- Janet V. Kee
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Questions and Answers Regarding the Bankruptcy of GWG Holdings
The value of GWG Holdings’ portfolio could drop if the insured party lived longer than anticipated or the insurance company holding the policy went bankrupt, making it impossible for GWG Holdings to continue paying interest to the holders of its L bonds. We would be happy to chat with any investors who purchased GWG L Bonds through GWG Holdings and lost money. Get yourself to read more about frequently asked questions regarding GWG Holdings below.
How is GWG Holdings doing right now?
GWG Holdings filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas on April 20, 2022. It’s unclear whether or not L Bondholders will receive any compensation from the bankruptcy.
What are your thoughts on the bankruptcy of GWG Holding?
We worry that in the event of bankruptcy, the holders of GWG L Bonds may receive little to nothing. These facts serve as our foundation for this opinion: (1) GWG’s auditors left in 2021, and its audited and reliable financials are out of date. (2) The Securities and Exchange Commission has been looking into GWG for more than a year. (3) GWG has a large amount of debt, and its other creditors have priority over L Bondholders. (4) GWG Holdings has a convoluted and dubious organizational structure. (5) The assets of GWG Holdings are all held by other businesses.
What took place on April 21, 2022, during the opening hearing?
On April 21, 2022, a procedural hearing for the bankruptcy of GWG Holding took place. Attendees included lawyers from our firm. The Judge expressed worry about GWG’s convoluted corporate structure during that session.
Where can I find the bankruptcy docket for GWG Holdings?
The administrator of claims is Donlin Recano. On its website, GWG Holdings has posted every court document related to its bankruptcy.