If any of you have a clue on what the mystery IRS form the bankruptcy trustee mentioned back on February 2nd, that we needed to file with our 2019 tax returns ... chime in. I've yet to find any details. Comment back if you know more for the group.
I'll chalk it up to a slow business volume for the folks working in the self directed IRA custodian shops .... but in the past when the bankruptcy trust made a distribution, the time lag for folks to get their money posted into their account could take 2 weeks or more. This last distribution seems … Continue reading Trust Distributions posting quickly for IRA’s
Note: NOTHING THAT FOLLOWS CAN BE TAKEN AS INVESTMENT ADVICE. YOUR PERSONAL DUE DILIGENCE IS REQUIRED TO DECIDE TO KEEP OR SELL AN INTEREST IN THE Woodbridge Liquidation Trust Are you a noteholder, unitholder, or investor in Woodbridge Wealth / Group of Companies? Looking for the latest updates on the impending Chapter 11 bankruptcy? Are … Continue reading Woodbridge Bankruptcy Update: Timeline, Latest News & More
Update from Fred Chen on when the first distributions are likely to roll out from the Rehab Trust
On October 26, 2018, the Bankruptcy Court entered an order confirming the Woodbridge Chapter 11 plan of liquidation. Counsel for debtors (or the lawyers representing Woodbridge in the Chapter 11 in other words) have represented that they anticipate emerging from Chapter 11 bankruptcy, and commencing initial cash distributions, in the first quarter of 2019. ⁃ … Continue reading January Appears to be the Goal
If you need to update the folks handling the Woodbridge rehabilitation plan of say changes with your mailing address, name change etc. the website link to use is: http://cases.gardencitygroup.com/wgc/Also there is a phone # Toll Free: 1-888-735-7613 - but I personally haven't had that really ever solve a problem when I have tried it ... things could … Continue reading Updates and Changes with Bankruptcy Court / Rehabilitation Trust
Several properties are 'in escrow' to close
The Delaware Bankruptcy court confirmed (or adopted) the rehabilitation plan - so this now goes from a 'plan' to a court order. There were some dissenting appeals by certain folks to have their specific Woodbridge loans paid in full and not be part of 'the plan.' The court rejected these in a long well reasoned … Continue reading Rehab Plan Confirmed by Court … also on appeal to district court
It looks like last week was a good one for the Woodbridge Chapter 11 rehabilitation plan. The SEC reached an agreement with Robert Shapiro for him to pay $125 million in penalties. Not all of this will flow into the rehab pot to be distributed ... but most will. I'm trying to find the details … Continue reading More Money Into the Rehab Pot for Lenders & Unit Holders
Woodbridge pitched the idea that we have a Note (evidence of debt) and an assignment of the first mortgage against a specific piece of real estate to secure the Note, thus a secured Note. Ordinarily, this would entitle the note holder to foreclose on the note and take some ownership of the real estate if … Continue reading FAQ #7: Will I be entitled to recover my collateral?