That was my impression, yes. However, we got this on the news: https://www.businesswire.com/news/home/20180122006373/en/Templum-Markets-Executes-Secondary-Security-Token-Transaction

The information on the NAV and BCAP investments can be found here: https://blockchainloop.com

In any case, what they did with hiding the memo from the investors and renouncing all fiduciary duties, not to mention using good old Brock Pierce as their figurehead is appalling.