GWG Holdings, Inc.: going-concern / distress — GWG Holdings bankruptcy plan confirmed; common stock cancelled, $1.8B liabilities vs $646M assets

GWG Holdings, Inc.

Plan confirmed June 20, 2023; effective date targeted by July 31, 2023.
All ~33.1M common shares to be cancelled; stockholders receive New Series E WDT Interests.
CEO Jeffrey Stein gets $1.83M cash + 50K Beneficient shares; director Anthony Horton gets $120K.
Monthly operating report (May 31, 2023): total assets $646.4M, total liabilities $1.8B.
Wind Down Trust and Litigation Trust created to distribute remaining assets.

item 1.03 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Jeffrey S. Stein

Chief Executive Officer

GWG Holdings, Inc.

Filed: June 26, 2023, 7:59 PM ET

on the Effective Date, the persons acting as officers, directors and employees of the Debtors will be deemed to have resigned under the applicable provisions of the Plan and bankruptcy and non-bankruptcy law.

Departed

Anthony R. Horton

Independent Director

GWG Holdings, Inc.

Filed: June 26, 2023, 7:59 PM ET

on the Effective Date, the persons acting as officers, directors and employees of the Debtors will be deemed to have resigned under the applicable provisions of the Plan and bankruptcy and non-bankruptcy law.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

GWG Holdings, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2022-04-20).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2022-04-20

Exact text from the filing

on April 20, 2022, GWG Holdings, Inc. (the “Company”) and certain of its subsidiaries (together with the Company, the “Debtors”) filed a voluntary petition for reorganization under chapter 11 of title 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the Bankruptcy Court (the “Court”) for the Southern District of Texas (the “Chapter 11 Cases”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey S. Stein resigned as Chief Executive Officer at GWG Holdings, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

on the Effective Date, the persons acting as officers, directors and employees of the Debtors will be deemed to have resigned under the applicable provisions of the Plan and bankruptcy and non-bankruptcy law.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Anthony R. Horton resigned as Independent Director at GWG Holdings, Inc..

Action: resigned
Role: Independent Director

Exact text from the filing

on the Effective Date, the persons acting as officers, directors and employees of the Debtors will be deemed to have resigned under the applicable provisions of the Plan and bankruptcy and non-bankruptcy law.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-051587

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