I want to thank you for your excellent professional representation. Comerica Bank and investors who lost money in the $1.2 billion Woodbridge Ponzi scheme won final approval of their $54.2 million settlement in federal court in California. 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. 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. Before the Effective Date, Pachulski Stang Ziehl & Jones LLP served as counsel to the Official Committee of Unsecured Creditors (the Committee) in the Debtors chapter 11 bankruptcy cases. 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. 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. Forward-looking statements include statements (other than historical facts) that address future plans, goals, expectations, activities, events or developments. Bradford Sandler, Esq. 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. If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. 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. 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. 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 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. Two state securities regulators frequently stand out as First Responders.. The Main Las Olas Comerica, Woodbridge Ponzi Victims Seek $54.2 Million Settlement SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 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. Fort Lauderdale, FL 33301 I've never had to hire an attorney for anything. 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/. Conversely, if the real estate market goes down, the projected recoveries may go down as well. 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). 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. FAQ - www.WoodbridgeLiquidationTrust.com https://www.woodbridgeliquidationtrust.com, See historical performance and comparison, Capital Markets Industry Average Movement. The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over. If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it. Your professionalism, support and expertise were greatly appreciated. Continentals phone number is 212-509-4000. All holders of Liquidation Trust Interests are urged to consult with their IRA and tax advisors regarding their specific circumstances. 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). We will have a full report soon. Your ethics, forward thinking and strategies are amazing. All rights reserved. No. You invested in Woodbridge through your IRA custodian. No stone was left upturned. All holders of Liquidation Trust Interests are urged to consult with their tax advisors regarding their specific tax circumstances. Their email address iscstmail@continentalstock.com. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. The CEO of the Wind-Down Entity will be Mr. Frederick Chin, who was the Bankruptcy Court-approved CEO of the Woodbridge debtors in their chapter 11 cases. Thank you, Thank you, THANK YOU! All rights reserved. -, 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). 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. They entitle you only to cash distributions from the Liquidation Trust. 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"). Mr. Goldberg was unanimously selected to be the Liquidation Trustee by the Unsecured Creditors Committee, the Noteholder Committee, and the Unitholder Committee. 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% . It is anticipated that additional distributions will be made in the future from time to time as funds become available. I just wanted to say thanks again for preparing and executing my case in such a professional manner. 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. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $4.50 for each Class A Liquidation Trust Interest. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. 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. 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. Woodbridge Liquidation Trust Declares Cash Distribution on Class A Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. Continentals email address iscstmail@continentalstock.com. 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, . 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. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The liquidation of assets by the Wind-Down Entity is being administered primarily by the Wind-Down CEO. They are truly the best. The law is continuously changing. He is skilled in the matters necessary to do the job well. Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". 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). A Liquidation Trust Supervisory Board oversees the Liquidation Trustee to the extent set forth in the Liquidation Trust Agreement. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. When we called you - you were so kind to us and then agreed to help us. Frederick Chin is the Wind-Down CEO. Michael I. Goldberg is the Liquidation Trustee. Press reports regarding the settlement between the Securities and Exchange Commission (SEC) and Robert Shapiro created a great deal of confusion. 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 In its Form 10-Q quarterly report for the quarter ended December 31, 2019, the Trust stated that [t]he Wind-Down Entity expects that the liquidation of the Wind-Down Subsidiaries assets will be completed during the fiscal year ending June 30, 2022. The anticipated liquidation period may be extended for various reasons, including delays in construction and/or sales. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. Copyright 2023 Surperformance. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by the Liquidation Trustee. According to the complaint, Shapiro marketed promissory notes and other securities as low-risk, high-yield investments secured by high-interest real-estate loans to third-party commercial borrowers. You are very good at what you do. Their phone number is 212-509-4000. 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. 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. Woodbridge Liquidation Trust OTCPK:WBQN.L Stock Report 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. Thank you for your professional assistance with this matter. Then we received your name. 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.. Your Net Note Claim or Net Unit Claim was the amount of your claim in the Bankruptcy Case, which claim entitled you to Liquidation Trust Interests. Among those reasons are: If your claim is currently disputed, you will receive Liquidation Trust Interests only if your claim is ultimately allowed. 4 0 obj You should contact Continental Stock Transfer & Trust Company. The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court) on October 26, 2018. 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. Now, I know the value of hiring an important partner. The Liquidation Trustee is unable to provide advice regarding IRA or tax issues. Copyright 2023 Surperformance. Legal counsel for the Trust is Pachulski Stang Ziehl & Jones LLP. 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. 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. Attorneys are standing by during regular business hours. 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 amount to be distributed will depend upon the amounts collected by . As you may have read, in October 2019 Robert Shapiro was sentenced to 25 years in prison. /Filter /FlateDecode Although the Plan was confirmed on October 26, 2018, the Plan required that certain conditions be satisfied in order for the Plan to be implemented and become effective.. 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).
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