Accounts on New Livestream and original Livestream are not linked, so if you are attempting to reset the password to your Original Livestream account on the New Livestream homepage, you would experience this issue. If you want to access your Original account, click the 'login here' link on the banner at the top of the New Livestream page. I've included an image which shows where you can login: http://dl.dropbox.com/u/870417/login-new-ls.jpg
You could also navigate directly to livestream.com/login to access the Original platform's password reset function. If you continue to experience any issues or have any further concerns, please let me know.