Woodbridge Board of Managers Announces Management Transition

Woodbridge Group of Companies, LLC and certain of its affiliates and subsidiaries (together “the Company” or “Woodbridge”), announced today that its recently announced Board of Managers (“Board”) has accepted the resignation of Marc Beilinson as part of its management transition plan. The Board is currently seeking a new CEO to lead Woodbridge during the chapter 11 with home building experience whose expertise can be leveraged as part of maximizing value to all stakeholders.

“After accomplishing my goals of immediately ceasing all of Woodbridge's retail fundraising efforts, thereby putting a stop to any continued harm to Woodbridge’s investors, and installing a blue chip Board of Managers, comprised of Jan Baker, former Judge James Peck, and former Judge Robert Gerber, I have tendered my resignation to the Board,” says Marc Beilinson. “I have the utmost confidence that the newly installed Board will steward these cases in a manner that will result in the maximization of value for all stakeholders.”

“The Board of Managers is extremely appreciative of Mr. Beilinson's efforts to date and his willingness to provide whatever assistance the Board requests,” says Jan Baker. Mr. Baker went on to comment that, “The tireless efforts of Mr. Beilinson in these cases thus far have positioned Woodbridge to move forward in a positive direction.”

Court filings and other information related to the restructuring are available at www.gardencitygroup.com/cases/WGC.

Gibson Dunn & Crutcher LLP and Young, Conaway, Stargatt & Taylor, LLP are serving as legal advisors.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180119005638/en/