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Woodbridge Resets Biz Model During Ch. 11 Control Battle

Law360, Wilmington (January 12, 2018, 11:04 PM EST) -- Facing a federal securities and Ponzi scheme lawsuit in Florida and demands for a trustee takeover in Delaware bankruptcy court, the Woodbridge Group said Friday that it would shift from reliance on individual investors to institutional financing for its real estate development business.

The company's announcement added new details to a Delaware bankruptcy court comment on Wednesday by the company's chief restructuring officer that the Woodbridge Group of Cos. LLC had "terminated pretty much all the salespeople" on Jan. 5. The move came about two weeks...
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