I will try to have a meaningful update soon on the progress of the various law suites the trustee is pursuing on our behalf. I have exchanged several email with Skip - seems like a great litigator to lead our efforts.
Tax Info from Trustee
Just a quick note to say that I'm seeing most folks by now have received the 2021 tax information. This shows your distributions in '21 and the various losses that are deductible to you. Some folks took advantage of form 2009 (so called the Bernie Madoff rule) where you could take a 100% loss on … Continue reading Tax Info from Trustee
Snail Mail
Most are getting their checks this week I'm hearing. If you haven't give that USPSnail a day or two.
Article on the Various Law Suites Pending
Miller Barondess Files Lawsuit Against Numerous Law Firms for Aiding and Abetting Billion Dollar Ponzi Scheme Above is the title of the 2019 article describing the various lawsuits that the Trustee filed back in 2019. I spoke to Skip Miller late last year for some updates on these efforts. He was very positive, describing that … Continue reading Article on the Various Law Suites Pending
$85 Million
If I'm reading the latest SEC report (the trustee filed) correctly the Trust has $85 million of real estate left to sell as of December 31st. So that will give you an idea of how much property is still owned/listed for sale etc. by the trust. They also have about $54 million in the check … Continue reading $85 Million
$40 Million Distribution March 1
February 8 the Trustee announced that $40 million will be coming out to us "on or about March 1st." This amounts to $3.44 per Class A Interest to folks who were holders of that class as of February 22nd 2022. I'm guessing (just a guess) that more will come in June-ish should the large house … Continue reading $40 Million Distribution March 1
Tax Filing & Extensions
The trustee just issued the statement below ... just like in the previous years. So this is saying they don't think they will have the trust's IRS filings done by the traditional April filing date and suggest we all do the (return) extension routine again. I haven't found any clues as to the next distribution. … Continue reading Tax Filing & Extensions
Belated Christmas Present for You!
I'm remis I didn't get this posted up to you right at Christmas, I'm a little late - but late with good news. The date on the copy below is December 22nd, but I have an idea it didn't get published up on the system until around the 30th. But read it for yourself - … Continue reading Belated Christmas Present for You!
St. Cloud has a Contract
About a month back the largest of the remaining homes the trust is trying to sell went under contract - it was the 642 Saint Cloud home in Holmby Hills, CA. I have pursued some realtor contacts in California to try to get a whisper of an update ... but I have no update if … Continue reading St. Cloud has a Contract
Another Sale in late November
The Woodbridge trust had another listing close in late November for $9.46 million; it was listed at $10.75 million. Here's a link to view the property https://www.zillow.com/homes/2600-Hutton-Dr-Beverly-Hills,-CA-90210_rb/20532891_zpid/? I'm still researching a solid answer on when/how the Comerica Bank settlement will come our way ... if anyone knows more on that, buzz me back please.
Lessons Learned from the Woodbridge Scam 