SEC, Creditors Say Woodbridge Deals Favor Ch. 11 Trustee

Law360, Wilmington (January 10, 2018, 9:45 PM EST) -- Attorneys for the U.S. Securities and Exchange Commission and Woodbridge Group’s unsecured creditors pressed the company’s Chapter 11 restructuring officer Wednesday on deals and dealings with its accused fraudster owner, during arguments in Delaware over calls for a trustee takeover of the $1 billion case.

Targeted in the trustee motion is the debtor group formed for the Woodbridge Group of Companies LLC bankruptcy case, filed two weeks before an SEC securities and Ponzi scheme action was unsealed against the company and owner Robert Shapiro.

The SEC...
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