November Trust Report Above is the link to the November report - not saying this will satisfy anyone. Looks like a lot of construction efforts - hopefully leading to plump sales for the Trust, right! I'm waiting to see a line item of significant money added in from Shapiro assets. I'll try to get … Continue reading November Report
Registration Filed with SEC today
The registration application to the SEC to create 'shares' of the bankruptcy (BK) trust will be filed today. As I understand it, this process will create ownership shares in the BK trust so that owners can buy and sell interest ... the stated benefit being to create liquidity i.e. the ability to sell or … Continue reading Registration Filed with SEC today
Here’s today’s news
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
