Deal also includes additional $300,000 for liquidation trust, Class attorneys to seek $13.55 million in fees. A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). You filed a proof of claim through your attorney, and your attorney provided his or her address as the address to which distributions should be made. Copies of the Plan and all other Court documents may be examined free of charge on the website of the Debtors' claims agent at http://cases.gardencitygroup.com/wgc. The effective date of the Plan (the "Effective Date") was February 15, 2019. There are several reasons why you may not have received checks. GLENDALE, Calif., June 16, 2022--(BUSINESS WIRE)--Woodbridge Liquidation Trust (the "Trust") announced that its Liquidation Trustee, with the approval of the Trusts Supervisory Board, has declared an aggregate cash distribution of $65 million on the Trusts Class A Liquidation Trust Interests (the "Class A Interests"). Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. Their email address iscstmail@continentalstock.com. It was greatly appreciated. The Plan, which enjoyed overwhelming support from creditors, provides for the creation of two entities: (i) a Wind-Down Entity, which will own many of Woodbridge's assets (including all real property) and will sell those assets to generate cash, and (ii) a Liquidation Trust, which will own the Wind-Down Entity and receive cash generated by the Wind-Down Entity, and will own estate claims and causes of action. Continentals phone number is 212-509-4000. While the underlying settlement provides for the Court to order Robert Shapiro to pay in excess of $100MM for disgorgement, prejudgment interest, and a civil penalty, the Liquidation Trust has no reason to believe that Mr. Shapiro has the ability or intention to make the Court-ordered payments. I would personally recommend you and your firm to anyone. Jim, Stephany and the whole team were a God send. View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005866/en/, Michael I. Goldberg, Liquidation TrusteeWoodbridge Liquidation TrustTel: 1-310-765-1550, https://www.businesswire.com/news/home/20220616005866/en/. I appreciate your help, concern and guidance. He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. How did WBQN.L perform over the long term? As a final example, if a claimant held $50,000 in Net Note Claims and $50,000 in Net Unit Claims, such holder would have received approximately 666.66 Class A Liquidation Trust Interests on account of such claimants Notes, and approximately 483.33 Class A Liquidation Trust Interests on account of such claimants Units, for a total of 1,150 Class A Liquidation Trust Interests (in addition, such claimant would have received approximately 183.33 Class B Liquidation Trust Interests on account of such claimants Units). The Liquidation Trust assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes, except as may be required by law. The work that you and your team have performed on my behalf is exemplary. The court's disgorgement order against Woodbridge and related corporate defendants will be deemed satisfied by a Liquidation Trust being formed under a plan in the Woodbridge Chapter 11 case in the U.S. District Court for the District of Delaware (Case No. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by the Liquidation Trustee. Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. Holders of Allowed Class 5 Unit Claims also received Class B Liquidation Trust Interests on account of the remaining 27.5% of their unit claims. We really appreciate the work you did. In this press release, all statements that are not purely historical facts are forward-looking statements. Once the Companys remaining real property assets have been liquidated and the net proceeds resulting therefrom, net of reserves, have been distributed, further distribution(s) are expected to be materially reliant on future recoveries from litigation. So netting treated prior payments as a return of investor victims principal, as they could not be considered legitimate investment return on principal (interest or dividends). Awesome job! Fort Lauderdale, FL 33301 Popular Searches Woodbridge Liquidation Trust The parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. The Liquidation Trust does not know the timing or amount of the next distribution. It is possible that you could get more or less. In addition, the Liquidation Trust Supervisory Board will consist of five membersthree selected by the Official Committee of Unsecured Creditors, and one each selected by the Ad Hoc Group of Noteholders and the Ad Hoc Group of Unitholders. Including the March 2019 distribution of $3.75 per Class A Liquidation Trust Interest and the estimated net assets in liquidation for the Trust as of December 31, 2019, the estimated total recovery percentages are as follows: (i) 43.74% recovery on Net Note Claims (or 45.92% for those Noteholders electing to contribute their claims; (ii) 43.74% . Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. 919 North Market Street17th Floor Michael I. Goldberg, Liquidation Trustee Woodbridge Liquidation Trust Tel: 1-310-765-1550 Contacts Michael I. Goldberg, Liquidation Trustee Woodbridge Liquidation Trust Tel: 1-310-765-1550 Meticulous, thorough and detailed in preparation is the best way to describe Jim. We will always remember all the help and kindness you have shown us. In addition, real estate assets are subject to long-term cyclical trends that can give rise to significant volatility in values. Two state securities regulators frequently stand out as First Responders.. All holders of Liquidation Trust Interests are urged to consult with their IRA and tax advisors regarding their specific circumstances. Woodbridge Liquidation Trust (the Trust) announced that its Liquidation Trustee, with the approval of the Trusts Supervisory Board, has declared an aggregate cash distribution of approximately $40 million on the Trusts Class A Liquidation Trust Interests (the Class A Interests). Who is Woodbridge Liquidation Trust Headquarters 201 E Las Olas Blvd Ste 1800, Fort Lauderdale, Florida, 33301, United States Phone Number (310) 765-1550 Website www.woodbridgeliquidationtrust.com Revenue <$5M Stock Symbol WBQNL Industry Investment Banking Finance Is this data correct? You invested in Woodbridge through your IRA custodian. More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. Woodbridge agreed to pay nearly $890 million in disgorgement in late 2018. -, Woodbridge Liquidation Trust : Completion of Acquisition or Disposition of Assets (form 8-K), Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events (form 8-K), Woodbridge Liquidation Trust : Termination of a Material Definitive Agreement (form 8-K). 17-12560-KJC). The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court) on October 26, 2018. No, most likely not. When typing in this field, a list of search results will appear and be automatically updated as you type. The Delaware Trustee of the Trust is Wilmington Trust, National Association. If, on the other hand, you invested $1,000 in Notes or Units issued by Woodbridge, and were paid nothing in the past by Woodbridge, then your net claim for purposes of the Plan would have been the full $1,000 that you invested. We will have a full report soon. The Trusts most recent published financial statements (as of December 31, 2019) indicated net assets in liquidation of approximately $334,583,000. The deal represents at least 10% of best-case scenario damages, according to documents filed in support of the investors preliminary settlement approval motion in the U.S. District Court for the Central District of California. For the second distribution, the Liquidation Trust declared a distribution of $53,426,092, in the aggregate, to holders of Class A Liquidation Trust Interests (including amounts reserved for claims not yet resolved). You should contact Continental Stock Transfer & Trust Company. If you purchased your investment in Woodbridge through a custodial account, such as an IRA, then the Liquidation Trust will make any distributions to your custodian. Woodbridge filed bankruptcy in December 2017 as a result of a massive, multi-year Ponzi scheme perpetrated by Robert Shapiro between (at least) 2012 and 2017. Unitholders also received Class B Liquidation Trust Interests for the other 27.5% of their Net Unit Claims, so that if there is more money available after payment of the Net Note Claims, Allowed General Unsecured Claims, and Net Unit Claims represented by the Class A Liquidation Trust Interests, then Unitholders will receive cash distributions on their Class B Liquidation Trust Interests until the remaining Net Unit Claims are paid. I want to thank you for your excellent professional representation. Continentals email address iscstmail@continentalstock.com. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on the Liquidation Trust and Wind-Down Entity. The only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. The world would be a much nicer place if there were more people like the two of you in it. The distribution amounts to $3.44 per Class A Interest, and will be paid on or about October 29, 2021 to holders of record of Class A Interests as of close of business on October 22, 2021. As the Company is approaching the end of its real estate portfolio liquidation activities and has only a small number of real estate assets remaining, I would remind all investors in the Trust that future distributions will be limited. For this we are so very grateful. Woodbridge Liquidation Trust is a Delaware statutory trust that, together with its wholly-owned subsidiary Woodbridge Wind-Down Entity LLC, was formed on February 15, 2019 to implement the. Claims against Robert Shapiro were not settled or released as part of the Plan. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. The netting referred to above was required in order to treat all investors fairly in light of the fact that Woodbridge was operated as a Ponzi scheme. Pollard PLLC Follow Advertisement Advertisement Recommended USSC 13-894 Amicus Brief Mario Cometti 72 views 35 slides 4. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. Wow! These statements, including (but not limited to) the statements relating to the future financial and operating results of the Liquidation Trust and Wind-Down Entity, are made under the "safe harbor" provisions of the U.S. Copyright 2023 Surperformance. Forward-looking statements are based on current expectations and are subject to substantial risks, uncertainties and other factors, many of which are beyond our control and not all of which can be predicted by the Trust. The Liquidation Trust has made three distributions. I am grateful to have found an outstanding law firm that specializes in securities matters. Attorneys are standing by during regular business hours. This amount includes a reserve of approximately $850,000 for amounts . Signage is displayed at a Comerica Bank office building in Sherman Oaks, Calif. Deal resolves allegations bank knew of clients scheme, Additonal $300,000 ends liquidation trusts claims. There are over $800 million in claims that need to share in distributions. Fort Lauderdale, FL 33301 Conversely, if the real estate market goes down, the projected recoveries may go down as well. You were most helpful with my FINRA deposition. The effective date of the Plan (the Effective Date) was February 15, 2019. The Liquidation Trustee of the Trust is Michael Goldberg. Among the factors that may cause actual results to differ materially include the risks identified and described in the Trusts most recent filings with the U.S. Securities & Exchange Commission. The Liquidation Trustee of the Trust is Michael Goldberg. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). They are truly the best. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. The liquidation of assets by the Wind-Down Entity is being administered primarily by the Wind-Down CEO. Thank you so very much for your guidance, patience, and expertise. Please do not rely on information found on (310) 203-4271, Reports and Letters by the Liquidation Trustee, Change Of Name or Address/Registration Of Transfers, https://woodbridgeliquidationtrust.com/wp-content/uploads/2020/10/Press_Release_10-8-20-1.pdf, Woodbridge Liquidation Trust - 2022 Grantor Letter. to determine WBQN.L's volatility change over the past year. Woodbridgeexpects that the process of liquidating all of the assets to be held by the Wind-Down Entity will take approximately two-to-three years. First, I made a friend and ally with Jim and Steph for life. If a Unitholder held $300 in Net Unit Claims, and thus received 2.9 Class A Liquidation Trust Interests, that claimant would have received approximately $30.07, comprised of (i)$10.87 as part of the first distribution (2.9 * $3.75 = $10.87), (ii)$13.05 as part of the second distribution (2.9 * 4.50 = $13.05), and (iii)$6.15 as part of the third distribution (2.9 * $2.12 = $6.15). Mr. Goldberg was unanimously selected to be the Liquidation Trustee by the Unsecured Creditors Committee, the Noteholder Committee, and the Unitholder Committee. Woodbridge Liquidation Trust Declares Cash Distribution on Class A Liquidation Trust Interests, Payable on or About October . | March 12, 2023 . << Woodbridgefiled bankruptcy in December 2017as a. I am so glad I found you! Woodbridge Liquidation Trust announced the distribution amounts to $3.44 per Class A Interest, and will be paid on or about March 1, 2022 to holders of record of Class A Interests as of close of business on February 22, 2022. All rights reserved. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. The enhanced $315 Net Note Claim would then have been converted to 4.2 Class A Liquidation Trust Interests ($315 / $75 = 4.2) and, on account of such Class A Liquidation Trust Interests, would have received $15.75 (4.2 * $3.75 = $15.75). I cannot thank you enough for your efforts. Yes. Actual results could vary materially depending on risks and uncertainties that may affect the Liquidation Trust and Wind-Down Entity, including, but not limited to, local, national, and international economic conditions; the supply and demand for properties; the financial conditions for tenants, buyers, and sellers of properties; changes in interest rates; changes in environmental laws or regulations, planning laws and other governmental roles and fiscal and monetary policies; changes in real property tax rates and related tax deductions; negative developments in the economy that depress travel and retail activity; uninsured casualties; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors that are beyond the reasonable control of the Liquidation Trust and the Wind-Down Entity. 4. For the third distribution, the Liquidation Trust declared a distribution of $25,000,682, in the aggregate, to holders of Class A Liquidation Trust Interests (including amounts reserved for claims not yet resolved). Fantastic news!!!! It has opened an account for you and will be keeping the record of your Liquidation Trust Interests. Wilmington DE 19801 Risk factors other than normal market fluctuations may also influence sale prices, and the Trusts Form 10 Registration Statement, as amended, and the Trusts Form 8-K that was filed on April 8, 2020 identify additional risk factors attendant to this process. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. To reach the Trust regarding such a matter, please contact Pachulski Stang Ziehl & Jones, LLP, 919 North Market Street, 17th Floor, Wilmington, DE 19801, 310-203-4271, Attn: Colin Robinson, Esq. Liquidation Trust Interests will be maintained as book entries by the Liquidation Trust; holders of Liquidation Trust Interests will not receive paper certificates in respect of such Liquidation Trust Interests. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust WOODBRIDGE LIQUIDATION TRUST Michael I. Goldberg, Liquidation Trustee 201 North Brand Boulevard, Unit M Glendale, California 91203 February 8, 2022 FOR IMMEDIATE RELEASE: Contact: Michael I. Goldberg, Liquidation Trustee Woodbridge Liquidation Trust Tel: 1-310-765-1550 Woodbridge Liquidation Trust Announces Cash Distribution GLENDALE, . You are an Excluded Party or a Disputing Claimant under the Debtors Plan, or your claim is otherwise Disputed. If this applies to you, you may contact the Liquidation Trusts counsel for more information. Any additional distributions will take place as and when sufficient excess cash is available and subject to the terms and condition of the Plan and the Liquidation Trust Agreement. Woodbridge filed bankruptcy in December 2017. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. Jims team came in with a strong, well laid out strategy on how to get our story heard. I have the best legal firm in the country to defend me. the law may have an impact. In addition, the projected recoveries do not include net cash generated by claims (e.g., lawsuits) that have been asserted by the Liquidation Trustee against third parties and have not yet been resolved, the prosecution or settlement of which may increase the cash available for distribution. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. Click to access Woodbridge-Press-Release-October-2021.pdf Share this: Twitter Facebook Loading. No. 201 East Las Olas Boulevard Thank you so very very much for everything. They are the best. The deal "represents at least 10% of best-case scenario damages," according to documents filed in support of the investors' preliminary settlement approval motion in the U.S . To the knowledge of the Liquidation Trust, no amounts have been escrowed by Mr. Shapiro for payment of the settlement and no specific property has been identified for satisfaction of the settlement. Holders of Allowed Class 3 Standard Note Claims and Allowed Class 4 General Unsecured Claims received one (1) Class A Liquidation Trust Interest for each $75.00 of Net Note Claims or Allowed General Unsecured Claims held by such creditor. 4 0 obj Suite 1800 If you elected to contribute your claims, you may not pursue such claims individually. Rather than spend significant time and money litigating these very complicated issues, the parties (including a fiduciary group for Unitholders) negotiated and settled upon allowance of claims for Unitholders at a 27.5% discount as compared to Noteholders claims. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. Colin Robinson, Esq. Woodbridge Liquidation Trust announced the distribution amounts to $3.44 per Class A Interest, and will be paid on or about March 1, 2022 to holders of record of Class A Interests as of close of business on February 22, 2022. SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 The distribution amounts to $5.63 per Class A Interest, and will be paid on or about July 15, 2022 to holders of record of Class A Interests as of close of business on June 30, 2022. You made a difficult situation much more bearable. Continental Stock Transfer & Trust Companys website ishttps://www.continentalstock.com/. Jim was referred to me by a most trusted source. If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. No paper certificates evidencing the Liquidation Trust Interests are expected to be distributed, but you may contact Continental Stock Transfer & Trust Company for a statement of your holdings. MarketScreener: Created by Investors for Investors! If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston. Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form. He is currently serving that sentence. An initial distribution was announced on March 29, 2019. Expungement of CRD/BrokerCheck Disclosures. Woodbridge Liquidation Trust : Completion of Acquisition or Disposition of Assets (form 8-.. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Change in Direc.. WOODBRIDGE LIQUIDATION TRUST Management's Discussion and Analysis of Financial Conditi.. Woodbridge Liquidation Trust : Other Events (form 8-K). Any amounts that you may receive on claims contributed to the Trust belong to the Trust, and must be paid over to, or otherwise recouped by, the Trust for the benefit of all its holders. Prudential Improperly Collected Life Insurance Premiums and Informed Claimants They Were Ineligible, SEC Releases Final Reg BI Staff Bulletin Addressing Duty of Care, These Two State Regulators Serve as Financial Markets Primary First Responders. The Main Las Olas % The amount to be distributed will depend upon the amounts collected by . The Liquidation Trust will endeavor to announce any subsequent distribution on this website in advance of mailing checks. Forward-looking statements include statements (other than historical facts) that address future plans, goals, expectations, activities, events or developments. Private Securities Litigation Reform Act of 1995. Here's a link to read more. Mr. Goldberg has served as court-appointed receiver in many cases over the past two decades, helping maximize returns to victims by identifying, securing, and monetizing potential assets as quickly and efficiently as possible. Your professionalism, support and expertise were greatly appreciated. This amount includes a reserve of approximately $850,000 for amounts that are or may become payable (a) in respect of Class A Interests that may be issued in the future upon the allowance of unresolved bankruptcy claims, (b) in respect of Class A Interests issued on account of recently allowed claims, (c) for holders of Class A Interests who failed to cash checks mailed in respect of prior distributions, (d) for distributions that were withheld due to pending avoidance actions, and (e) to holders of Class A Interests for which the Trust is awaiting further beneficiary information. Colin Robinson, Esq. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. When we realized this was a very bad investment - we did not know where to turn for help. The parties agreed to the settlement earlier in 2021 while the deal includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust filed against Comerica. This aspect of the settlement was accomplished by affording Noteholders Class A Liquidation Trust Interests for 100% of their Net Note Claims and affording Unitholders Class A Liquidation Trust Interests for only 72.5% of their Net Unit Claims. Among those reasons are: If your claim is currently disputed, you will receive Liquidation Trust Interests only if your claim is ultimately allowed. The Trust is a Delaware statutory trust. Based on the most recent estimates published by the Liquidation Trust, in December 2019, there will be no distributions on account of Class B Liquidation Trust Interests. Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. This was the best of all possible outcomes and I cannot thank you and the team enough. If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. The complaint further alleged that Shapiro paid returns to investors by utilizing client funds, which generated nearly $1.22 billion before the scheme was thwarted. The law is continuously changing. Specifically, he has experience managing and enhancing liquidity and developing and implementing turnaround improvement plans and processes to achieve operational efficiency and increase accountability. Class B Liquidation Trust Interests are subject to transfer restrictions that prohibit assignment or transfer by any holder thereof other than by will or intestate succession or otherwise by operation of law. Shapiro was also received a 25-year prison sentence in 2019. Including the March 2019 distribution of $3.75 per Class A Liquidation Trust Interest and the estimated net assets in liquidation for the Trust as of December 31, 2019, the estimated total recovery percentages are as follows: (i)43.74% recovery on Net Note Claims (or 45.92% for those Noteholders electing to contribute their claims; (ii)43.74% recovery on General Unsecured Claims; and (iii)31.71% recovery on Net Unit Claims (33.30% for those Unitholders electing to contribute their claims). The Liquidation Trust is investigating and may pursue appropriate claims against Robert Shapiro and his affiliates, including claims assigned to the Liquidation Trust by investors who made such election on their Ballots. Additional information regarding the Liquidation Trust, including selected filings made with the United States Securities & Exchange Commission, can be found on the top of this page under Selected SEC Filings. For answers to other questions, you may contact counsel to the Liquidation Trust at (310) 203-4271, extension 4271. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). Pursuant to Federal Rule of Civil Procedure 23(e), the Court GRANTS final approval of the Settlement and finds that it is, in all respects, fair, reasonable, and adequate and in the best interests of the Settlement Class. Investors who lost money to the scam argued that Comerica, which maintained all of AI-powered legal analytics, workflow tools and premium legal & business news. Class B Liquidation Trust Interests will only receive cash distributions from the Liquidation Trust if all claims represented by Class A Liquidation Trust Interests have been paid in full. -, Woodbridge Liquidation Trust : Completion of Acquisition or Disposition of Assets (form 8-K), Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events (form 8-K), Woodbridge Liquidation Trust : Termination of a Material Definitive Agreement (form 8-K).

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