October 22, 2018 / 9:42 PM / 21 days ago

Woodbridge to ask court to back liquidation plan detailing Ponzi scheme

Woodbridge Group of Companies said on Friday it is ready to wrap up its bankruptcy with recoveries of 60 percent to 70 percent for noteholders and of 40 percent to 50 percent for unit holders burned by the $1 billion Ponzi scheme that led to the property developer’s downfall.

In a filing in U.S. Bankruptcy Court in Delaware, Woodbridge said its Chapter 11 liquidation plan has “broad and deep support” from major stakeholders and it would seek court approval for the plan at a hearing on Wednesday.

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