Claims that are not Allowed Claims as of that time will not participate in that initial distribution, but reserves for such Claims will be maintained. 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. We just wanted to say thanks for your work in helping us get back some of the money we lost. 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. Here's a link to read more. A Liquidation Trust Supervisory Board oversees the Liquidation Trustee to the extent set forth in the Liquidation Trust Agreement. Two state securities regulators frequently stand out as First Responders.. Woodbridge Liquidation Trust OTCPK:WBQN.L Stock Report I cannot thank you enough for your efforts. He is a fantastic lawyer and trusted advisor. 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. Forward-looking statements are based on current expectations and are subject to substantial risks, uncertainties and other factors, many of which are beyond our control and not all of which can be predicted by the Trust. We will always remember all the help and kindness you have shown us. Bradford Sandler, Esq. %PDF-1.6 Popular Searches Woodbridge Liquidation Trust Thank you for your professional assistance with this matter. Woodbridgefiled bankruptcy in December 2017as a. 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. Forward-looking statements include statements (other than historical facts) that address future plans, goals, expectations, activities, events or developments. PDF FOR IMMEDIATE RELEASE - Woodbridge Liquidation Trust 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. A copy of the sentence is available here. Their phone number is 212-509-4000. They are truly the best. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $2.12 for each Class A Liquidation Trust Interest. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. Private Securities Litigation Reform Act of 1995. 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. Claims against Robert Shapiro were not settled or released as part of the Plan. 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. 13-894 bsac Blacks in Government (BIG) et al. Mr. Chin has extensive consulting and restructuring experience and has led, operated, and advised under-performing and high-growth real estate companies. 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. 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). Such recoveries are uncertain and the amount and timing of such recoveries are difficult to determine.". As you may have read, in October 2019 Robert Shapiro was sentenced to 25 years in prison. You should contact Continental Stock Transfer & Trust Company. 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). Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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. Suite 1800 For more information, visit www.woodbridgeliquidationtrust.com. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. 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. I have the best legal firm in the country to defend me. 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. As another example, if a Noteholder and Unitholder both held $50,000 in net claims, the Noteholder would have received approximately 666.66 Class A Liquidation Trust Interests ($50,000 / $75 = 666.66), whereas the Unitholder would have received approximately 483.33 Class A Liquidation Trust Interests (($50,000 / $75) x .725 = 483.33) and approximately 183.33 Class B Liquidation Trust Interests (($50,000 / $75) x .275 = 183.33). 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. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. 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, . 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. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Woodbridge filed bankruptcy in December 2017. It is possible that you could get more or less. 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. Rather than spend significant time and money litigating these very complicated issues, the parties (including a fiduciary group for Unitholders) negotiated and settled upon allowance of claims for Unitholders at a 27.5% discount as compared to Noteholders claims. 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. All rights reserved. Brilliant too, I might add. 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 world would be a much nicer place if there were more people like the two of you in it. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. 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. Fantastic news!!!! 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. This site has been created on behalf of the Woodbridge Liquidation Trust (the Trust) to provide the holders of Liquidation Trust Interests with information about the Trust. For the first distribution, the Liquidation Trust declared a distribution of $44,697,250, in the aggregate, to holders of Class A Liquidation Trust Interests (including amounts reserved for claims not yet resolved). I would personally recommend you and your firm to anyone. We will have a full report soon. the law may have an impact. 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. 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")."). Shapiro was also received a 25-year prison sentence in 2019. x\rFWp!q 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. They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. By contrast, a Noteholder with $300 of Net Note Claims who did contribute claims would have first had such claimants $300 Net Note Claim multiplied by 105%, for an enhanced Net Note Claim of $315. 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. 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.. Delayed OTC Markets 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. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. Wilmington DE 19801 % The Liquidation Trustee of the Trust is Michael Goldberg. 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. Woodbridge Liquidation Trustee vs. Woodbridge's Lawyers - SlideShare 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 effective date of the Plan (the "Effective Date") was February 15, 2019. It is anticipated that additional distributions will be made in the future from time to time as funds become available. The liquidation of assets by the Wind-Down Entity is being administered primarily by the Wind-Down CEO. 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. Attorneys are standing by during regular business hours. 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. 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). 201 East Las Olas Boulevard 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. 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 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. Log in to keep reading or access research tools. Woodbridge Liquidation Trust announced the distribution amounts to $3.44 per Class A Interest, and will be paid on or about March 1, 2022 to holders of record of Class A Interests as of close of business on February 22, 2022. Your ethics, forward thinking and strategies are amazing. The Liquidation Trust is investigating and may pursue appropriate claims against Robert Shapiro and his affiliates, including claims assigned to the Liquidation Trust by investors who made such election on their Ballots. to determine WBQN.L's volatility over the past 3 months. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Financial State.. Woodbridge Liquidation Trust : Other Events, Financial Statements and Exhibits (form 8-K). Woodbridge Liquidation Trust Declares Cash Distribution on Class A /Filter /FlateDecode Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. For the second distribution, the Liquidation Trust declared a distribution of $53,426,092, in the aggregate, to holders of Class A Liquidation Trust Interests (including amounts reserved for claims not yet resolved). 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. 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). 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). I've never had to hire an attorney for anything. The Trust is the owner of those claims. Woodbridge Liquidation Trust Announces Cash Distribution The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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). 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. Copyright 2023 Surperformance. Comerica, Woodbridge Ponzi Victims' $54.2 Million Settlement Approved 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. 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. Delayed OTC Markets (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. 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. Stable Share Price: Insufficient data to determine WBQN.L's volatility over the past 3 months. 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. A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). You invested in Woodbridge through your IRA custodian. 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. 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. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. We felt like we were put into a situation where we had no advocate. Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. Distribution Coming - Lessons Learned from the Woodbridge Scam As part of this fraud, Shapiro, through the Woodbridge entities, raised over one billion dollars from approximately 10,000 investorsas either noteholders or unitholders. For example, using simple numbers, if a Noteholder and Unitholder both held $300 in net 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) and 1.1 Class B Liquidation Trust Interests (($300 / $75) x .275 = 1.1). As of December 24, 2019, Class A Liquidation Trust Interests are freely transferable to the extent permissible under applicable law. When typing in this field, a list of search results will appear and be automatically updated as you type. They entitle you only to cash distributions from the Liquidation Trust. 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. Yes. No. Their email address iscstmail@continentalstock.com. 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. Fort Lauderdale, FL 33301 (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. 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 parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. Volatility Over Time: Insufficient data to determine WBQN.L's volatility change over the past year. Return vs Industry: Insufficient data to determine how WBQN.L performed against the US Capital Markets industry. 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. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on the Liquidation Trust and Wind-Down Entity. 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. SEC.gov | HOME Thank you so very very much for everything. 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. 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). 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. 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 Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. 919 North Market Street17th Floor 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. You guys are the best group of attorneys in the country that I could hire to handle this complicated case. Continentals phone number is 212-509-4000. The Trust was established pursuant to, and on the effective date of, the Debtors First Amended Joint Chapter 11 Plan of Liquidation (the Plan). Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. Michael I. Goldberg is the Liquidation Trustee. Prior to the Effective Date, Mr. Goldberg served as a member of the Debtors independent Board of Managers, and had been the SECs designee to that Board. 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. 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. Among those reasons are: If your claim is currently disputed, you will receive Liquidation Trust Interests only if your claim is ultimately allowed. Michael Goldberg, Liquidation Trustee 4. When we realized this was a very bad investment - we did not know where to turn for help. 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. The Delaware Trustee of the Trust is Wilmington Trust, National Association. 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. Colin Robinson, Esq. Woodbridge Liquidation Trust (WBQNL) - Yahoo Finance It was retained by the Liquidation Trust to maintain and process Liquidation Trust Interests and distributions. If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. Net recoveries will also be influenced by actual development, construction, holding and operating costs. Wow! I am grateful to have found an outstanding law firm that specializes in securities matters. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. The first distribution equals payment of approximately 5% of each Net Note Claim, and payment of approximately 3.6% of each Net Unit Claim. 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.
