woodbridge liquidation when will money be distributed

4 0 obj The cash deal resolves the securities class claims without any admission of wrongdoing from the bank, the U.S. District Court for the Central District of California said. All rights reserved. The amount to be distributed will depend upon the amounts collected by . If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. 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. However, most of the loans were transferred to Shapiros own shall companies, according to the complaint. 919 North Market Street17th Floor Log in to keep reading or access research tools. I have the best legal firm in the country to defend me. the law may have an impact. Return vs Industry: Insufficient data to determine how WBQN.L performed against the US Capital Markets industry. This netting recognized the reality that there was no legitimate source of funds for Woodbridge to pay any so-called interest or dividends. Those payments were made with other victims money. The current members of the Liquidation Trust Supervisory Board are: Jay Beynon, Dr. Raymond C. Blackburn, Terry Goebel, Lynn Myrick, John J. ONeill, and M. Freddie Reiss. Copyright 2023 Surperformance. He is skilled in the matters necessary to do the job well. We really appreciate the work you did. Suite 1800 The Liquidation Trustee will be Mr. Michael Goldberg, who was a member of the Bankruptcy Court-approved independent Board of Managers of the Woodbridge debtors in their chapter 11 cases (and was designated to such Board by the United States Securities and Exchange Commission), and who was unanimously selected as the Liquidation Trustee by the Official Committee of Unsecured Creditors, the Ad Hoc Group of Noteholders, and the Ad Hoc Group of Unitholders. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. % The Class A Liquidation Trust Interests have since been approved by the Depository Trust Company for Direct Registration System (DRS) services, and are quoted on OTC Link ATS under the trading symbol WBQNL. Woodbridge's former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it. Their email address iscstmail@continentalstock.com. 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. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. There was a significant dispute in the bankruptcy cases regarding whether the Units actually were claims, or instead were equity (ownership interests) in the Debtors (in which case Unitholders would have been entitled to be paid nothing). The Trust does not undertake a duty to publicly update or revise such forward-looking statements or other information contained herein, whether as a result of new information, subsequent events, circumstances, changes in expectations or otherwise. x\rFWp!q This was the best of all possible outcomes and I cannot thank you and the team enough. The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. I would personally recommend you and your firm to anyone. If this applies to you, you should contact Continental Stock Transfer & Trust Company. Click to access Woodbridge-Press-Release-October-2021.pdf Share this: Twitter Facebook Loading. 13-894 bsac Blacks in Government (BIG) et al. Bradford Sandler, Esq. Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. Regarding the distribution, the Trusts Liquidation Trustee Michael Goldberg said, "I am pleased to be able to announce this additional interim distribution to our holders. LOS ANGELES, Feb. 19, 2019 /PRNewswire/ --Woodbridge Group of Companies, LLC (together with its affiliated debtors, "Woodbridge") announced today that, effective as of February 15, 2019, it has emerged from chapter 11 bankruptcy following confirmation of its plan of liquidation (the "Plan") by the United States Bankruptcy Court for the District of Delaware on October 26, 2018. As part of this fraud, Shapiro, through the Woodbridge entities, raised over one billion dollars from approximately 10,000 investorsas either noteholders or unitholders. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. Accordingly, the Trust cannot guarantee that any forward-looking statements will be realized, as actual result may differ materially from those identified or implied in any forward-looking statement. Conversely, if the real estate market goes down, the projected recoveries may go down as well. He is a fantastic lawyer and trusted advisor. Wilmington DE 19801 They are the best. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. If so, the distribution has been sent to your IRA custodian. 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. The purpose of the Trust is to prosecute various causes of action acquired by the Trust pursuant to the Plan, to litigate and resolve claims filed against the debtors under the Plan, to pay allowed administrative and priority claims against the debtors (including professional fees), to receive cash from certain sources and, in accordance with the Plan, to make distributions of cash to holders of interests in the Trust subject to the retention of various reserves and after the payment of Trust expenses and administrative and priority claims. Please do not rely on information found on Meticulous, thorough and detailed in preparation is the best way to describe Jim. 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. 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. The Liquidation Trust does not expect that Class B Liquidation Trust Interests will be registered under the Exchange Act. 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). He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. 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. Prior to the Effective Date, Mr. Goldberg served as a member of the Debtors independent Board of Managers, and had been the SECs designee to that Board. Please be aware, however, that no information will be provided regarding future distribution timing or amounts other than that which is available on this website, and no advice will be given regarding IRA or tax issues. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $4.50 for each Class A Liquidation Trust Interest. %PDF-1.6 A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). 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. 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. 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, . The Board of Managers of the Wind-Down Entity oversees the Wind-Down CEO to the extent set forth in the Wind-Down LLC Agreement. Holders of Allowed Class 5 Unit Claims received 72.5% of one (1) Class A Liquidation Trust Interest and 27.5% of one (1) Class B Liquidation Trust Interest for each $75.00 of Net Unit Claims held by such Unitholder. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). 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. 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% . This press release may contain forward-looking statements. 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. Fort Lauderdale, FL 33301 When a Ponzi scheme occurs, the law is designed to prevent some investors from realizing a profit while others are left to suffer a loss, and the Plan accounts for that. Delayed OTC Markets Forward-looking statements include in this press release include statements regarding the sources, amounts, timing, likelihood, and frequency of future distributions. R4"mz0#qH. A second distribution was announced on January 3, 2020. You should contact Continental Stock Transfer & Trust Company. 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). MarketScreener: Created by Investors for Investors! If you held an Allowed Claim against the Debtors on account of a (i) Class 3 Standard Note Claim, (ii) Class 4 General Unsecured Claim, or (iii) Class 5 Unit Claim, then pursuant to the Plan, on the Effective Date, you received Liquidation Trust Interests that entitle you to cash distributions from the Liquidation Trust. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by the Liquidation Trustee. Although distributions are made on account of Liquidation Trust Interests and not directly on account of former Notes or Units, for ease of reference, it is possible to convert the amount of each distribution into a percentage recovery on a Net Note Claim or Net Unit Claim. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. 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. Class A Liquidation Trust Interests were distributed to all holders of Allowed Class 3 Standard Note Claims, Allowed Class 4 General Unsecured Claims, and Allowed Class 5 Unit Claims. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. /Filter /FlateDecode 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. 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. Insufficient data to determine how WBQN.L performed against the. The Trust is based in Sherman Oaks, California. With the availability of DRS services, registered holders of Class A Liquidation Trust Interests are able to electronically transfer their Class A Liquidation Trust Interests from Continental Stock Transfer & Trust Company to the holders securities broker so that market trades can be executed by the broker at the instructions of the holder. The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court) on October 26, 2018. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. Net recoveries will also be influenced by actual development, construction, holding and operating costs. This amount includes a reserve of approximately $850,000 for amounts . You may always contact counsel to the Liquidation Trust using the contact information on this website. (310) 203-4271, Reports and Letters by the Liquidation Trustee, Change Of Name or Address/Registration Of Transfers, A link to the Confirmation Order may be accessed free of charge here, Woodbridge Liquidation Trust - 2022 Grantor Letter. No, most likely not. 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). For the first distribution, the Liquidation Trust declared a distribution of $44,697,250, in the aggregate, to holders of Class A Liquidation Trust Interests (including amounts reserved for claims not yet resolved). I just received this letter from the CFP Board. All rights reserved. The Wind-Down Board will consist of three members: (i)Mr. Chin (the Wind-Down CEO), (ii)Mr. M. Freddie Reiss, and (iii)Mr. Richard Nevins. Woodbridge expects that the process of liquidating all of the assets to be held by the Wind-Down Entity will take approximately two-to-three years. Here's a link to read more. Mr. Goldberg was unanimously selected to be the Liquidation Trustee by the Unsecured Creditors Committee, the Noteholder Committee, and the Unitholder Committee. When typing in this field, a list of search results will appear and be automatically updated as you type. Log in to keep reading or access research tools. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Mr. Goldberg regularly lectures on Ponzi schemes, EB-5 fraud and receiverships and has written numerous articles on these topics. In accordance with the Plan and your ballot, if you contributed your claims, your Net Note Claim or Net Unit Claim was multiplied by 105% before being converted to Liquidation Trust Interests. It is anticipated that additional distributions will be made in the future from time to time as funds become available. Woodbridge Liquidation Trust announced that its Liquidation Trustee, with the approval of the Trust's Supervisory Board, has declared an aggregate cash distribution of approximately $40 million on. The world would be a much nicer place if there were more people like the two of you in it. For example, if a Noteholder and Unitholder both held $300 in claims, the Noteholder would have received four (4) Class A Liquidation Trust Interests ($300 / $75 = 4), whereas the Unitholder would have received 2.9 Class A Liquidation Trust Interests (($300 / $75) x .725 = 2.9). | March 12, 2023 . Thank you, Thank you, THANK YOU! Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. You guys are the best group of attorneys in the country that I could hire to handle this complicated case. From the Desk of Jim Eccleston at Eccleston Law: Comerica Bank and investors who were harmed in Woodbridges $1.2 billion Ponzi scheme have won final approval of their $54.2 million settlement. Mr. Goldberg is the co-chair of Akerman LLPs Fraud & Recovery Practice Group, a comprehensive fraud management team focusing on Ponzi schemes and EB-5 fraud. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. In addition, the Trust has not completed the reconciliation of all claims, so it is possible that the percentage recoveries could change based on the final allowance of claims. 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. Awesome job! Thank you so very much for your guidance, patience, and expertise. The Delaware Trustee of the Trust is Wilmington Trust, National Association. 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? There are several reasons why you may not have received checks. 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. It is possible that you could get more or less. 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. Continentals phone number is 212-509-4000. . I want to thank you for your excellent professional representation. Under the Plan, for purposes of determining your pro rata share of cash distributions, your claim was calculated net of any prior distributions or payments that you may have received from Woodbridge in connection with any Notes or Units (other than return of principal or capital which already has been applied to reduce your claim). 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. 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. Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. Then we received your name. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. stream For detailed information regarding how Liquidation Trust Interests may be transferred in the event of a holders death, please contact Continental Stock Transfer & Trust Company. Now, I know the value of hiring an important partner. You have moved or changed addresses since you made your investment in Woodbridge and have not filed a claim or other notice of your new address. Among those reasons are: If your claim is currently disputed, you will receive Liquidation Trust Interests only if your claim is ultimately allowed. 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. The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. The Main Las Olas If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. The Liquidation Trustee of the Trust is Michael Goldberg. The Department of Labor (DOL) has agreed to a settlement with Prudential after theinsurer improperly collected life insurance premiums from customers and subsequently deniedcoverage claiming ineligibility. Woodbridge Liquidation Trust (the " Trust ") announced that its Liquidation Trustee, with the approval of the Trust's Supervisory Board, has declared an aggregate cash distribution of $40 million . The Trusts most recent published financial statements (as of December 31, 2019) indicated net assets in liquidation of approximately $334,583,000. When we realized this was a very bad investment - we did not know where to turn for help. 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 If you are being bothered by the Regulators, call Eccleston Law, you won't regret it. to determine WBQN.L's volatility change over the past year. The only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. 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/. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the company's financial accounts, knew about the Ponzi scheme. Thank You from the bottom of our hearts for all you have done for us. 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. 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. Colin Robinson, Esq. You are a good lawyer and a good person. A copy of the sentence is available here. The law is continuously changing. 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. 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 . The custodian is the holder of legal title to the funds, and the Liquidation Trust must make distributions to the holder of legal title. Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". Claims that are not Allowed Claims as of that time will not participate in that initial distribution, but reserves for such Claims will be maintained. In addition, real estate assets are subject to long-term cyclical trends that can give rise to significant volatility in values. About the company Risk Analysis Shares are highly illiquid Has not reported any financial data Does not have a meaningful market cap ($32M) See All Risk Checks My Notes Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. March 20, 2019 - Distribution Confirmed for First Quarter My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. For detailed information regarding how Class A Liquidation Trust Interests may be transferred from the books and records of Continental to the holders securities broker, holders should contact Continental Stock Transfer & Trust Company. Delayed OTC Markets ~DO=^o EJU(vZ X|L}|}SN)'7 7)nM+wz,jzG%5h6f]|FLKr^Yq'Z|5,OaE~VsZ.F]~zV:>:~Z2~o+~h7Jm SU+>07#N/SLsI+-xiI.`m}qM /Z7U]ktOpT2h-'rFX-8Dv/V^7x W5- 4md0pT d#|9qC{+by$UD WC}''J%,]gOmv_FuAi3|v%wx7%b-#*%Wn_IEB&D*j37- cS7t >7%8UQwM~f!jpMFxJ6d}J=PC~@JzIaI0%Q+KM.@|VbSGA{Ge% Continentals phone number is 212-509-4000. Colin Robinson, Esq. Bradford Sandler, Esq. 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. The Liquidation Trustee of the Trust is Michael Goldberg. Woodbridge filed bankruptcy in December 2017. Comerica Bank and investors who lost money in the $1.2 billion Woodbridge Ponzi scheme asked a federal judge in California for permission to move forward with the $54.2 million settlement of their class claims.. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. For example, if you invested $1,000 in Notes or Units issued by Woodbridge, and were paid $100 in interest prior to the commencement of the Woodbridge bankruptcy cases, then your net claim for purposes of the Plan would have been $900. 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. Pursuant to the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee, if you held an Allowed Claim against the Debtors on account of a (i) Class 3 Standard Note Claim, (ii) Class 4 General Unsecured Claim, or (iii) Class 5 Unit Claim, then pursuant to the Plan, on the Effective Date, you received Liquidation Trust Interests that entitle you to cash distributions from the Liquidation Trust. The Liquidation Trust has made three distributions. 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.

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