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?
Great news (I feel), on Monday I learned the Delaware bankruptcy court approved or adopted the rehabilitation plan presented to all of us based on positive ballots received. I feel this is great news as this plan was agreed to by all the internal groups or parties - thus no internal litigation between Unit, Noteholders, … Continue reading Good News on the Chapter 11 rehabilitation plan
We (all) now know that Woodbridge Wealth (one of its many name used to hide the true corporate structure set up by Robert Shapiro) was a fraud and even a Ponzi scheme. It was originally pitched as a master fix/flip real estate hard money lender, which is a legitimate and even conservative business model. So … Continue reading Woodbridge Ponzi and Fraud – why are they in Chapter 11