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. I just wanted to say thanks again for preparing and executing my case in such a professional manner. 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.. https://www.woodbridgeliquidationtrust.com, See historical performance and comparison, Capital Markets Industry Average Movement. to determine WBQN.L's volatility change over the past year. Continentals email address iscstmail@continentalstock.com. 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). If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. %PDF-1.6 Your Liquidation Trust Interests do not entitle you to any specific properties or other assets held by the Liquidation Trust. Mr. Chin has extensive consulting and restructuring experience and has led, operated, and advised under-performing and high-growth real estate companies. 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. If you elected to contribute your claims, you may not pursue such claims individually. 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. Woodbridge Liquidation Trust Declares Cash Distribution on Class A Liquidation Trust Interests, Payable on or About October . 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 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. Distribution Coming - Lessons Learned from the Woodbridge Scam 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. Continental Stock Transfer & Trust Company is Transfer Agent to the Liquidation Trust. 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.
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