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. If this applies to you, you should contact Continental Stock Transfer & Trust Company. Press reports regarding the settlement between the Securities and Exchange Commission (SEC) and Robert Shapiro created a great deal of confusion. There are over $800 million in claims that need to share in distributions. As of December 24, 2019, Class A Liquidation Trust Interests are freely transferable to the extent permissible under applicable law. 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). He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. 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. The amount to be distributed will depend upon the amounts collected by . 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. I am so glad I found you! For this we are so very grateful. 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). You made a difficult situation much more bearable. 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. 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. 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. If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it. 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). Two state securities regulators frequently stand out as First Responders.. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. No. The Liquidation Trust does not expect that Class B Liquidation Trust Interests will be registered under the Exchange Act. No. March 20, 2019 - Distribution Confirmed for First Quarter As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. Stable Share Price: Insufficient data to determine WBQN.L's volatility over the past 3 months. 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. 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. 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. He is skilled in the matters necessary to do the job well. The only thing that is truly heard in this un-level playing field is a bulldogs bark like Jims. All Liquidation Trust Interests are maintained by the Liquidation Trustee (or his designee) in book entry form only. Call us now for immediate service, or complete the form below and we will contact you as soon as possible. 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. The parties reached a settlement AI-powered legal analytics, workflow tools and premium legal & business news. The Class A Liquidation Trust Interests have since been approved by the Depository Trust Company for Direct Registration System (DRS) services, and are quoted on OTC Link ATS under the trading symbol WBQNL. 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. Click to access Woodbridge-Press-Release-October-2021.pdf Share this: Twitter Facebook Loading. 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). The parties agreed to the settlement earlier in 2021 while the deal includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust filed against Comerica. 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. I am grateful to have found an outstanding law firm that specializes in securities matters. 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 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. /Filter /FlateDecode 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). The Board of Managers consists of: Frederick Chin (who is also the Wind-Down CEO), M. Freddie Reiss, and Richard Nevins. 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. 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. A second distribution was announced on January 3, 2020. Woodbridgefiled bankruptcy in December 2017as a. No, most likely not. 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. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. 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). SOURCE Woodbridge Group of Companies, LLC, Cision Distribution 888-776-0942 Meticulous, thorough and detailed in preparation is the best way to describe Jim. Suite 1800 x\rFWp!q The foregoing was an integral part of the Plan negotiated by, among others, the Noteholder Committee and the Unitholder Committee. First, I made a friend and ally with Jim and Steph for life. Shapiro was also received a 25-year prison sentence in 2019. 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. 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). Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. 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 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")."). The Trust is based in Sherman Oaks, California. When typing in this field, a list of search results will appear and be automatically updated as you type. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is possible that you could get more or less. 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. to determine WBQN.L's volatility change over the past year. 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. When we realized this was a very bad investment - we did not know where to turn for help. No stone was left upturned. The law is continuously changing. There was a significant dispute in the bankruptcy cases regarding whether the Units actually were claims, or instead were equity (ownership interests) in the Debtors (in which case Unitholders would have been entitled to be paid nothing). Frederick Chin is the Wind-Down CEO. Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. Copyright 2023 Surperformance. He is currently serving that sentence. The settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank. Jim, Stephany and the whole team were a God send. The Main Las Olas 919 North Market Street17th Floor 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. You invested in Woodbridge through your IRA custodian. Woodbridges former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. 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. You have proven to be a valuable resource. 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. He is a fantastic lawyer and trusted advisor. 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). Continentals email address iscstmail@continentalstock.com. Fantastic news!!!! Their phone number is 212-509-4000. Thank you so very much for your guidance, patience, and expertise. Popular Searches Woodbridge Liquidation Trust They were the best I have seen in action. Accordingly, the Trust cannot guarantee that any forward-looking statements will be realized, as actual result may differ materially from those identified or implied in any forward-looking statement. 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. A link to the Confirmation Order may be accessed free of charge here, The Plan became effective on February 15, 2019 (the Effective Date). Woodbridge Group claimed that Comerica knew about the Ponzi scheme, but Woodbridge agreed to the settlement without admitting or denying any investigatory findings. For example, if you invested $1,000 in Notes or Units issued by Woodbridge, and were paid $100 in interest prior to the commencement of the Woodbridge bankruptcy cases, then your net claim for purposes of the Plan would have been $900. 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. Woodbridge filed bankruptcy in December 2017. 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. When that total amount is divided equally among Class A Liquidation Trust Interests, it equals $3.75 for each Class A Liquidation Trust Interest. 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 may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other similar expressions. Michael Goldberg, Liquidation Trustee 919 North Market Street17th Floor A copy of the sentence is available here. Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. You were most helpful with my FINRA deposition. 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. Please do not rely on information found on The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on October 26, 2018. 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. The Liquidation Trust will use its commercially reasonable best efforts to cause registration of the Class A Liquidation Trust Interests under the Securities Exchange Act of 1934 (the "Exchange Act") to become effective, and for the Class A Liquidation Trust Interests to be quoted with an OTC ticker symbol, as soon as reasonably practicable after the Effective Date, but in no event will the Liquidation Trust file such registration statement any later than may be required under section 12(g) of the Exchange Act or the rules and regulations promulgated thereunder. If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. Woodbridge's former CEO, Robert Shapiro, agreed to pay $120 million in disgorgement and Securities and Exchange Commission (SEC) fines in 2018. As you may have read, in October 2019 Robert Shapiro was sentenced to 25 years in prison. Judge Dolly M. Gee in 2020 allowed the Woodbridge investors to move forward with some claims against Comerica. I've never had to hire an attorney for anything. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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 (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 . Tags: eccleston, eccleston law, ponzi scheme, settlement. The cash deal resolves the securities class claims without any admission of wrongdoing from the bank, the U.S. District Court for the Central District of California said. 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. More recently he has developed a reputation for his work unraveling EB-5 fraud schemes. It was retained by the Liquidation Trust to maintain and process Liquidation Trust Interests and distributions. 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. Mr. Goldberg was unanimously selected to be the Liquidation Trustee by the Unsecured Creditors Committee, the Noteholder Committee, and the Unitholder Committee. 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/. 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. In addition, the Trust reserves the right to enforce any of the foregoing remedies against any purchaser of Trust interests. Forward-looking statements include statements (other than historical facts) that address future plans, goals, expectations, activities, events or developments. 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. Specifically, he has experience managing and enhancing liquidity and developing and implementing turnaround improvement plans and processes to achieve operational efficiency and increase accountability. Your ethics, forward thinking and strategies are amazing. 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. Pollard PLLC Follow Advertisement Advertisement Recommended USSC 13-894 Amicus Brief Mario Cometti 72 views 35 slides 4. Holders of Allowed Class 5 Unit Claims also received Class B Liquidation Trust Interests on account of the remaining 27.5% of their unit claims. 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. 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 . You should contact Continental Stock Transfer & Trust Company. 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. The first distribution equals payment of approximately 5% of each Net Note Claim, and payment of approximately 3.6% of each Net Unit Claim. All holders of Liquidation Trust Interests are urged to consult with their tax advisors regarding their specific tax circumstances. He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. Copies of the Plan and all other Court documents may be examined free of charge on the website of the Debtors' claims agent at http://cases.gardencitygroup.com/wgc. One of the best life decisions I've ever made. How did WBQN.L perform over the long term? R4"mz0#qH. Woodbridge Liquidation Trust Declares Cash Distribution on Class A Liquidation Trust Interests, Payable on or About October . Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters. 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. 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. 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. 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. Log in to keep reading or access research tools. -, Woodbridge Liquidation Trust : Completion of Acquisition or Disposition of Assets (form 8-K), Woodbridge Liquidation Trust : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events (form 8-K), Woodbridge Liquidation Trust : Termination of a Material Definitive Agreement (form 8-K). 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.. In addition, until the matter is resolved, the Trust reserves the right, without limitation of other rights and remedies it may have, to: (i)pursue recovery of any amounts that you recover on account of claims that have been contributed to the Trust, (ii) recoup any amounts that you have received from non-Trust sources by withholding distributions from the Trust that would otherwise be paid to you on account of your Trust interests; (iii)impose a freeze on your ability to sell your Trust interests; (iv) impose a freeze on further distributions on account of your Trust interests. 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. District Court for the Central District of California. this site without consulting a lawyer to determine if any recent changes in (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. 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. I just wanted to say thanks again for preparing and executing my case in such a professional manner. Here's a link to read more. 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.