However, as noted in the answer to the previous question, holders of Allowed Class 5 Unit Claims received fewer Class A Liquidation Trust Interests relative to holders of Allowed Class 3 Standard Note Claims and Allowed Class 4 General Unsecured Claims. As a final example, if a claimant held $50,000 in Net Note Claims and $50,000 in Net Unit Claims, such holder would have received approximately 666.66 Class A Liquidation Trust Interests on account of such claimants Notes, and approximately 483.33 Class A Liquidation Trust Interests on account of such claimants Units, for a total of 1,150 Class A Liquidation Trust Interests (in addition, such claimant would have received approximately 183.33 Class B Liquidation Trust Interests on account of such claimants Units). Woodbridgefiled bankruptcy in December 2017as a. Woodbridge Group of Companies LLC investors argued that Comerica, which maintained all of the companys financial accounts, knew about the Ponzi scheme. 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. Based on the most recent estimates published by the Liquidation Trust, in December 2019, there will be no distributions on account of Class B Liquidation Trust Interests. Continentals phone number is 212-509-4000. 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. March 20, 2019 - Distribution Confirmed for First Quarter I've never had to hire an attorney for anything. They also announced that it is targeting an initial cash distribution to take place on or before 3/31/19. 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. 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. Woodbridge Group of Companies, LLC announced that it has emerged from Chapter 11 bankruptcy following confirmation of its liquidation plan. Pollard PLLC Follow Advertisement Advertisement Recommended USSC 13-894 Amicus Brief Mario Cometti 72 views 35 slides 4. 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). These statements, including (but not limited to) the statements relating to the future financial and operating results of the Liquidation Trust and Wind-Down Entity, are made under the "safe harbor" provisions of the U.S. The Trust is based in Sherman Oaks, California. The effective date of the Plan (the Effective Date) was February 15, 2019. << We will have a full report soon. Suite 1800 Continental Stock Transfer & Trust Company can only make distributions by check. 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. Your ultimate recovery is based on how much money the Liquidation Trust distributes to Liquidation Trust Interest holders. 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. 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). 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. 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. No. No, most likely not. 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. They entitle you only to cash distributions from the Liquidation Trust. 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 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 settlement also includes an additional $300,000 to resolve claims the Woodbridge Liquidation Trust brought against the bank. 919 North Market Street17th Floor Now, I know the value of hiring an important partner. For more information, visit www.woodbridgeliquidationtrust.com. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. 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). 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. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. Call us now for immediate service, or complete the form below and we will contact you as soon as possible. When we realized this was a very bad investment - we did not know where to turn for help. In this press release, all statements that are not purely historical facts are forward-looking statements. The law is continuously changing. This was the best of all possible outcomes and I cannot thank you and the team enough. Please do not rely on information found on It has opened an account for you and will be keeping the record of your Liquidation Trust Interests. At this time, the Liquidation Trust does not know the timing or amount of the next distribution. to determine WBQN.L's volatility over the past 3 months. 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. 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). Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. Forward-looking statements include in this press release include statements regarding the sources, amounts, timing, likelihood, and frequency of future distributions. Bradford Sandler, Esq. You made a difficult situation much more bearable. 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. 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). The Trust is the owner of those claims. Thank You from the bottom of our hearts for all you have done for us. Mr. Goldberg has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history. 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. Here's a link to read more. Woodbridge filed bankruptcy in December 2017. Fort Lauderdale, FL 33301 >> Delayed OTC Markets The third distribution was announced on April 1, 2020. 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. 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 terms of the First Amended Joint Chapter 11 Plan of Liquidation dated August 22, 2018 of Woodbridge Group of Companies, LLC and Its Affiliated Debtors (the "Plan"). 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. If the real estate market goes up, then sale prices, and, by extension, cash available for distribution, will go up as well. If this applies to you, you should contact Continental Stock Transfer & Trust Company. If you elected to contribute your claims, you may not pursue such claims individually. There are several reasons why you may not have received checks. stream 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. He previously served as the Debtors CEO for most of the Debtors chapter 11 cases. I just wanted to say thanks again for preparing and executing my case in such a professional manner. You are very good at what you do. 4. Return vs Industry: Insufficient data to determine how WBQN.L performed against the US Capital Markets industry. Woodbridge's unsecured creditors (including investors holding notes and units) will receive interests in the Liquidation Trust ("Liquidation Trust Interests") which will entitle them to cash distributions over time from the Liquidation Trust. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust 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. 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. 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. Accordingly, even including distributions already made, the Liquidation Trust cannot pay all creditors in full, absent significant success in pursuing litigation claims. Michael Goldberg, Liquidation Trustee Fort Lauderdale, FL 33301 The Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court) on October 26, 2018. 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. If a Noteholder held $300 in Net Note Claims, and thus received four (4) Class A Liquidation Trust Interests, that claimant would have received a total of approximately $41.48, comprised of: (i)$15 as part of the first distribution (4 * $3.75 = $15), (ii)$18 as part of the second distribution (4 * 4.50 = $18), and (iii)$8.48 as part of the third distribution (4 * $2.12 = $8.48). All holders of Liquidation Trust Interests are urged to consult with their tax advisors regarding their specific tax circumstances. 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. The Liquidation Trust will endeavor to announce any subsequent distribution on this website in advance of mailing checks. I cannot thank you enough for your efforts. Michael I. Goldberg is the Liquidation Trustee. (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. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor. We just wanted to say thanks for your work in helping us get back some of the money we lost. All holders of Liquidation Trust Interests are urged to consult with their IRA and tax advisors regarding their specific circumstances. Return vs Market: Insufficient data to determine how WBQN.L performed against the US Market. 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.

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