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 $1.6 billion in outstanding bonds. The firm had also specified taking a $65 million loan from National Founders LP to fund its operations as it goes through the bankruptcy process.… Continue reading GWG Holdings Files for Chapter 11 Insolvency
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 investments, and two affiliated entities filed for bankruptcy protection on April 20 in the Southern District of Texas. Meanwhile, the company’s previous business practices and sales tactics remain under investigation by the U.S. Securities and Exchange Commission. … Continue reading GWG Holdings Bankruptcy Creates Need for Coordinated Representation of Bondholders
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.
Financial-services firm known for life-insurance bonds faces a cash crunch after accounting issues, auditor resignation prevented it from selling its products