Below is the link to a 3 page memo the trustee released yesterday. Basically says they are making this $4.1 million dollar distribution yet in December out to us.
But due to the construction defect claim they have on one of the houses they sold (for us) they have to suspend distributions until they get that sorted out. They filed 13 lawsuits against the builders/engineers/previous owner that did work on the property that is being questioned as defective. AND they have some sort of ‘builders risk’ insurance to cover this construction defect lawsuit (thus the legal cost to defend this case are coved by insurance); but it will be a bit before they can see clearly past this financial risk to the trust to make more distributions.
This post is not in the good news category, but I feel they have made several steps to both protect the trust’s value and get this to a conclusion.
Here’s the link.
Lessons Learned from the Woodbridge Scam 