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 invested in Woodbridge through your IRA custodian. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). The liquidation of assets by the Wind-Down Entity is being administered primarily by the Wind-Down CEO. The Main Las Olas He is currently serving that sentence. from 8 AM - 9 PM ET. 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. If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. 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). He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. 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. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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. Woodbridge and the three fiduciary committees appointed in the bankruptcy cases worked in concert to reach the global settlement represented by the Plan to ensure that creditors can recover as much money as possible, and believe that the Plan provides the best possible outcome under the circumstances. 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"). We felt like we were put into a situation where we had no advocate. It was greatly appreciated. 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. There are several reasons why you may not have received checks. 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. No. The Trust has tried, where possible, to use words such as "anticipate," "if," "believe," "estimate," "plan," "expect," "intend," "forecast," "initiative," "objective," "goal," "project," "outlook," "priorities," "target," "evaluate," "pursue," "seek," "potential," "continue," "designed," "impact," "may," "could," "would," "should," "will," and similar expressions to identify forward-looking statements. Log in to keep reading or access research tools. All forward-looking statements speak only as of the date they were made. You have proven to be a valuable resource. If you elected to contribute your claims, you may not pursue such claims individually. One of the best life decisions I've ever made. 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. Under the Plan, the Liquidation Trust Interests to be distributed to creditors shall initially be 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. No stone was left upturned. 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. 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? 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 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. 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. The work that you and your team have performed on my behalf is exemplary. 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. 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). Wilmington DE 19801 . You may always contact counsel to the Liquidation Trust using the contact information on this website. Woodbridges former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. The Delaware Trustee of the Trust is Wilmington Trust, National Association. Your ethics, forward thinking and strategies are amazing. If so, the distribution has been sent to your IRA custodian. Their phone number is 212-509-4000. Return vs Industry: Insufficient data to determine how WBQN.L performed against the US Capital Markets industry. 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. 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. 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. 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. You are a good lawyer and a good person. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. The third distribution was announced on April 1, 2020. 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 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. 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. 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. Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. 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). Suite 1800 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. The Liquidation Trust does not know the timing or amount of the next distribution. 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.. << Suite 1800 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. 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"). The Liquidation Trustee is unable to provide tax advice. The Liquidation Trust does not expect that Class B Liquidation Trust Interests will be registered under the Exchange Act. 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 : 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). Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Woodbridge also announced that it is targeting an initial cash distribution to take place on or before March 31, 2019. Net recoveries will also be influenced by actual development, construction, holding and operating costs. When we called you - you were so kind to us and then agreed to help us. 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. The trustee of the Woodbridge Liquidation Trust has brought a $500 million+ lawsuit against the lawyers and law firms that it alleges helped facilitate the Woodbridge Ponzi scheme. 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. (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 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. 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. Private Securities Litigation Reform Act of 1995. For this we are so very grateful. Three of these individuals were nominated to the Liquidation Trust Supervisory Board by the Committee, one member was nominated by each of the Unitholder Committee and the Noteholder Committee, and the sixth member (Mr. Reiss) was elected by the other five members. Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. Woodbridge filed bankruptcy in December 2017. this site without consulting a lawyer to determine if any recent changes in A second distribution was announced on January 3, 2020. 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. A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). Conversely, if the real estate market goes down, the projected recoveries may go down as well. For more information, visit www.woodbridgeliquidationtrust.com. I have the best legal firm in the country to defend me. 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. Thank You from the bottom of our hearts for all you have done for us. Now, I know the value of hiring an important partner. 919 North Market Street17th Floor 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. 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). As of December 24, 2019, Class A Liquidation Trust Interests are freely transferable to the extent permissible under applicable law. I want to thank you for your excellent professional representation. The custodian is the holder of legal title to the funds, and the Liquidation Trust must make distributions to the holder of legal title. 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. 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. We will always remember all the help and kindness you have shown us. 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. 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. 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% . Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. That Noteholder would have received approximately $43.55, in the aggregate, from the three distributions (as opposed to $41.48 received by a Noteholder who did not contribute such Noteholders claims). We just wanted to say thanks for your work in helping us get back some of the money we lost. Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $4.50 for each Class A Liquidation Trust Interest. 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. However, most of the loans were transferred to Shapiros own shall companies, according to the complaint. No, most likely not. However, as noted in the answer to the previous question, holders of Allowed Class 5 Unit Claims received fewer Class A Liquidation Trust Interests relative to holders of Allowed Class 3 Standard Note Claims and Allowed Class 4 General Unsecured Claims. I just received this letter from the CFP Board. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the company's financial accounts, knew about the Ponzi scheme. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Your professionalism, support and expertise were greatly appreciated. Liquidation Trust Interests issued after one or more distribution(s) will receive catch-up payments on account of any such prior distribution(s). 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). 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. Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. Continentals email address iscstmail@continentalstock.com. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by the Liquidation Trustee. Copyright 2023 Surperformance. Brilliant too, I might add. 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.. Thank you for your professional assistance with this matter. This amount includes a reserve of approximately $850,000 for amounts . They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. March 20, 2019 - Distribution Confirmed for First Quarter 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. %PDF-1.6 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. If this applies to you, you should contact Continental Stock Transfer & Trust Company. The Liquidation Trust has made three distributions. Continental Stock Transfer & Trust Companys website ishttps://www.continentalstock.com/. Jim, Stephany and the whole team were a God send. Volatility Over Time: Insufficient data to determine WBQN.L's volatility change over the past year. 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. In addition, real estate assets are subject to long-term cyclical trends that can give rise to significant volatility in values. I am so glad I found you! 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). Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. The Trust is the owner of those claims. The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. to determine WBQN.L's volatility change over the past year. The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. 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. 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. 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. The Liquidation Trustee of the Trust is Michael Goldberg. 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 third distribution equals payment of approximately 2.8% of each Net Note Claim, and payment of approximately 2.0% of each Net Unit Claim. 17-12560-KJC). Messrs. Reiss and Nevins were both members of the Bankruptcy Court-approved independent Board of Managers of the Woodbridge debtors in their chapter 11 cases. (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. In addition, the Trust reserves the right to enforce any of the foregoing remedies against any purchaser of Trust interests. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. They are truly the best. 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. Fort Lauderdale, FL 33301 You guys are the best group of attorneys in the country that I could hire to handle this complicated case. Insufficient data to determine how WBQN.L performed against the. We will have a full report soon. I learned two important things working with Eccleston Law. | March 12, 2023 . You made a difficult situation much more bearable. 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. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. Forward-looking statements include in this press release include statements regarding the sources, amounts, timing, likelihood, and frequency of future distributions. 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. Woodbridges unsecured creditors (including investors holding notes and units) received interests in the Liquidation Trust, which entitle them to cash distributions over time from the Liquidation Trust. Log in to keep reading or access research tools. The effective date of the Plan (the "Effective Date") was February 15, 2019. The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on October 26, 2018. Continentals phone number is 212-509-4000. GLENDALE, CaliforniaJune 16, 2022Woodbridge 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 $65 million on the Trust's Class A Liquidation Trust Interests (the "Class A Interests")."). Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. They entitle you only to cash distributions from the Liquidation Trust. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. 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. 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. This amount includes a reserve of approximately $900,000 for amounts that are or may become payable in respect of Class A Interests that may be issued in the future upon the allowance of unresolved bankruptcy claims, in respect of Class A Interests issued on account of recently allowed bankruptcy claims, to holders of Class A Interests who failed to cash checks mailed in respect of previous distributions, as distributions withheld due to pending avoidance actions, and to holders of Class A Interests from whom the Trust is awaiting further beneficiary information. 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.