Fri, Sep 27, 9:15 PM (84 days ago)
The Woodbridge Liquidation Trust (WLT) reported significant financial developments in its annual report for the fiscal year ending June 30, 2024. The Trust's net assets in liquidation increased to approximately $39.87 million, up from $6.77 million the previous year. This rise was primarily due to a $32.07 million increase in the carrying value of assets and liabilities. The Trust has suspended distributions since August 2023 due to ongoing investigations into a construction defect claim, with a pending distribution of $4.1 million from forfeited assets expected to be allocated to qualifying victims by year-end 2024. As of June 30, 2024, total liabilities were approximately $23.51 million, with accrued liquidation costs at $22.70 million. The Trust has liquidated most of its real estate assets, retaining only two with a net carrying value of $0.50 million. The future outlook remains uncertain, hinging on the resolution of the construction defect claims and potential litigation recoveries. The Trust's operations are projected to conclude by March 31, 2026, pending court approval for any necessary extensions. Key risk factors include potential liabilities from construction defects and the uncertain timing of distributions to interest holders.