July 24, 2018 / 12:27 AM / 3 months ago

Bankrupt developer Woodbridge settles $40 million in claims for $40,000

Luxury home developer Woodbridge Group of Companies, which sought Chapter 11 protection after regulators closed in on its involvement in a Ponzi scheme, is seeking court approval for a deal to settle $40 million in claims for $40,000 as it presses on with efforts to wind down the bankruptcy.

Woodbridge in court papers filed in Bankruptcy Court in Delaware on Friday said it will provide Positive Aspects Inc with a single allowed general unsecured claim worth $40,000 to end a long-running fight that led Positive and its predecessor firm, JoMic Investments Inc, to file four claims in the developer’s bankruptcy.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2O6tdHX

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