**Update: April 20, 2022** GWG Holdings, Inc. has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas. As a result of the bankruptcy filing, all accrued principal and interest payment obligations owed to GWG L Bond investors have been halted as the case proceeds through bankruptcy court. Chapter 11 Bankruptcy cases can take anywhere from 17 months to five years for larger and more complex cases. Despite the unwelcomed news, investors are not without recourse and are encouraged to contact New York securities arbitration law firm Iorio Altamirano LLP to review their legal rights.
*Update: April 4, 2022** According to the Wall Street Journal, GWG Holdings, Inc. is preparing to file for Chapter 11 bankruptcy in the coming days. The news of GWG’s impending bankruptcy filing is troubling for retail investors who invested significant portions of their life savings into GWG L Bonds. Investment News has reported that one anonymous GWG L bond investor estimates that the GWG L Bonds would be worth 20 to 30 cents on the dollar if GWG files for bankruptcy.
**Update: April 1, 2022** GWG Holdings, Inc. was unable to timely file its 2021 annual report with the United States Securities and Exchange Commission (“SEC”). GWG Holdings, Inc. has now failed to timely file annual reports with the SEC in three of the past four years. To read more, visit our latest blog post: GWG Holdings, Inc. Misses Deadline to File Its 2021 Annual Report with the SEC