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
Small Update on the other Lawsuits
I got a short update from the lawyer who's litigating on behalf of the trustee against the various law firms. Very brief, but the update was the firms he is suing (on your behalf) are wrangling about "Jurisdiction issues", i.e. what court is the proper venue to hear the case. Pretty normal stalling tactics I'm … Continue reading Small Update on the other Lawsuits
$54.5 Million Just Came in!
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!
Property Listings & Sale Progress
I haven't found much on the progress "our" listings have had in the Los Angeles area. I'm writing this to solicit input from others out there who are tracking listings, and the 'under contract' updates (in California they refer to this as 'in escrow'). Does anyone have updates to pass on? Thanks for the help.
Taxes Taxes
Back in May I wrote an update on the 'mystery tax forms' the bankruptcy trustee was saying they were issuing ... at least the mystery is over 1041 forms are being pushed out. I'll do some research and update with some details on these soon. Greg
Input for you on the Contrarian offer
What follows is a warning/advisement/etc. from the trustee on how the Contrarian offer works in case you are considering accepting their offer. From memory, if you take the Contrarian offer all distributions after Dec 28th of last year are theirs to keep (I may be off on the date - but the point is the … Continue reading Input for you on the Contrarian offer
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
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!
Good for Real Estate
Like my last update this isn't anything concrete, but the image above is from today's Wall Street Journal showing that the bond market at least is pretty sure the Fed will lower interest rates one notch this summer (green graph). Trends like this are positive to real estate sellers as it lubricates the financing needed … Continue reading Good for Real Estate
Update from Fred Chen
Update from Fred Chen on when the first distributions are likely to roll out from the Rehab Trust
Lessons Learned from the Woodbridge Scam 