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).

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.

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.