SHERMAN OAKS, Calif.–(BUSINESS WIRE)–Woodbridge Defalcation Assurance today appear that it had issued a letter to the holders of its Class A Defalcation Assurance Interests apropos the awaiting banknote breakable activity by Contrarian Liquidity Option, LLC to acquirement 2,015,305 of the outstanding Class A Defalcation Assurance Interests. A archetype of the letter is attached.
About Woodbridge Defalcation Trust:
Woodbridge Defalcation Assurance is a Delaware approved assurance that, calm with its wholly-owned accessory Woodbridge Wind-Down Entity LLC, was formed on February 15, 2019 to apparatus the agreement of the Plan. The purpose of the assurance is to arraign assorted causes of activity acquired by the assurance pursuant to the Plan, to appeal and boldness claims filed adjoin the debtors beneath the Plan, to pay accustomed authoritative and antecedence claims adjoin the debtors (including able fees), to acquire banknote from assertive sources and, in accordance with the Plan, to accomplish distributions of banknote to holders of interests in the assurance accountable to the assimilation of assorted affluence and afterwards the acquittal of Assurance costs and authoritative and antecedence claims. For added information, appointment www.woodbridgeliquidationtrust.com.
Apropos Forward-Looking Statements:
This columnist absolution may accommodate “forward-looking statements” aural the acceptation of the Private Balance Action Reform Act of 1995, as codification in Area 27A of the Balance Act of 1933, as adapted (the “Securities Act”), and Area 21E of the Balance Exchange Act of 1934, as adapted (the “Exchange Act” and, calm with the Balance Act, the “Acts”). Advanced statements additionally accommodate statements that are preceded by, followed by, or that accommodate the words “believes,” “estimates,” “plans,” “expects,” “intends,” “is anticipated,” “will continue,” “project,” “may,” “could,” “would,” “should” and agnate expressions, and all added statements that are not absolute facts. All such advanced statements are based on the Trust’s accepted expectations and absorb risks and uncertainties which may account absolute after-effects to alter materially from those set alternating in such statements. Such risks and uncertainties accommodate the risks articular and declared in “Item 1A. Accident Factors” of the Trust’s Registration Account and added filings with the U.S. Balance and Exchange Commission. These risks and uncertainties are above the adeptness of the Assurance to control, and in abounding cases, the Assurance cannot adumbrate the risks and uncertainties that could account its absolute after-effects to alter materially from those adumbrated by the advanced statements.
WOODBRIDGE LIQUIDATION TRUST Michael I. Goldberg, Defalcation Trustee 350 East Las Olas Boulevard, Suite 1600 Ft. Lauderdale, Florida 33301
January 13, 2020
VIA MAIL & WEB POSTING
Dear Holders of Defalcation Assurance Interests:
As the Defalcation Trustee of Woodbridge Defalcation Assurance (the “Trust”), I would like to acquaint with you added apropos the awaiting breakable activity by Contrarian Liquidity Option, LLC (“Contrarian”). The breakable offer, which commenced on December 12, 2019, is anon to acquirement 2,015,305 of the Trust’s outstanding Class A Defalcation Assurance Interests (the “Interests”).
As you will recall, on December 19, 2019, the Supervisory Board of the Assurance (the “Board”) and I recommended that you not acquire Contrarian’s offer. That advocacy was based on our analysis and appraisal of the agreement and altitude of Contrarian’s activity that were in aftereffect at that time.
Since then, Contrarian has adapted its offer, best afresh on January 8, 2020. This best contempo alteration was fabricated anon afterwards the Assurance appear a banknote administration of $4.50 per Interest payable to holders of almanac as of abutting of business on January 3, 2020 (the “January 3 Distribution”). Before the amendment, Contrarian’s “base” activity bulk of $10.00 per Interest was accountable to answer for the bulk of any distributions paid by the Assurance to holders with a almanac date occurring during the breakable activity period. As amended, Contrarian’s activity excludes the January 3 Administration as a answer from the abject activity bulk of $10.00. Therefore, Contrarian’s best contempo alteration finer increases the amount of Contrarian’s activity by $4.50 per Interest.
The Board and I are, of course, encouraged by this accessory of Contrarian’s offer. Nevertheless, it continues to be our advocacy that you not acquire Contrarian’s offer.
Our advocacy is fabricated for the afterward reasons:
For added advice about the Assurance and Contrarian’s offer, I animate you to apprehend the Solicitation/Recommendation Account Beneath Area 14(d)(4) of the Balance Exchange Act of 1934 on Schedule 14D-9 filed by the Assurance with the U.S. Balance and Exchange Commission on January 13, 2020, a archetype of which is included with this letter.
/s/ Michael Goldberg
Michael Goldberg, Defalcation Trustee of the Woodbridge Defalcation Assurance
This letter includes advanced statements. All statements apropos activities, contest or developments that the Assurance expects, believes or anticipates will or may action in the approaching are advanced statements. Absolute after-effects could alter materially from the after-effects discussed in the advanced statements. The Assurance has articular some of these advanced statements with words like “believe,” “may,” “could,” “would,” “might,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” or “continue,” the abrogating of these words, added agreement of agnate acceptation or the use of approaching dates. Advanced statements in this Schedule 14D-9 include, afterwards limitation, statements apropos the achievability of backdrop actuality awash at or in in balance of ascribed values, the timing and likelihood of the appointment of a trading attribute for the Interests and the competitiveness or affability of appraisement for the Interests on an over-the-counter market. All such statements are based on the Trust’s accepted expectations and absorb risks and uncertainties which may account absolute after-effects to alter materially from those set alternating in such statements. Such risks and uncertainties accommodate the accident of obstacles and delays in the trading attribute appointment process, potentially low trading volumes for the Interests, almost few balance brokers authoritative a bazaar in the Interests, and added risks and uncertainties pertaining to the Trust, including the risks and uncertainties discussed in the Trust’s filings with the SEC, including in the “Risk Factors” area of the Trust’s Registration Account on Form 10-12G and added abstracts filed with the SEC. Accordingly, no assurances can be accustomed as to whether any of the contest advancing by the advanced statements will action or what appulse they will have. Advanced statements allege alone as of the date the account was made. All advanced statements are able in their absoluteness by this cautionary account and the Assurance undertakes no obligation to alter or amend these statements to reflect contest or affairs afterwards the date hereof, except as appropriate by law.
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