Woodbridge debtor inks $1.8 million deal for sale of Encino property

By Caroline Salls

Pittsburgh, Oct. 25 – Woodbridge Group of Cos., LLC requested court approval of the $1.8 million sale of debtor Drawspan Investments, LLC’s Encino Calif., property, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Marc Pistorio and Ron Norrish have agreed to buy the property.

According to the motion, the property consists of a single-family home, which Drawspan Investments bought to develop for resale.

The company said Drawspan Investments has since constructed a “new luxury home” and made related improvements on the property.

A hearing is scheduled for Nov. 20.

Woodbridge is a Sherman Oaks, Calif.-based next generation financial products company that filed for bankruptcy on Dec. 4, 2017. The Chapter 11 case number is 17-12560.

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