Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  FRENKEL LEONID
 2. Date of Event Requiring Statement (Month/Day/Year)
06/01/2006		 3. Issuer Name and Ticker or Trading Symbol
VALIDIAN CORP [VLDI]
(Last)
(First)
(Middle)
C/O TRIAGE CAPITAL LF GROUP, LLC, 401 CITY AVENUE, STE 800		 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 Original Filed(Month/Day/Year)
(Street)

BALA CYNWYD, PA 19004		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
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)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
FRENKEL LEONID
C/O TRIAGE CAPITAL LF GROUP, LLC
401 CITY AVENUE, STE 800
BALA CYNWYD, PA 19004		     X    

Signatures

/s/ Leonid Frenkel 06/12/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

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