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 . 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. No. If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it. 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. 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/. All forward-looking statements speak only as of the date they were made. The parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. Expungement of CRD/BrokerCheck Disclosures. When we called you - you were so kind to us and then agreed to help us. Now, I know the value of hiring an important partner. When a Ponzi scheme occurs, the law is designed to prevent some investors from realizing a profit while others are left to suffer a loss, and the Plan accounts for that. There are over $800 million in claims that need to share in distributions. Stable Share Price: Insufficient data to determine WBQN.L's volatility over the past 3 months. 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. 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. 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 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. If you are being bothered by the Regulators, call Eccleston Law, you won't regret it. The Liquidation Trust will endeavor to announce any subsequent distribution on this website in advance of mailing checks. 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 . /Length 5 0 R The Non-Contributing Claimants and the Woodbridge Liquidation Trust, as assignee of the claims of the Contributing Claimants. 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. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $4.50 for each Class A Liquidation Trust Interest. It is possible that you could get more or less. Woodbridge Liquidation Trust Announces Cash Distribution - TMCnet I want to thank you for your excellent professional representation. %PDF-1.6 They entitle you only to cash distributions from the Liquidation Trust. Fort Lauderdale, FL 33301 Michael Goldberg, Liquidation Trustee Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. Meticulous, thorough and detailed in preparation is the best way to describe Jim. You may always contact counsel to the Liquidation Trust using the contact information on this website. 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). 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). 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. 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. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. 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 <$5M Stock Symbol WBQNL Industry Investment Banking Finance Is this data correct? Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. 4 0 obj Find the latest Woodbridge Liquidation Trust (WBQNL) stock quote, history, news and other vital information to help you with your stock trading and investing. Suite 1800 Woodbridgefiled bankruptcy in December 2017as a. Woodbridge Liquidation Trustee vs. Woodbridge's Lawyers - SlideShare Net recoveries will also be influenced by actual development, construction, holding and operating costs. Woodbridges unsecured creditors (including investors holding notes and units) received interests in the Liquidation Trust, which entitle them to cash distributions over time from the Liquidation Trust. If you purchased your investment in Woodbridge through a custodial account, such as an IRA, then the Liquidation Trust will make any distributions to your custodian. We really appreciate the work you did. Fort Lauderdale, FL 33301 Class B Liquidation Trust Interests will only receive cash distributions from the Liquidation Trust if all claims represented by Class A Liquidation Trust Interests have been paid in full. ~DO=^o EJU(vZ X|L}|}SN)'7 7)nM+wz,jzG%5h6f]|FLKr^Yq'Z|5,OaE~VsZ.F]~zV:>:~Z2~o+~h7Jm SU+>07#N/SLsI+-xiI.`m}qM /Z7U]ktOpT2h-'rFX-8Dv/V^7x W5- 4md0pT d#|9qC{+by$UD WC}''J%,]gOmv_FuAi3|v%wx7%b-#*%Wn_IEB&D*j37- cS7t >7%8UQwM~f!jpMFxJ6d}J=PC~@JzIaI0%Q+KM.@|VbSGA{Ge% 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"). 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. R4"mz0#qH. Here's a link to read more. The effective date of the Plan (the Effective Date) was February 15, 2019. Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. Wilmington DE 19801 Woodbridge Liquidation Trust Declares Cash Distribution on Class A Jim was referred to me by a most trusted source. If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. Thank you for your professional assistance with this matter. 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. Delayed OTC Markets Continentals email address iscstmail@continentalstock.com. 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. Bradford Sandler, Esq. 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 Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. 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. Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". 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. The law is continuously changing. It is the most important legal business decision you will ever make, make it Eccleston Law. Bradford Sandler, Esq. 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. Volatility Over Time: Insufficient data to determine WBQN.L's volatility change over the past year. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. The Liquidation Trustee is unable to provide advice regarding IRA or tax issues. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. Woodbridge Bankruptcy Update: Timeline, Latest News & More << No. 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. So losing a significant chunk of money hurtespecially at a time when everyone else was growing their accounts. 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. Your professionalism, support and expertise were greatly appreciated. I am so blessed to have you and your dynamic team defending me. 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. However, most of the loans were transferred to Shapiros own shall companies, according to the complaint. Call us now for immediate service, or complete the form below and we will contact you as soon as possible. Jim, Stephany and the whole team were a God send. 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% . Their email address iscstmail@continentalstock.com. Please do not rely on information found on SEC.gov | HOME Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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). More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. 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. 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. Suite 1800 The custodian is the holder of legal title to the funds, and the Liquidation Trust must make distributions to the holder of legal title. Woodbridge filed bankruptcy in December 2017. Woodbridge Liquidation Trust Announces Cash Distribution, Payable on or >> Your ultimate recovery is based on how much money the Liquidation Trust distributes to Liquidation Trust Interest holders. 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. LOS ANGELES, Feb. 19, 2019 /PRNewswire/ --Woodbridge Group of Companies, LLC (together with its affiliated debtors, "Woodbridge") announced today that, effective as of February 15, 2019, it has emerged from chapter 11 bankruptcy following confirmation of its plan of liquidation (the "Plan") by the United States Bankruptcy Court for the District of Delaware on October 26, 2018. 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. Their phone number is 212-509-4000. 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 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. Tags: eccleston, eccleston law, ponzi scheme, settlement. They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. Click to access Woodbridge-Press-Release-October-2021.pdf Share this: Twitter Facebook Loading. Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. In addition, until the matter is resolved, the Trust reserves the right, without limitation of other rights and remedies it may have, to: (i)pursue recovery of any amounts that you recover on account of claims that have been contributed to the Trust, (ii) recoup any amounts that you have received from non-Trust sources by withholding distributions from the Trust that would otherwise be paid to you on account of your Trust interests; (iii)impose a freeze on your ability to sell your Trust interests; (iv) impose a freeze on further distributions on account of your Trust interests. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by the Liquidation Trustee. The Liquidation Trustee of the Trust is Michael Goldberg. It is anticipated that additional distributions will be made in the future from time to time as funds become available. The settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank. 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. 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. Liquidation Trust Interests issued after one or more distribution(s) will receive catch-up payments on account of any such prior distribution(s). Michael I. Goldberg is the Liquidation Trustee. . The Liquidation Trust has made three distributions. You were most helpful with my FINRA deposition. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. to determine WBQN.L's volatility over the past 3 months. Brilliant too, I might add. 201 East Las Olas Boulevard 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. Accordingly, in the above example, in addition to receiving 2.9 Class A Liquidation Trust Interests, a holder of an Allowed Class 5 Unit Claim would also have received 1.1 Class B Liquidation Trust Interests (($300 / $75) x .275 = 1.1). -, 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). Yes. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. The Liquidation Trustee is unable to provide tax advice. Delayed OTC Markets /Filter /FlateDecode Copyright 2023 Surperformance. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. If you elected to contribute your claims and have received a payment with respect to your notes or units following the chapter 11 case commencement other than from the Trust, you should contact the Trust immediately for instructions on paying over to the Trust the amount you received or to make other arrangements for such amount to be recouped by the Trust. I appreciate your help, concern and guidance. Wilmington DE 19801 Your ethics, forward thinking and strategies are amazing. For more information, visit www.woodbridgeliquidationtrust.com. Woodbridge Liquidation Trust Announces Cash Distribution Their phone number is 212-509-4000. 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 am so glad I found you! Thank You from the bottom of our hearts for all you have done for us. Woodbridge Emerges from Bankruptcy; Targets Initial Cash Distribution 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. The Main Las Olas Press reports regarding the settlement between the Securities and Exchange Commission (SEC) and Robert Shapiro created a great deal of confusion. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. 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. Forward-looking statements include statements (other than historical facts) that address future plans, goals, expectations, activities, events or developments. 201 East Las Olas Boulevard You are very good at what you do. Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. FAQ - www.WoodbridgeLiquidationTrust.com