I am so glad I found you! 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 law may have an impact. As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. First, I made a friend and ally with Jim and Steph for life. Michael Goldberg, Liquidation Trustee Now, I know the value of hiring an important partner. All rights reserved. 919 North Market Street17th Floor Investors who lost money to the scam argued that Comerica, which maintained all of AI-powered legal analytics, workflow tools and premium legal & business news. I want to thank you for your excellent professional representation. Woodbridge filed bankruptcy in December 2017. Find the latest Woodbridge Liquidation Trust (WBQNL) stock quote, history, news and other vital information to help you with your stock trading and investing. Comerica, Woodbridge Ponzi Victims' $54.2 Million Settlement Approved Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. Awesome job! We will always remember all the help and kindness you have shown us. You may always contact counsel to the Liquidation Trust using the contact information on this website. 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 Liquidation Trust does not know the timing or amount of the next distribution. 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. 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. 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, Calif., June 16, 2022--(BUSINESS WIRE)--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 $65 million on the Trusts Class A Liquidation Trust Interests (the "Class A 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. Please be aware, however, that no information will be provided regarding future distribution timing or amounts other than that which is available on this website, and no advice will be given regarding IRA or tax issues. Claims against Robert Shapiro were not settled or released as part of the Plan. In this press release, all statements that are not purely historical facts are forward-looking statements. % The parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. The second distribution equals payment of approximately 6% of each Net Note Claim, and payment of approximately 4.3% of each Net Unit Claim. When we realized this was a very bad investment - we did not know where to turn for help. In addition, the Trust reserves the right to enforce any of the foregoing remedies against any purchaser of Trust interests. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. You should contact Continental Stock Transfer & Trust Company. The Main Las Olas The Liquidation Trustee of the Trust is Michael Goldberg. Woodbridge Liquidation Trust is a Delaware statutory trust that, together with its wholly-owned subsidiary Woodbridge Wind-Down Entity LLC, was formed on February 15, 2019 to implement the. Yes. I just received this letter from the CFP Board. Thank you so very much for your guidance, patience, and expertise. The Plan may be accessed free of charge here, The Bankruptcy Court order confirming the Plan (the Confirmation Order) was entered on October 26, 2018 (the Confirmation Date). If a Noteholder held $50,000 in Net Note Claims, and thus received 666.66 Class A Liquidation Trust Interests, that claimant would have received approximately $6,913, comprised of: (i)approximately $2,500 as part of the first distribution (666.66 * $3.75 = $2,499.97), (ii)approximately $3,000 as part of the second distribution (666.66 * 4.50 = $2,999.97), and (iii)approximately $1,413 as part of the third distribution (666.66 * $2.12 = $1,413.32). The Wind-Down Entitys assets are largely composed of real estate, including homes under construction. No. Pursuant to Federal Rule of Civil Procedure 23(e), the Court GRANTS final approval of the Settlement and finds that it is, in all respects, fair, reasonable, and adequate and in the best interests of the Settlement Class. MarketScreener: Created by Investors for Investors! 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. The Liquidation Trust does not expect that Class B Liquidation Trust Interests will be registered under the Exchange Act. Colin Robinson, Esq. For detailed information regarding how Liquidation Trust Interests may be transferred in the event of a holders death, please contact Continental Stock Transfer & Trust Company. No, most likely not. Bradford Sandler, Esq. 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). 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. 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. Their email address iscstmail@continentalstock.com. 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. The world would be a much nicer place if there were more people like the two of you in it. You guys are the best group of attorneys in the country that I could hire to handle this complicated case. 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. The third distribution was announced on April 1, 2020. SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 Jim, Stephany and the whole team were a God send. Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form. 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. As you may have read, in October 2019 Robert Shapiro was sentenced to 25 years in prison. this site without consulting a lawyer to determine if any recent changes in from 8 AM - 9 PM ET. Woodbridge Liquidation Trustee vs. Woodbridge's Lawyers - SlideShare 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. Volatility Over Time: Insufficient data to determine WBQN.L's volatility change over the past year. Michael I. Goldberg is the Liquidation Trustee. Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. Woodbridgeexpects that the process of liquidating all of the assets to be held by the Wind-Down Entity will take approximately two-to-three years. You are very good at what you do. x\rFWp!q Log in to keep reading or access research tools. 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. 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. Comerica, Woodbridge Ponzi Victims Seek $54.2 Million Settlement He is a fantastic lawyer and trusted advisor. 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). The Liquidation Trust has made three distributions. Two state securities regulators frequently stand out as First Responders.. There are several reasons why you may not have received checks. 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. We will have a full report soon. Fort Lauderdale, FL 33301 Woodbridge Liquidation Trust engages in the liquidation of the assets and liabilities of Woodbridge Group of Companies, LLC and Its Affiliated Debtors. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. 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. In addition, real estate assets are subject to long-term cyclical trends that can give rise to significant volatility in values. Who is Woodbridge Liquidation Trust Headquarters 201 E Las Olas Blvd Ste 1800, Fort Lauderdale, Florida, 33301, United States Phone Number (310) 765-1550 Website www.woodbridgeliquidationtrust.com Revenue <$5M Stock Symbol WBQNL Industry Investment Banking Finance Is this data correct?