Woodbridge Group of Companies, LLC

On December 4, 2017, Woodbridge Group of Companies, LLC and certain of its affiliated entities filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.

In addition to the bankruptcy filing, the debtors and their principal Robert Shapiro have been accused by the Securities and Exchange Commission (“Sec”) of operating a fraudulent scheme to mislead investors through the sale of unregistered securities. From 2012 through 2017, Woodbridge raised over $1.2 billion from unsuspecting investors promising they would be repaid from the high rates of interest received on monies being loaned to third-party borrowers. According to the complaint, Woodbridge and Shapiro diverted the investor funds into LLCs owned and controlled by Shapiro to be used to purchase luxury properties in California and Colorado.

By order of the US Bankruptcy Court, Development Specialists, Inc. has been appointed the Restructuring Advisor, and Bradley Sharp designated as Chief Restructuring Officer (“CRO”).
Under the guidance of DSI and Mr. Sharp, the Debtors will seek to navigate the Chapter 11 process and maximize the enterprise value for all creditor and/or investor groups.

Several official committees and groups have been formed under court approval to represent the interests of the various creditor constituencies including unsecured creditors, note holders, and unit holders. Creditors wishing to sell their claims should contact us for more information.

Argo Partners is not affiliated in any way with Woodbridge, its principal, the CRO, or any of the creditor groups.

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