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. . If a Noteholder held $300 in Net Note Claims, and thus received four (4) Class A Liquidation Trust Interests, that claimant would have received a total of approximately $41.48, comprised of: (i)$15 as part of the first distribution (4 * $3.75 = $15), (ii)$18 as part of the second distribution (4 * 4.50 = $18), and (iii)$8.48 as part of the third distribution (4 * $2.12 = $8.48). The Liquidation Trustee of the Trust is Michael Goldberg. Liquidation Trust Interests issued after one or more distribution(s) will receive catch-up payments on account of any such prior distribution(s). With the availability of DRS services, registered holders of Class A Liquidation Trust Interests are able to electronically transfer their Class A Liquidation Trust Interests from Continental Stock Transfer & Trust Company to the holders securities broker so that market trades can be executed by the broker at the instructions of the holder. If you are being bothered by the Regulators, call Eccleston Law, you won't regret it. The Liquidation Trust has made three distributions. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. Insufficient data to determine how WBQN.L performed against the. 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.. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. If this applies to you, you should contact Continental Stock Transfer & Trust Company. You invested in Woodbridge through your IRA custodian. 4 0 obj Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The Trust is the owner of those claims. -, 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). There are several reasons why you may not have received checks. 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. Fort Lauderdale, FL 33301 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. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. The amount to be distributed will depend upon the amounts collected by . Today's announcement effectuates a global settlement negotiated between the Woodbridge debtors (managed by a Bankruptcy Court-approved independent Board of Managers), the Official Committee of Unsecured Creditors, the Ad Hoc Group of Noteholders, and the Ad Hoc Group of Unitholders, which settlement is embodied in the Plan. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. The netting referred to above was required in order to treat all investors fairly in light of the fact that Woodbridge was operated as a Ponzi scheme. /Filter /FlateDecode Shapiro was also received a 25-year prison sentence in 2019. Woodbridge's former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. Woodbridge Liquidation Trust Announces Cash Distribution - Yahoo Finance The Trust is a Delaware statutory trust. The Liquidation Trust will endeavor to announce any subsequent distribution on this website in advance of mailing checks. 17-12560-KJC). 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. The world would be a much nicer place if there were more people like the two of you in it. 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. PDF FOR IMMEDIATE RELEASE - Woodbridge Liquidation Trust Mr. Goldberg is the co-chair of Akerman LLPs Fraud & Recovery Practice Group, a comprehensive fraud management team focusing on Ponzi schemes and EB-5 fraud. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Financial State.. Woodbridge Liquidation Trust : Other Events, Financial Statements and Exhibits (form 8-K). 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 . 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. Thank you so very very much for everything. 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. Colin Robinson, Esq. Jims team came in with a strong, well laid out strategy on how to get our story heard. Wilmington DE 19801 201 East Las Olas Boulevard 13-894 bsac Blacks in Government (BIG) et al. 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. Woodbridge Liquidation Trust 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. R4"mz0#qH. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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. I have the best legal firm in the country to defend me. 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. Legal counsel for the Trust is Pachulski Stang Ziehl & Jones LLP. 4. 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.. 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). 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 Liquidation Trust does not expect that Class B Liquidation Trust Interests will be registered under the Exchange Act. 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. You are a good lawyer and a good person. We just wanted to say thanks for your work in helping us get back some of the money we lost. Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. Comerica, Woodbridge Ponzi Victims' $54.2 Million Deal Approved 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. 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. All rights reserved. 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. The Non-Contributing Claimants and the Woodbridge Liquidation Trust, as assignee of the claims of the Contributing Claimants. 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. 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. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $4.50 for each Class A Liquidation Trust Interest. Accordingly, the Trust cannot guarantee that any forward-looking statements will be realized, as actual result may differ materially from those identified or implied in any forward-looking statement. stream The Liquidation Trustee is unable to provide tax advice. Stable Share Price: Insufficient data to determine WBQN.L's volatility over the past 3 months. The Delaware Trustee of the Trust is Wilmington Trust, National Association. Woodbridge Emerges from Bankruptcy; Targets Initial Cash Distribution Claims against Robert Shapiro were not settled or released as part of the Plan. He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. 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). Jim was referred to me by a most trusted source. Delayed OTC Markets this site without consulting a lawyer to determine if any recent changes in MarketScreener: Created by Investors for Investors! 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. An initial distribution was announced on March 29, 2019. >> Your professionalism, support and expertise were greatly appreciated. The only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. Woodbridge Liquidation Trust - Overview, News & Competitors - ZoomInfo All holders of Liquidation Trust Interests are urged to consult with their tax advisors regarding their specific tax circumstances.
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