No. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. Jim was referred to me by a most trusted source. When we called you - you were so kind to us and then agreed to help us. 201 East Las Olas Boulevard I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. 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/. 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 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. 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. As part of this fraud, Shapiro, through the Woodbridge entities, raised over one billion dollars from approximately 10,000 investorsas either noteholders or unitholders. 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. Click to access Woodbridge-Press-Release-October-2021.pdf Share this: Twitter Facebook Loading. They were the best I have seen in action. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust Their phone number is 212-509-4000. 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. 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. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Financial State.. Woodbridge Liquidation Trust : Other Events, Financial Statements and Exhibits (form 8-K). (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 of the Trust is Michael Goldberg. The Non-Contributing Claimants and the Woodbridge Liquidation Trust, as assignee of the claims of the Contributing Claimants. 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. He is currently serving that sentence. 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. All rights reserved. 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. I am so blessed to have you and your dynamic team defending me. Additional information, including answers to frequently asked questions, may be found at the Liquidation Trust's website, available at http://www.pszjlaw.com/woodbridge.html. Copyright 2023 Surperformance. 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. Unitholders also received Class B Liquidation Trust Interests for the other 27.5% of their Net Unit Claims, so that if there is more money available after payment of the Net Note Claims, Allowed General Unsecured Claims, and Net Unit Claims represented by the Class A Liquidation Trust Interests, then Unitholders will receive cash distributions on their Class B Liquidation Trust Interests until the remaining Net Unit Claims are paid. 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, 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. 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. Woodbridge also announced that it is targeting an initial cash distribution to take place on or before March 31, 2019. A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). I've never had to hire an attorney for anything. Two classes of Liquidation Trust Interests will be distributed(i)Class A Liquidation Trust Interests, which will be distributed to holders of Allowed Class 3 Standard Note Claims, Allowed Class 4 General Unsecured Claims, and Allowed Class 5 Unit Claims, and (ii)Class B Liquidation Trust Interests, which will be distributed only to holders of Allowed Class 5 Unit Claims, and which will receive distributions only after all claims represented by Class A Liquidation Trust Interests have been paid in full. the law may have an impact. Continental Stock Transfer & Trust Company can only make distributions by check. You made a difficult situation much more bearable. He is skilled in the matters necessary to do the job well. Woodbridge filed bankruptcy in December 2017. this site without consulting a lawyer to determine if any recent changes in All rights reserved. No, most likely not. Their email address [email protected]. 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. The effective date of the Plan (the "Effective Date") was February 15, 2019. Court Orders $1 Billion Judgment Against Operators of Woodbridge Ponzi 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. The third distribution equals payment of approximately 2.8% of each Net Note Claim, and payment of approximately 2.0% of each Net Unit Claim. Their email address [email protected]. In this press release, all statements that are not purely historical facts are forward-looking statements. Comerica, Woodbridge Ponzi Victims' $54.2 Million Deal Approved Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. The Trust is a Delaware statutory trust. An initial distribution was announced on March 29, 2019. Class A Liquidation Trust Interests were distributed to all holders of Allowed Class 3 Standard Note Claims, Allowed Class 4 General Unsecured Claims, and Allowed Class 5 Unit Claims. 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. 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. The Wind-Down Board will consist of three members: (i)Mr. Chin (the Wind-Down CEO), (ii)Mr. M. Freddie Reiss, and (iii)Mr. Richard Nevins. I have the best legal firm in the country to defend me. Risk factors other than normal market fluctuations may also influence sale prices, and the Trusts Form 10 Registration Statement, as amended, and the Trusts Form 8-K that was filed on April 8, 2020 identify additional risk factors attendant to this process. The prosecution of litigation and the distribution of cash by the Liquidation Trust is being administered primarily by 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). He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. (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. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the company's financial accounts, knew about the Ponzi scheme. 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. Does not have a meaningful market cap ($32M), Capture your thoughts, links and company narrative. Delayed OTC Markets 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. Legal counsel for the Trust is Pachulski Stang Ziehl & Jones LLP. 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. 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. 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. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. This press release may contain forward-looking statements. You are very good at what you do. 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. Shapiro was also received a 25-year prison sentence in 2019. 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). Continentals email address [email protected]. Suite 1800 . 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 parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. Popular Searches Woodbridge Liquidation Trust I want to thank you for your excellent professional representation. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust The Liquidation Trustee is unable to provide advice regarding IRA or tax issues. 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. 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. However, most of the loans were transferred to Shapiros own shall companies, according to the complaint. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. No. 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). Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. 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. Volatility Over Time: Insufficient data to determine WBQN.L's volatility change over the past year. The court's disgorgement order against Woodbridge and related corporate defendants will be deemed satisfied by a Liquidation Trust being formed under a plan in the Woodbridge Chapter 11 case in the U.S. District Court for the District of Delaware (Case No. 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. R4"mz0#qH. Mr. Chin has extensive consulting and restructuring experience and has led, operated, and advised under-performing and high-growth real estate companies. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. https://www.woodbridgeliquidationtrust.com, See historical performance and comparison, Capital Markets Industry Average Movement. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). 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. Attorneys are standing by during regular business hours. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Financial State.. Woodbridge Liquidation Trust : Other Events, Financial Statements and Exhibits (form 8-K). 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. Thank you so very very much for everything. 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. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. 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. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. 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. If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. All forward-looking statements speak only as of the date they were made. Thank you, Thank you, THANK YOU! You filed a proof of claim through your attorney, and your attorney provided his or her address as the address to which distributions should be made. If you held an Allowed Class 3 Standard Note Claim, Allowed Class 4 General Unsecured Claim, or Allowed Class 5 Unit Claim, you were entitled to receive Liquidation Trust Interests irrespective of whether you mailed back your ballot, or whether you voted for or against the Plan. stream 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 Liquidation Trust does not know the timing or amount of the next distribution. 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. 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. 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. All holders of Liquidation Trust Interests are urged to consult with their tax advisors regarding their specific tax circumstances. 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 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). SEC.gov | HOME One of the best life decisions I've ever made. You invested in Woodbridge through your IRA custodian. x\rFWp!q 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. The Delaware Trustee of the Trust is Wilmington Trust, National Association. Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. I learned two important things working with Eccleston Law. It has opened an account for you and will be keeping the record of your Liquidation Trust Interests. 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. 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. They entitle you only to cash distributions from the Liquidation Trust. Woodbridge Liquidation Trustee vs. Woodbridge's Lawyers - SlideShare Colin Robinson, Esq. Wow! 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). March 20, 2019 - Distribution Confirmed for First Quarter 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. %PDF-1.6 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. Woodbridge Liquidation Trust Announces Cash Distribution 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.
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