Woodbridge Liquidation Trust (the “Trust”) agreed to the terms of a settlement of two pending actions against Comerica Bank. The terms of the settlement, reached following negotiations with Comerica Bank and the plaintiffs in a putative class action against Comerica Bank in the United States District Court for the Central District of California (the “District … Continue reading $54.5 Million Just Came in!
IRS form 4684
I amazed myself that I was able to get one of the attorneys for the Woodbridge trust to respond to my question this morning, on the timing of the IRS forms going out (so folks can file their taxes for 2020). Good news is those forms optimistically will be in the mail to us a … Continue reading IRS form 4684
IRS form Mystery continues
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.
Trust Distributions posting quickly for IRA’s
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
Woodbridge Bankruptcy Update: Timeline, Latest News & More
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
Update from Fred Chen on when the first distributions are likely to roll out from the Rehab Trust
January Appears to be the Goal
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
Updates and Changes with Bankruptcy Court / Rehabilitation Trust
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
Real Estate Progress
Several properties are 'in escrow' to close
Rehab Plan Confirmed by Court … also on appeal to district court
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
Lessons Learned from the Woodbridge Scam 