Dallas financial services firm GWG Holdings Inc. and two of its subsidiaries filed for bankruptcy Wednesday and sought court approval of a $65 million loan to...
a high-yielding debt instrument that financed the purchase of life insurance policies on the secondary market.
“These steps, including the receipt of additional financing, are expected to strengthen the company’s financial position going forward and help preserve the value of the company’s assets for the benefit of its investors,” said GWG Holdings chief executive Murray Holland in a statement.The company began with a focus on secondary life insurance,
, but has since expanded to invest in two entities, Ben LP and FOXO Technologies Inc. Ben LP has since become an independent entity, with GWG Holdings holding a substantial investment in it.that allowed for the chartering and creation of trust banks. These banks can finance alternative assets held in Kansas trusts and do it quickly with financial technology.. Beneficient is a financial services firm that helps the ultra-wealthy turn nonliquid assets into cash.
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