Securities Lawyers announce GWG L Bondholders Voted to Approve Chapter 11 Plan
GWG L Bondholders Voted to Approve Chapter 11 Plan in May of 2023.
The Texas bankruptcy court handling the GWG Chapter 11 plan received enough votes from investors to approve the Chapter 11 restructuring plan. This mean that a straight liquidation is off the table and the approved plan estimates a recovery as low as 9% and as high as 100% with many voicing public opinions the real estimate will be much closer to 9% than 100%. The securities law firm, Soreide Law Group, handling dozens of GWG claims estimates that recovery will be between 20% and 40%.
For GWG L bond investor lawyer contact info, visit https://www.securitieslawyer.com/
Regardless of the vote to approve there will most likely be a significant shortfall in recovery for many GWG L bond holders. Securities law firm, Soreide Law Group, is handling cases currently against at least a half dozen firms with many more firms having had sold these GWG L bonds. These firms include:
– Western International Securities
– Emerson Equity, Coastal Equities
– Newbridge Securities
– Moloney Securities
– IFP Securities
– Ni Advisors
– Center Street Securities, and
– B.B. Graham & Company.
– Capital Investment Group
– American Trust Investment Services
– Centaurus Financial
Securities Attorney Lars Soreide, Esq., feels the cases investors have against the advisors that sold the GWG L bonds are strong. Case in point, the SEC has filed a case against Western International Securities (Case No. 2:22-cv-04119) alleging their brokers failed to warn investors in GWG L bonds that L bonds were high risk, illiquid and only suitable for investors with substantial financial resources. The SEC allege that in 2019, GWG changed its business model and stopped acquiring life insurance policies and did not warn investors that no market for L bonds exists. In addition, GWG has a history of net losses and was using GWG bond sale proceeds to fund operations. GWG was losing hundreds of millions of dollars
Other brokerage firms may have failed to warn their customers of the risks of GWG investments. Soreide Law Group has filed arbitrations nationwide through the Financial Industry Regulatory Authority (“FINRA”) and represents investors nationwide on a contingency fee basis, which means if there is no successful recovery there is no fee. Soreide Law Group also will advance the costs and will not charge any attorney’s fees or costs if they are unsuccessful. There is a limited window of time to file a claim so please contact a securities lawyer immediately to discuss filing a securities arbitration.
GWG L bond victims call Soreide Law Group for a free consultation at (888) 760-6552 or email info@securitieslawyer.com. Soreide Law represents investors in securities arbitrations nationwide in the FINRA forum. Soreide Law Group has represented hundreds of investors over the last 14 years.
For more GWG L bond lawsuit info, visit https://www.securitieslawyer.com/
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COMTEX_434039269/2764/2023-06-01T01:07:31