I am so glad I found you! Jim, Stephany and the whole team were a God send. Woodbridge also announced that it is targeting an initial cash distribution to take place on or before March 31, 2019. The third distribution equals payment of approximately 2.8% of each Net Note Claim, and payment of approximately 2.0% of each Net Unit Claim. The Main Las Olas 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). Conversely, if the real estate market goes down, the projected recoveries may go down as well. /Filter /FlateDecode 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. You are a good lawyer and a good person. 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% . Attorneys are standing by during regular business hours. As another example, if a Noteholder and Unitholder both held $50,000 in net claims, the Noteholder would have received approximately 666.66 Class A Liquidation Trust Interests ($50,000 / $75 = 666.66), whereas the Unitholder would have received approximately 483.33 Class A Liquidation Trust Interests (($50,000 / $75) x .725 = 483.33) and approximately 183.33 Class B Liquidation Trust Interests (($50,000 / $75) x .275 = 183.33). The effective date of the Plan (the Effective Date) was February 15, 2019. Mr. Goldberg is regularly recommended to serve as receiver to district courts by the SEC in connection with SEC receivership cases and has served as a receiver for the SEC in approximately 20 cases in the past 20 years. The third distribution was announced on April 1, 2020. 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. SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 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. 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. Their email address iscstmail@continentalstock.com. For example, using simple numbers, if a Noteholder and Unitholder both held $300 in net 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) and 1.1 Class B Liquidation Trust Interests (($300 / $75) x .275 = 1.1). This site has been created on behalf of the Woodbridge Liquidation Trust (the Trust) to provide the holders of Liquidation Trust Interests with information about the Trust. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. We will always remember all the help and kindness you have shown us. 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. 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. 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. (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. The liquidation of assets by the Wind-Down Entity is being administered primarily by the Wind-Down CEO. The Liquidation Trust will endeavor to announce any subsequent distribution on this website in advance of mailing checks. 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. The parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. Michael Goldberg, Liquidation Trustee 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. As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. You are very good at what you do. All rights reserved. We just wanted to say thanks for your work in helping us get back some of the money we lost. If a Unitholder held $50,000 in Net Unit Claims, and thus received 483.33 Class A Liquidation Trust Interests, that claimant would have received approximately $5,012, comprised of (i)approximately $1,812 as part of the initial distribution (483.33 * $3.75 = $1,812.49), (ii)approximately $2,175 as part of the second distribution (483.33 * 4.50 = $2,174.99), and (iii)approximately $1,024 as part of the third distribution (483.33 * $2.12 = $1,024.66). 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). Wow! However, most of the loans were transferred to Shapiros own shall companies, according to the complaint. All holders of Liquidation Trust Interests are urged to consult with their IRA and tax advisors regarding their specific circumstances. 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. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. I just received this letter from the CFP Board. 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. Wilmington DE 19801 Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. 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. Woodbridgefiled bankruptcy in December 2017as a. We will have a full report soon. Stable Share Price: Insufficient data to determine WBQN.L's volatility over the past 3 months. Additional information, including answers to frequently asked questions, may be found at the Liquidation Trust's website, available at http://www.pszjlaw.com/woodbridge.html. 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. 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. Continentals phone number is 212-509-4000. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. to determine WBQN.L's volatility over the past 3 months. 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. The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. Brilliant too, I might add. 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. 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 terms of the First Amended Joint Chapter 11 Plan of Liquidation dated August 22, 2018 of Woodbridge Group of Companies, LLC and Its Affiliated Debtors (the "Plan"). No, most likely not. You may always contact counsel to the Liquidation Trust using the contact information on this website. If you are being bothered by the Regulators, call Eccleston Law, you won't regret it. The Plan provided for the creation of two primary entities: (i) a Wind-Down Entity, which, through its subsidiaries, was vested on the effective date with the real estate-related assets formerly owned by Woodbridge; and (ii) a Liquidation Trust, which was vested with ownership of the Wind-Down Entity and its subsidiaries and estate claims and causes of action, such as lawsuits against third parties. 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 on the Trust's Class A Liquidation Trust Interests (the "Class A Interests").This amount includes a reserve of approximately $800,000 for amounts that are or may become payable (a) in respect of Class A . Return vs Industry: Insufficient data to determine how WBQN.L performed against the US Capital Markets industry. The effective date of the Plan (the "Effective Date") was February 15, 2019. 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. 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. The Liquidation Trust will use its commercially reasonable best efforts to cause registration of the Class A Liquidation Trust Interests under the Securities Exchange Act of 1934 (the "Exchange Act") to become effective, and for the Class A Liquidation Trust Interests to be quoted with an OTC ticker symbol, as soon as reasonably practicable after the Effective Date, but in no event will the Liquidation Trust file such registration statement any later than may be required under section 12(g) of the Exchange Act or the rules and regulations promulgated thereunder. The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. Bradford Sandler, Esq. R4"mz0#qH. Continental Stock Transfer & Trust Company can only make distributions by check. Based on the estimated net assets in liquidation for the Trust as of December 31, 2019, there will be no distributions on account of Class B Liquidation Trust Interests. 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. I cannot thank you enough for your efforts. -, 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). Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. 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. | March 12, 2023 . Liquidation Trust Interests issued after one or more distribution(s) will receive catch-up payments on account of any such prior distribution(s). 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. % 201 East Las Olas Boulevard They entitle you only to cash distributions from the Liquidation Trust. When we called you - you were so kind to us and then agreed to help us. this site without consulting a lawyer to determine if any recent changes in It is the most important legal business decision you will ever make, make it Eccleston Law. Michael I. Goldberg is the Liquidation Trustee. 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. Yes. (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. 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 only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. Your ultimate recovery is based on how much money the Liquidation Trust distributes to Liquidation Trust Interest holders. The first distribution equals payment of approximately 5% of each Net Note Claim, and payment of approximately 3.6% of each Net Unit Claim. 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. If you held an Allowed Class 3 Standard Note Claim, Allowed Class 4 General Unsecured Claim, or Allowed Class 5 Unit Claim, you were entitled to receive Liquidation Trust Interests irrespective of whether you mailed back your ballot, or whether you voted for or against the Plan. 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. >> In this press release, all statements that are not purely historical facts are forward-looking statements. The Trust is the owner of those claims. No. You guys are the best group of attorneys in the country that I could hire to handle this complicated case. 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 The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. Continentals email address iscstmail@continentalstock.com. The Liquidation Trustee of the Trust is Michael Goldberg. The Liquidation Trustee of the Trust is Michael Goldberg. More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. 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. It is anticipated that additional distributions will be made in the future from time to time as funds become available. 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. 4 0 obj 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. 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. 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.. Wilmington DE 19801 If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. 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. 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. Frederick Chin is the Wind-Down CEO. 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. %PDF-1.6 The custodian is the holder of legal title to the funds, and the Liquidation Trust must make distributions to the holder of legal title. If a Noteholder held $50,000 in Net Note Claims, and thus received 666.66 Class A Liquidation Trust Interests, that claimant would have received approximately $6,913, comprised of: (i)approximately $2,500 as part of the first distribution (666.66 * $3.75 = $2,499.97), (ii)approximately $3,000 as part of the second distribution (666.66 * 4.50 = $2,999.97), and (iii)approximately $1,413 as part of the third distribution (666.66 * $2.12 = $1,413.32). 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. 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.
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