Evidence Brief · Bank-first reconstruction · Unresolved SPV · Source-locked
Kyara I: The Profitable SPV We Still Can't Identify
Southern Financial LLC sent $99,999.74 through a law-firm client account in May 2014 for an investment identified in Deutsche records as Kyara Investments LLC. By October, Kyara I had returned $301,099.27. Two later distributions brought total recovered Kyara I cash to $322,491.13. The underlying operating company remains unidentified.
Executive finding
The economics are recoverable. The operating-company identity is not.
The bank records support an SPV investment and repeated distributions. They do not identify the company or asset held underneath Kyara I. GAH therefore treats Kyara I as an unresolved single-asset candidate, not as an invitation to guess which company produced the return.
Source provenance
The corrected Kyara I economics are visible on the bank pages
The debit and the later return are shown separately. The return page also shows why the earlier monthly-total reading was corrected.
Page 2 records the $99,999.74 outgoing transfer to the law-firm client-fund account used in the Kyara I lane.
Page 1 records the $301,099.27 Kyara Investments I wire and separately shows the $6,202.17 Bear Stearns credit that must not be folded into the Kyara return.
Receipt images are source-page renders. The linked archive/PDF route remains the controlling source.
May 14, 2014: $99,999.74 leaves Southern Financial
The May 2014 Southern Financial statement at EFTA01284908 shows a $99,999.74 outgoing wire to the Barack Ferrazzano Kirschbaum & Nagelberg client-fund account. Deutsche's transaction chart at EFTA00080260 describes the wire details as “Southern Financial LLC investment in Kyara Investments LLC.”
The bank statement itself names the law-firm client account, not an operating company. The Kyara identification comes from the bank's transaction reconstruction and the later position/return correspondence.
October 6, 2014: the first major return
The October statement at EFTA01285141 shows an incoming wire from Kyara Investments I of exactly $301,099.27.
This corrects an error in the earlier Run 12 synthesis. Run 12 had treated the month's total credits—$307,301.44—as the Kyara return. The statement shows that figure combines the $301,099.27 Kyara I wire with a separate $6,202.17 Bear Stearns credit. GAH corrected the Run 12 master and evidence CSV on September 30, 2026.
Kahn's rounded account matches the corrected bank economics
In an April 2015 investment update at EFTA02505439, Richard Kahn writes that “Kyara I we invested 100,000 and received back 300,000 (for a 200,000 profit).”
The bank records sharpen those rounded figures: $99,999.74 out and $301,099.27 back. At that point, the gross cash difference was $201,099.53, which is consistent with Kahn's approximate $200,000 description. GAH does not treat that gross difference as a tax-accounting profit figure.
The position kept paying
The Kyara I trail did not end in 2014. A December 2016 Southern Financial statement at EFTA01286529 shows another $10,000 incoming Kyara Investments I wire. A September 2018 statement at EFTA01287877 shows another $11,391.86.
Across the three recovered Kyara I return events, Southern Financial received $322,491.13. Against the original $99,999.74 bank debit, that is a $222,491.39 gross cash excess. Fees, tax basis, non-cash adjustments and any unrecovered transactions are not established.
The missing atom is still the issuer
Kyara II, III and IV can be resolved to Wearality, Blockstream and OH2 Laboratories. Kyara I cannot. The recovered bank chart, statements and Kahn correspondence support the SPV economics but do not name a company, security or asset underneath Kyara I.
That silence is meaningful for research prioritization but not for speculation. A profitable SPV with an unknown asset remains an unknown asset.
Claim / source / limit
| Claim | Source | Limit |
|---|---|---|
| $99,999.74 left Southern Financial on May 14, 2014. | EFTA01284908 | Raw statement names law-firm client account, not operating company. |
| The payment was an investment in Kyara Investments LLC. | EFTA00080260 transaction chart | Still does not identify the underlying issuer. |
| Kyara I returned $301,099.27 on Oct. 6, 2014. | EFTA01285141 | Separate $6,202.17 Bear Stearns credit must not be included. |
| Kahn characterized the economics as roughly $100K invested / $300K returned / $200K profit. | EFTA02505439 | Rounded internal correspondence, not tax accounting. |
| Later Kyara I returns totaled $21,391.86. | EFTA01286529; EFTA01287877 | Additional unrecovered distributions cannot be excluded absolutely. |
What this brief does not establish
- The underlying operating company or security held by Kyara I.
- A tax or GAAP profit figure.
- That $322,491.13 represents every distribution ever made by Kyara I.
- That the law-firm client-fund account was the beneficial owner of the investment.
- Any wrongdoing associated with the SPV or its returns.
Why publish an unidentified investment?
Because the evidence boundary is itself useful. The bank record proves a real investment route and real returns while refusing to supply the company name researchers most want. Publishing the unresolved node prevents future work from quietly assigning Kyara I to a convenient candidate without evidence.
The machine-readable source list and correction note are published at source-manifest.json.
Related: Three resolved Kyara SPVs · Coinbase return-first reconstruction · Methodology