Tuesday, October 15, 2019 BREAKING: Ex-Woodbridge CEO Gets 25 Years For $1.3B Ponzi Scheme Former Woodbridge Group owner and CEO Robert H. Shapiro was sentenced Tuesday to 25 years in prison for orchestrating a Ponzi scheme that raised $1.3 billion from more than 8,000 investors, resulting in approximately $470 million in losses to them.
Some update for us
"Should be public within 60 days. We are working on (fixing and) selling homes. Not sure when the next distribution will be." That is the update today from Michael Goldberg the manager of the bankruptcy trust. So bad news is the next distribution is not targeted - good news is the effort to make the … Continue reading Some update for us
Next Distribution …
I don't have a firm update quite yet on the time line for the next distribution. I'll try to find something firm this week. The word back in July was September was the most likely target.
Shapiro May go to Jail Wednesday
Robert Shapiro appears to be reaching an agreement with the Dept of Justice on jail, forfeiture of assets and 'cooperation' with other efforts to recover valuable assets for the bankruptcy trust. Below is quote from the latest update. The United States has offered Defendant Shapiro a plea agreement, and Shapiro may announce to the Court … Continue reading Shapiro May go to Jail Wednesday
Up date on activity and timing
On July 31st the manager of the bankruptcy trust put out an update talking about their efforts .... these comments on the activity to get the real estate in the LA area sold were very helpful. What's below is a quote: One of the most common questions I receive is why the sale of … Continue reading Up date on activity and timing
Next Distribution
I was able to get an email exchange with a contact on the bankruptcy trust - the best guess for the next distribution back in May was 'end of July.' Unfortunately the situation of getting closings on the properties for sale is rendering a goal of more like the fall of this year. As … Continue reading Next Distribution
Liquidity soon!
Some may know more than I on this topic - so please reply with a message to either straighten me out on a detail or flesh out better what you know on this. But the bankruptcy trustee decided around May 1 to take the Woodbridge bankruptcy trust 'public'. Meaning go through a process of creating … Continue reading Liquidity soon!
