Woodbridge Group is going to take two to three years to sell off its portfolio of valuable real estate holdings under bankruptcy protection, but it is determined to begin paying off investors this year, WSJ Pro Bankruptcy reported. The first payoff from Woodbridge won’t be much, said Richard Pachulski, lawyer for the official committee representing creditors of the California company. Investors might see 10 cents on the dollar on the hundreds of millions of dollars worth of debt, Pachulski said at a hearing in the U.S. Bankruptcy Court in Wilmington, Del. Less than two weeks after the company filed for chapter 11 bankruptcy in December 2017, the Securities and Exchange Commission filed a civil fraud action against Woodbridge, accusing it of operating as a Ponzi scheme.
