Steps to reproduce:

1) Download attached project " PrototypeSkater.zip" and open in Unity.
2) Open Test Scene.
3) In Project tab, click on Standard Assets >> Effects >> Projectors >> Prefabs.
4) Drag and drop BlobShadowProjector in game scene.
5) Move BlobShadowProjector through the game scene and check how shadow looks distorted.

Expected result: See attached gif "goodProjector.gif".

Actual result: See attached gif "wrongProjector.gif".

Reproduced with: 5.2.4f1, 5.3.5p7.

Not reproduced with: 5.4.0b25.