Woodbridge Liquidation Trust Files 2024 10-K

TL;DR

Woodbridge Liquidation Trust filed its 2024 10-K, detailing real estate assets and operations.

AI Summary

Woodbridge Liquidation Trust filed its 10-K for the fiscal year ending June 30, 2024. The filing details the trust's operations and financial status, primarily related to real estate. The trust is managed by Akerman LLP, located in Fort Lauderdale, Florida.

Why It Matters

This filing provides a comprehensive overview of the Woodbridge Liquidation Trust's financial health and operational activities for the past fiscal year, crucial for stakeholders assessing its real estate holdings and liquidation progress.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a liquidation trust, indicating routine financial disclosure rather than immediate operational or market risks.

Key Numbers

• 2024-06-30 — Fiscal Year End (Reporting period for the 10-K)
• 0001785494 — Central Index Key (Unique identifier for the filer)
• 367730868 — IRS Number (Tax identification number)

Key Players & Entities

• Woodbridge Liquidation Trust (company) — Filer of the 10-K
• Akerman LLP (company) — Legal representative and address provider
• Fort Lauderdale, Florida (location) — Business and mailing address location
• June 30, 2024 (date) — Fiscal year end

FAQ

Key Financial Figures

• $3.11 — d upon the average bid and ask price of $3.11. As of December 31, 2023, there were ap
• $10.00 — o receive in such distribution at least $10.00. If the Trust mails a distribution chec
• $4,100,000 — f the Forfeited Assets of approximately $4,100,000 was approved which represents a distrib
• $4.65 — resents a distribution of approximately $4.65 per $1,000 of Total Net Qualifying Vict
• $1,000 — distribution of approximately $4.65 per $1,000 of Total Net Qualifying Victim Claims.
• $881,540,000 — 3 and Class 5 Claims were approximately $881,540,000 and net unresolved Class 3 and Class 5
• $50,000 — d Class 5 net claims were approximately $50,000 (together referred to as the " Total Ne
• $426.19 million — of June 30, 2024, totaled approximately $426.19 million. The Trust's consolidated net assets in
• $39.87 million — as of June 30, 2024 were approximately $39.87 million. 4 Table of Contents Part I Item
• $0.50 m — h a net carrying value of approximately $0.50 million, and has a small number of unreso
• $5.0 million — ny accrued an estimate of approximately $5.0 million for initial costs expected to be incurr
• $31.34 million — ate, assets consisting of approximately $31.34 million in cash and approximately $585.01 milli
• $585.01 million — 31.34 million in cash and approximately $585.01 million of real estate and other assets. 6 T
• $1.22 billion — affiliated entities to raise more than $1.22 billion from over 10,000 investors nationwide.
• $400 million — , but were instead used to pay (i) over $400 million of "interest" and "principal" to existi

Filing Documents

• ef20030097_10k.htm (10-K) — 1737KB
• ef20030097_ex31-1.htm (EX-31.1) — 13KB
• ef20030097_ex32-1.htm (EX-32.1) — 5KB
• image00010.jpg (GRAPHIC) — 36KB
• image00012.jpg (GRAPHIC) — 38KB
• image00015.jpg (GRAPHIC) — 25KB
• image00016.jpg (GRAPHIC) — 13KB
• 0001140361-24-042225.txt ( ) — 5864KB
• wlt-20240630.xsd (EX-101.SCH) — 57KB
• wlt-20240630_cal.xml (EX-101.CAL) — 28KB
• wlt-20240630_def.xml (EX-101.DEF) — 137KB
• wlt-20240630_lab.xml (EX-101.LAB) — 468KB
• wlt-20240630_pre.xml (EX-101.PRE) — 223KB
• ef20030097_10k_htm.xml (XML) — 843KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 31 Part II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43 Item 9A.

Controls and Procedures

Controls and Procedures 43 Item 9B. Other Information 43 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 43 Part III Item 10. Directors, Executive Officers and Corporate Governance 44 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 52 Item 14. Principal Accounting Fees and Services 55 Part IV Item 15. Exhibits and Financial Statement Schedules 56 Table of Contents CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS The Woodbridge Liquidation Trust (the " Trust ") is a Delaware statutory trust. It was formed on February 15, 2019, the effective date (the " Plan Effective Date ") of the First Amended Joint Chapter 11 Plan of Liquidation dated August 22, 2018 of Woodbridge Group of Companies, LLC and Its Affiliated Debtors (the " Plan "). The Trust was formed to implement the terms of the Plan. The Plan was confirmed by the United States Bankruptcy Court for the District of Delaware (the " Bankruptcy Court ") on October 26, 2018 in the jointly administered chapter 11 bankruptcy cases (the " Bankruptcy Cases ") of Woodbridge Group of Companies, LLC and its affiliated chapter 11 debtors (collectively, the " Debtors "), Case No. 17-12560 (JKS). In this Annual Report on Form 10-K (" Annual Report "), all beneficial interests in the Trust, including both Class A Liquidation Trust Interests (" Class A Interests ") and Class B Liquidation Trust Interests (" Class B Interests "), are collectively referred to as " Liquidation Trust Interests ." The material terms of the Plan which relate to holders of Liquidation Trust Interests (" Interestholder ," " Interestholders " or " All Interestholders ") are described in this Annual Report, as well as in the Disclosure Statement for the First Amended Joint Chapter 11 Plan of Liquidation of The Woodbridge Group of Companies, LLC and Its Affiliated Debtors (the " Disclosure Statement "). The Disclosure Statement was approved by the Bankruptcy Court on August 22, 2018 and was distributed or made available to creditors of the Debtors and other parties in interest pur

Business

Business A. Overview The Trust and its wholly-owned subsidiary Woodbridge Wind-Down Entity LLC (the " Wind-Down Entity ") were formed pursuant to the Plan. The purpose of the Trust is to prosecute various causes of action owned by the Trust (the " Causes of Action "), to litigate and resolve claims filed against the Debtors, to pay allowed administrative and priority claims against the Debtors (including professional fees), to receive cash from certain sources and, in accordance with the Plan, to make distributions of cash to Interestholders subject to the retention of various reserves and after the payment of Trust expenses and administrative and priority claims. The Trust has no other purpose. Sources and potential sources of cash include the net proceeds from settlements of various Causes of Action, remittances of cash distributed from the Wind-Down Entity, " Fair Fund " recoveries from the SEC, and assets forfeited to the U.S. Department of Justice (" DOJ ") by former owners and principals of the Debtors (" Forfeited Assets "). The Wind-Down Entity was formed to develop (as applicable), market, and sell the real estate assets owned by its subsidiaries (the " Wind-Down Subsidiaries " and, with the Wind-Down Entity, the " Wind-Down Group "), in order to generate cash to be remitted to the Trust after the payment of Wind-Down Group expenses and subject to the retention of various reserves. The Trust, the Remaining Debtors (as defined in Section B of this Item 1) and the Wind-Down Group are collectively referred to in this Annual Report as the " Company ." Most of the Debtors filed for chapter 11 bankruptcy protection in December 2017 (certain other Debtors filed cases on later dates). During the Bankruptcy Cases, the major constituencies reached agreements on several matters, including new management for the Debtors, the manner and timing of the liquidation of the Debtors' assets, and relative priorities to such distributions among creditors. Certain of th

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