GWG Holdings Files for Chapter 11 Insolvency
The company filed for insolvency in the US Bankruptcy Court for the Southern District of Texas. Reuters reported that GWG is $2 billion in debt, which includes
April 25, 2022
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GWG L Bond Litigation
GWG Holdings, Inc.’s mismanagement of a high-risk, illiquid investment places the funds of retirees in jeopardy. The company filed for bankruptcy on April 20th, which gives investors limited time to file a claim. Contact us today.
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UPDATE: GWG Holdings, Inc. filed for bankruptcy on April 20, 2022
Alternative asset managing company GWG Holdings Inc has filed for Chapter 11 bankruptcy. The recent filing makes it imperative for investors of L Bonds, mostly retirees, to file a claim in order to protect any assets. Now is the time to look at your options.
how gwg failed you
GWG Holdings, Inc., an alternative asset manager known for selling life-insurance bonds to individual investors, filed for bankruptcy on Wednesday, April 20, after accounting issues and the resignation of its auditor prevented it from continuing to sell its products.
The company enters chapter 11 with more than $1.3 billion of L Bonds outstanding, mostly owned by individual investors who purchased the offerings from regional broker-dealers selling the bonds on GWG’s behalf.
Holders of L Bond notes may have claims against GWG and its affiliated entities that could be impacted or otherwise adversely affected in the bankruptcy case.
Sommerman, McCaffity, Quesada & Geisler, LLP is working to protect the interests of those bondholders and is seeking to create a coalition of willing law firms, investors, and bondholders. This coalition would designate representatives who could serve on a court-appointed committee in the bankruptcy proceedings and assure that financial losses are investigated and claims pursued where necessary and feasible.
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What is an L bond?
L bonds are risky, illiquid investments that were created by GWG with a high-yielding bond and that fund the purchase of life insurance policies on the secondary market with the purpose of paying the policyholder more than its value. L bonds’ illiquid nature make them impossible to resell.
Updates
GWG Holdings Bankruptcy Creates Need for Coordinated Representation of Bondholders
Sommerman, McCaffity, Quesada & Geisler urges coalition to assure protections for defrauded investors DALLAS – Dallas-based GWG Holdings, Inc. (NASDAQ: GWGH), a nationwide marketer of financial products and
April 22, 2022
Facing SEC Scrutiny, GWG Holdings Now Under Investigation by Dallas Law Firm
DALLAS – Dallas-based GWG Holdings, Inc. (NASDAQ: GWGH), a nationwide marketer of financial products and investments, is facing demands from the U.S. Securities and Exchange Commission to produce records covering the company’s sales tactics, business practices, and failures to make required principal and interest payments.
February 2, 2022
GWG Seeks Rescue Financing After Missing Debt Payments to Individual Investors
Financial-services firm known for life-insurance bonds faces a cash crunch after accounting issues, auditor resignation prevented it from selling its products
January 27, 2022
Are You Eligible?
Have you talked with your broker or financial advisor and invested in L bonds? Dallas-based law firm Sommerman, McCaffity, Quesada & Geisler is investigating this potential fraud that has left many investors scrambling to try to protect their assets. We can help you.
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trial team
Andy Sommerman
For more than 35 years, Andy Sommerman has fought for individuals wronged by the negligent actions of others. He is an aggressive trial lawyer who has taken numerous cases to the courtroom as an advocate for victims who have suffered from unimaginable losses.
Sean McCaffity
Sean McCaffity is a seasoned trial attorney with experience representing individuals and companies involved in various high-stakes, complex commercial litigation disputes. His cases often center on business fraud, fiduciary litigation and Ponzi schemes that result in bankruptcies.
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We can help if you have invested in L bonds at the advice of your investment broker or financial advisor and you are uncertain of your assets.
Disclaimer
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
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