Woodbridge Liquidation Trust is a court-supervised liquidating trust established under a Chapter 11 bankruptcy plan to wind down the assets of a collapsed Ponzi scheme. The trust does not run an operating business. Instead, it liquidates debtor assets, pursues litigation against third parties involved in the scheme, resolves creditor claims, and distributes net proceeds to former investors holding liquidation trust interests. The trust generates cash primarily by selling residential and commercial real estate through its subsidiary, the Wind-Down Entity, and collecting legal settlements and government recoveries. The trust distributes available cash to interestholders through a multi-tiered priority waterfall. With the real estate portfolio sold and major legal claims resolved, the trust is currently focused on defending and resolving a construction defect claim from a past property sale before completing its final distributions and terminating operations.