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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. They are truly the best. 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 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. The work that you and your team have performed on my behalf is exemplary.
Woodbridge Liquidation Trust Announces Cash Distribution, Payable on or Net recoveries will also be influenced by actual development, construction, holding and operating costs. 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. Michael I. Goldberg is the Liquidation Trustee.
If a Unitholder held $300 in Net Unit Claims, and thus received 2.9 Class A Liquidation Trust Interests, that claimant would have received approximately $30.07, comprised of (i)$10.87 as part of the first distribution (2.9 * $3.75 = $10.87), (ii)$13.05 as part of the second distribution (2.9 * 4.50 = $13.05), and (iii)$6.15 as part of the third distribution (2.9 * $2.12 = $6.15).
The world would be a much nicer place if there were more people like the two of you in it. Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. 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). A copy of the sentence is available here. 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). So losing a significant chunk of money hurtespecially at a time when everyone else was growing their accounts. 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 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 law may have an impact. It was greatly appreciated.
Comerica, Woodbridge Ponzi Victims Seek $54.2 Million Settlement Delayed OTC Markets Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. Wilmington DE 19801
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? When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $2.12 for each Class A Liquidation Trust Interest. You may always contact counsel to the Liquidation Trust using the contact information on this website. The effective date of the Plan (the "Effective Date") was February 15, 2019. 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"). As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. The first distribution equals payment of approximately 5% of each Net Note Claim, and payment of approximately 3.6% of each Net Unit Claim. He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. 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). 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). The Non-Contributing Claimants and the Woodbridge Liquidation Trust, as assignee of the claims of the Contributing Claimants. We will have a full report soon. As of December 24, 2019, Class A Liquidation Trust Interests are freely transferable to the extent permissible under applicable law. The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. Your professionalism, support and expertise were greatly appreciated. Thank you for your professional assistance with this matter.
No. 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.
A second distribution was announced on January 3, 2020. 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. 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 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. 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. 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. We felt like we were put into a situation where we had no advocate. It has opened an account for you and will be keeping the record of your Liquidation Trust Interests. You are very good at what you do. (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 effective date of the Plan (the Effective Date) was February 15, 2019. Wilmington DE 19801
from 8 AM - 9 PM ET. 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. 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.
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. 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). Here's a link to read more. 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. 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. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. 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. to determine WBQN.L's volatility change over the past year. I appreciate your help, concern and guidance. The settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank. I just wanted to say thanks again for preparing and executing my case in such a professional manner. Private Securities Litigation Reform Act of 1995. Wow! The Delaware Trustee of the Trust is Wilmington Trust, National Association. This was the best of all possible outcomes and I cannot thank you and the team enough.
You have proven to be a valuable resource. They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. 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.. 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. 4 0 obj
Woodbridge Liquidation Trustee vs. Woodbridge's Lawyers - SlideShare Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". The Liquidation Trustee is unable to provide tax advice. This press release may contain forward-looking statements. R4"mz0#qH. 201 East Las Olas Boulevard
Woodbridge Liquidation Trust Announces Cash Distribution - TMCnet Brilliant too, I might add.
Then we received your name. Class B Liquidation Trust Interests are 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. this site without consulting a lawyer to determine if any recent changes in
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.
/Length 5 0 R Their email address iscstmail@continentalstock.com. 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. 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. Woodbridge also announced that it is targeting an initial cash distribution to take place on or before March 31, 2019. Woodbridges former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. 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")."). Michael Goldberg, Liquidation Trustee
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). Woodbridge filed bankruptcy in December 2017. Colin Robinson, Esq. Fort Lauderdale, FL 33301
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). 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. 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. 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. Continental Stock Transfer & Trust Companys website ishttps://www.continentalstock.com/. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. 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 : 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).
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MarketScreener: Created by Investors for Investors! In addition, the Trust reserves the right to enforce any of the foregoing remedies against any purchaser of Trust interests. When we called you - you were so kind to us and then agreed to help us. 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). The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on October 26, 2018. 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.
Woodbridge agreed to pay nearly $890 million in disgorgement in late 2018.