SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

FRENKEL LEONID

(Last)

(First)

(Middle)

C/O TRIAGE CAPITAL LF GROUP, LLC

401 CITY AVENUE, STE 800

(Street)

BALA CYNWYD

19004

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/01/2006

3. Issuer Name and Ticker or Trading Symbol
VALIDIAN CORP [ VLDI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	500,000	D⁽¹⁾
Common Stock	500,000	I	Footnote

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Convertible Notes	06/01/2006	06/01/2007	Common Stock	2,500,000	$0.1	D⁽¹⁾
Convertible Notes	06/01/2006	06/01/2007	Common Stock	2,500,000	$0.1	I	Footnote⁽²⁾

Explanation of Responses:

1. These securities are directly owned by Leonid Frenkel ("Mr. Frenkel" or the "Reporting Person"), who is a Reporting Person.

2. Mr. Frenkel is the managing member of Triage Captial LF Group, LLC, a Delaware limited liability company that acts as the general partner to the general partner of both Triage Capital Management L.P. and Triage Capital Management B, L.P., both of which are private investment funds in whose accounts portions of the reported securities are held. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein. This filing shall not be deemed an admission for Section 16 or otherwise, that the Reporting Person is the beneficial owner of any of the securities covered by this filing.

	/s/ Leonid Frenkel	06/12/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.