Michael Goldberg, Liquidation Trustee 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 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). Additional information regarding the Liquidation Trust, including selected filings made with the United States Securities & Exchange Commission, can be found on the top of this page under Selected SEC Filings. For answers to other questions, you may contact counsel to the Liquidation Trust at (310) 203-4271, extension 4271. Among the factors that may cause actual results to differ materially include the risks identified and described in the Trusts most recent filings with the U.S. Securities & Exchange Commission. The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. 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. Wow! The work that you and your team have performed on my behalf is exemplary. Call us now for immediate service, or complete the form below and we will contact you as soon as possible. I want to thank you for your excellent professional representation. . Among those reasons are: If your claim is currently disputed, you will receive Liquidation Trust Interests only if your claim is ultimately allowed. The Plan may be accessed free of charge here, The Bankruptcy Court order confirming the Plan (the Confirmation Order) was entered on October 26, 2018 (the Confirmation Date). 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. 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. It is possible that you could get more or less. 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. 4 0 obj They are the best. 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. The Liquidation Trustee is unable to provide tax advice. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. This amount includes a reserve of approximately $850,000 for amounts . The Main Las Olas 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. As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". 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. I am so glad I found you! Expungement of CRD/BrokerCheck Disclosures. 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. Delayed OTC Markets I've never had to hire an attorney for anything. 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.. I just received this letter from the CFP Board. 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. If you elected to contribute your claims, you may not pursue such claims individually. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. Private Securities Litigation Reform Act of 1995. R4"mz0#qH. Including the March 2019 distribution of $3.75 per Class A Liquidation Trust Interest and the estimated net assets in liquidation for the Trust as of December 31, 2019, the estimated total recovery percentages are as follows: (i)43.74% recovery on Net Note Claims (or 45.92% for those Noteholders electing to contribute their claims; (ii)43.74% recovery on General Unsecured Claims; and (iii)31.71% recovery on Net Unit Claims (33.30% for those Unitholders electing to contribute their claims). Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. Log in to keep reading or access research tools. /Length 5 0 R It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I appreciate your help, concern and guidance. Their email address iscstmail@continentalstock.com. Attorneys are standing by during regular business hours. The Trust is the owner of those claims. Michael I. Goldberg, Liquidation Trustee Woodbridge Liquidation Trust Tel: 1-310-765-1550 Contacts Michael I. Goldberg, Liquidation Trustee Woodbridge Liquidation Trust Tel: 1-310-765-1550 Please do not rely on information found on ~DO=^o EJU(vZ X|L}|}SN)'7 7)nM+wz,jzG%5h6f]|FLKr^Yq'Z|5,OaE~VsZ.F]~zV:>:~Z2~o+~h7Jm SU+>07#N/SLsI+-xiI.`m}qM /Z7U]ktOpT2h-'rFX-8Dv/V^7x W5- 4md0pT d#|9qC{+by$UD WC}''J%,]gOmv_FuAi3|v%wx7%b-#*%Wn_IEB&D*j37- cS7t >7%8UQwM~f!jpMFxJ6d}J=PC~@JzIaI0%Q+KM.@|VbSGA{Ge% 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. 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. In this press release, all statements that are not purely historical facts are forward-looking statements. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). Continentals phone number is 212-509-4000. The Trust is a Delaware statutory trust. | March 12, 2023 . The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. In addition, real estate assets are subject to long-term cyclical trends that can give rise to significant volatility in values. 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). The only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. Woodbridges former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. Mr. Goldberg was unanimously selected to be the Liquidation Trustee by the Unsecured Creditors Committee, the Noteholder Committee, and the Unitholder Committee. I learned two important things working with Eccleston Law. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. We really appreciate the work you did. If this applies to you, you should contact Continental Stock Transfer & Trust Company. Holders of Allowed Class 5 Unit Claims also received Class B Liquidation Trust Interests on account of the remaining 27.5% of their unit claims. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. Brilliant too, I might add. The third distribution was announced on April 1, 2020. 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. 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 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. 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. One of the best life decisions I've ever made. 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 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. Michael Goldberg, Liquidation Trustee I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. Suite 1800 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 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. 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. 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. You are a good lawyer and a good person. Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. The Liquidation Trust has made three distributions. 4. Frederick Chin is the Wind-Down CEO. The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court) on October 26, 2018. Woodbridge's unsecured creditors (including investors holding notes and units) will receive interests in the Liquidation Trust ("Liquidation Trust Interests") which will entitle them to cash distributions over time from the Liquidation Trust. Shapiro was also received a 25-year prison sentence in 2019. 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. How did WBQN.L perform over the long term? Net recoveries will also be influenced by actual development, construction, holding and operating costs. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the company's financial accounts, knew about the Ponzi scheme. Your ethics, forward thinking and strategies are amazing. Mr. Goldberg regularly lectures on Ponzi schemes, EB-5 fraud and receiverships and has written numerous articles on these topics. As an example, a Noteholder with $300 of Net Note Claims who did not contribute claims would have received four (4) Class A Liquidation Trust Interests ($300 / $75 = 4) and, on account of such Class A Liquidation Trust Interests, would have received $15 (4 * $3.75 = $15). It is the most important legal business decision you will ever make, make it Eccleston Law. Insufficient data to determine how WBQN.L performed against the. Michael I. Goldberg is the Liquidation Trustee. First, I made a friend and ally with Jim and Steph for life. 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). 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. The Liquidation Trust does not know the timing or amount of the next distribution. They were the best I have seen in action. 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. 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. An initial distribution was announced on March 29, 2019. (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 Liquidation Trustee is unable to provide advice regarding IRA or tax issues. The Trust is based in Sherman Oaks, California. 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. 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"). 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. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. 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. No. Here's a link to read more. Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. -, 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). 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 . 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. You have proven to be a valuable resource. In addition, the Trust reserves the right to enforce any of the foregoing remedies against any purchaser of Trust interests. Yes. 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. 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. Bradford Sandler, Esq. The settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. x\rFWp!q When typing in this field, a list of search results will appear and be automatically updated as you type. 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. 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. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. I cannot thank you enough for your efforts. If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it. Continentals phone number is 212-509-4000. 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. The custodian is the holder of legal title to the funds, and the Liquidation Trust must make distributions to the holder of legal title. The Liquidation Trustee of the Trust is Michael Goldberg. Two state securities regulators frequently stand out as First Responders.. 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. 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. 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. Liquidation Trust Interests issued after one or more distribution(s) will receive catch-up payments on account of any such prior distribution(s). % You should contact Continental Stock Transfer & Trust Company. 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% . You may always contact counsel to the Liquidation Trust using the contact information on this website. 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. The Securities and Exchange Commission (SEC) recently published a final staff bulletinon Regulation Best Interest (Reg BI), this time highlighting the duty of care, with the goal ofdefinitively outlining financial advisors ethical responsibilities.
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