You should contact Continental Stock Transfer & Trust Company. 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). He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. Forward-looking statements include in this press release include statements regarding the sources, amounts, timing, likelihood, and frequency of future distributions. The Liquidation Trust does not know the timing or amount of the next distribution. 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. For more information, visit www.woodbridgeliquidationtrust.com. 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. Fantastic news!!!! Prudential Improperly Collected Life Insurance Premiums and Informed Claimants They Were Ineligible, SEC Releases Final Reg BI Staff Bulletin Addressing Duty of Care, These Two State Regulators Serve as Financial Markets Primary First Responders. 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. stream One of the best life decisions I've ever made. Shapiro was also received a 25-year prison sentence in 2019. 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. If you elected to contribute your claims, you may not pursue such claims individually. Your ethics, forward thinking and strategies are amazing. For example, if a Noteholder and Unitholder both held $300 in claims, the Noteholder would have received four (4) Class A Liquidation Trust Interests ($300 / $75 = 4), whereas the Unitholder would have received 2.9 Class A Liquidation Trust Interests (($300 / $75) x .725 = 2.9). 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. Pollard PLLC Follow Advertisement Advertisement Recommended USSC 13-894 Amicus Brief Mario Cometti 72 views 35 slides 4. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. Then we received your name. Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. 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). 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. 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). March 20, 2019 - Distribution Confirmed for First Quarter 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. I have the best legal firm in the country to defend me. 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 . 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")."). 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. 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. Continental Stock Transfer & Trust Company can only make distributions by check. 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. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Financial State.. Woodbridge Liquidation Trust : Other Events, Financial Statements and Exhibits (form 8-K). Holders of Allowed Class 5 Unit Claims received 72.5% of one (1) Class A Liquidation Trust Interest and 27.5% of one (1) Class B Liquidation Trust Interest for each $75.00 of Net Unit Claims held by such Unitholder. I want to thank you for your excellent professional representation. 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. 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). 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. 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. In addition, the projected recoveries do not include net cash generated by claims (e.g., lawsuits) that have been asserted by the Liquidation Trustee against third parties and have not yet been resolved, the prosecution or settlement of which may increase the cash available for distribution. 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. 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). Net recoveries will also be influenced by actual development, construction, holding and operating costs. Legal counsel for the Trust is Pachulski Stang Ziehl & Jones LLP. 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.. SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). 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 . Their phone number is 212-509-4000. 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. Fort Lauderdale, FL 33301 Please do not rely on information found on Now, I know the value of hiring an important partner. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. https://www.woodbridgeliquidationtrust.com, See historical performance and comparison, Capital Markets Industry Average Movement. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. Continentals phone number is 212-509-4000. 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. Copyright 2023 Surperformance. 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. More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. 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. 4 0 obj As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. All forward-looking statements speak only as of the date they were made. The Liquidation Trustee is unable to provide tax advice. 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). Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. 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). Log in to keep reading or access research tools. 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. Two state securities regulators frequently stand out as First Responders.. 919 North Market Street17th Floor 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. to determine WBQN.L's volatility over the past 3 months. | March 12, 2023 . Woodbridges former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. He is skilled in the matters necessary to do the job well. 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. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. 4. They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. 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). Any amounts that you may receive on claims contributed to the Trust belong to the Trust, and must be paid over to, or otherwise recouped by, the Trust for the benefit of all its holders. 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. . 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. If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. Continental Stock Transfer & Trust Companys website ishttps://www.continentalstock.com/. I am grateful to have found an outstanding law firm that specializes in securities matters. So losing a significant chunk of money hurtespecially at a time when everyone else was growing their accounts. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. We will always remember all the help and kindness you have shown us. Thank you for your professional assistance with this matter. As the Company is approaching the end of its real estate portfolio liquidation activities and has only a small number of real estate assets remaining, I would remind all investors in the Trust that future distributions will be limited. No. Upon the effectiveness of such Exchange Act registration, (i) the transfer restrictions on Class A Liquidation Trust Interests shall terminate and cease to be of any force or effect and (ii) the Class A Liquidation Trust Interests may be transferred by the holders thereof to the extent otherwise permissible under applicable law. I've never had to hire an attorney for anything. Your ultimate recovery is based on how much money the Liquidation Trust distributes to Liquidation Trust Interest holders. No. Meticulous, thorough and detailed in preparation is the best way to describe Jim. This press release may contain forward-looking statements. 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. While the underlying settlement provides for the Court to order Robert Shapiro to pay in excess of $100MM for disgorgement, prejudgment interest, and a civil penalty, the Liquidation Trust has no reason to believe that Mr. Shapiro has the ability or intention to make the Court-ordered payments.