Tuesday, October 15, 2019 BREAKING: Ex-Woodbridge CEO Gets 25 Years For $1.3B Ponzi Scheme Former Woodbridge Group owner and CEO Robert H. Shapiro was sentenced Tuesday to 25 years in prison for orchestrating a Ponzi scheme that raised $1.3 billion from more than 8,000 investors, resulting in approximately $470 million in losses to them.
Next Distribution
I was able to get an email exchange with a contact on the bankruptcy trust - the best guess for the next distribution back in May was 'end of July.' Unfortunately the situation of getting closings on the properties for sale is rendering a goal of more like the fall of this year. As … Continue reading Next Distribution
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
Comerica Suit filed
https://dockets.justia.com/docket/california/cacdce/2:2019cv03439/744620 https://www.pacermonitor.com/public/case/27979731/Goldberg_v_Comerica_Bank All, I write with some good news. In late April, the trustee for the Liquidation Trust sued Comerica Bank. This case will probably supersede the various class actions that were earlier filed by different class groups. Of course this is early, but this will only offset all WB plaintiff damages further. We‘ll … Continue reading Comerica Suit filed
Next Distribution …
I am doing research on the anticipated date of the next cash distribution from the Woodbridge rehabilitation trust, and the realistic answer is probably August. I would like to be able to say distributions would be made regularly every quarter, but getting the real estate sold is the issue at hand. The story, as of now, … Continue reading Next Distribution …
Checks are coming in!
I heard from a friend, in another state, that he got his distribution check from the Rehabilitation Trust in yesterday's mail. So good news on that timing. Folks around the nation may take an extra day or so for the U.S. mail to make it.
