Sommerman, McCaffity, Quesada & Geisler
urges coalition to assure protections for defrauded
DALLAS, April 22,
2022 /PRNewswire/ -- Dallas-based GWG Holdings, Inc. (NASDAQ:
GWGH), a nationwide marketer of financial products and investments,
and two affiliated entities filed for bankruptcy protection on
April 20 in the Southern District of
Texas. Meanwhile, the company's
previous business practices and sales tactics remain under
investigation by the U.S. Securities and Exchange Commission.
Recognizing the need to protect the interests of all
bondholders, attorneys with Sommerman, McCaffity, Quesada &
Geisler in Dallas are calling
for the creation of a coalition of willing law firms, investors and
bondholders to form a united front for the bankruptcy
"GWG Holdings filed a bankruptcy and failed to provide
disclosure concerning any specifics regarding holders of L Bonds,"
says firm partner Sean McCaffity.
"We believe that more than $1.3
billion in bonds are currently being held by thousands of
individual investors who may have viable claims against GWG and its
management. It is essential that we form an investor-focused
committee tasked with looking out for their interests in this
The firm believes that it is essential that either an ad
hoc committee of claimants or an unsecured creditors committee
with bondholder representation be appointed or authorized to act as
a watchdog in the bankruptcy proceedings to assure that financial
losses are investigated and claims pursued where necessary and
"The holders of L Bond notes may have claims against GWG and its
affiliated entities that could be impacted or otherwise adversely
affected in the bankruptcy case, and we need to have a coordinated
response," says McCaffity.
Sommerman, McCaffity, Quesada & Geisler has a
distinguished reputation for knowledgeable and assertive legal
representation in complex commercial litigation involving business
fraud, audit malpractice, director and officer liability, and
To assist individual bondholders who may have questions about
the latest developments, the firm has established a dedicated
website with additional background, regular updates, and other
information at www.gwglawsuit.com.
SOURCE Sommerman, McCaffity, Quesada & Geisler