Articles Posted in GWG Holdings

Holland & Knight Sued for $150 Million: What It Means for GWG L Bondholder
Iorio Law PLLC

If you’re a GWG L Bond investor, the past few years have likely been a rollercoaster of frustration and uncertainty. The bankruptcy of GWG Holdings, Inc. in 2022 left thousands of investors—many of whom are retirees or conservative savers—reeling from significant financial losses. August M. Iorio, Iorio Law PLLC’s managing attorney, has been fighting tirelessly…

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“I Continue to Believe That the [gwg] L Bondholders Will Lose a Very Large Percentage of Their Investments” – Bankruptcy Judge Marvin Isgur
Iorio Law PLLC

**Update: November 1, 2023** On October 13, 2023, the GWG Wind Down Trust sold two of its four assets for only approximately $10.5 million. The GWG Wind Down Trust sold its largest tangible asset, its portfolio of life insurance policies, realizing only $10 million in cash. In addition, on October 13, 2023, the GWG Wind…

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GWG’s Bankruptcy Plan Goes into Effect; GWGL Bonds Canceled
Iorio Law PLLC

On August 1, 2023, GWG Holdings, Inc.’s Chapter 11 bankruptcy plan (the “Plan”) went into effect. As part of the Plan, GWG will be liquidated, and two liquidating trusts have been created: (i) the Wind Down Trust and (ii) the Litigation Trust. As a result of the Plan going into effect, all securities issued by…

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GWG Bankruptcy Update (July14, 2023): The Residual Value of the GWG L Bonds Remains Suspect as Beneficient Receives a Wells Notice from the SEC
Iorio Law PLLC

On June 20, 2023, the United States Bankruptcy Court for the Southern District of Texas entered an Order confirming GWG’s Further Modified Second Joint Chapter 11 Plan (the “Chapter 11 Plan”). GWG has disclosed that they are targeting July 31, 2023, as the effective date for the Plan. As part of the Chapter 11 Plan,…

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What L Bondholders Need to Know About GWG Holdings, Inc. ’s Chapter 11 Plan
Iorio Law PLLC

On April 21, 2023, United States Bankruptcy Judge Marvin Isgur approved GWG’s Disclosure Statement that will be sent to creditors to vote on GWG’s Chapter 11 Plan (the “Plan”). The approval of the Disclosure Statement comes one year and one day after GWG filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court…

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