According to the announcement checks should start rolling into the U.S.P.S. yesterday; of course IRA folks will take a few days to see money posted to their account as the custodians take a while to get the one check they receive broken out and posted to everyone's IRA.
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
The Woodbridge ponzi is starting (at least) to unwind. The SEC is more or less out at this point as well as the Chapter 11 bankruptcy court; the real estate crew is now driving this rehabilitation trust effort. As I understand it, the listings in Colorado are selling like hot cakes and closing fast. The … Continue reading Progress
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?