NEW YORK–(BUSINESS WIRE)–On April 20, 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the Southern District of Texas (Bankruptcy Petition No. 22- 90032, 4:2022bk90032). The bankruptcy filing is devastating for GWG L Bond investors and raises serious doubts about investors’ ability to recover their capital. Iorio Altamirano LLP (www.gwglawyer.com), which has investigated GWG L Bonds and already represents several elderly, retired and near-retirement GWG L Bonds investors, is holding free consultations with investors to assess their potential claims and review their legal rights.

GWG L Bond investors will experience a long and painful process. Chapter 11 bankruptcy cases can take anywhere from 17 months to five years for larger, more complex cases, and it can take debtors months to begin distributing payments to the highest priority class of creditors. As of September 2021, GWG had over $2 billion in total liabilities, including $1.55 billion in L bonds.

In addition, according to the GWG L Bond Prospectus, the security of the L Bonds is subordinated to the other debt securities. Given the nature of the bankruptcy proceedings and the wording of the prospectus, it is unlikely that investors in GWG L Bond will ever see their capital fully repaid.

Despite Bad News of Bankruptcy Filing, GWG L Bond Investors Can File Individual Arbitration Requests to Seek Recoup Losses against the brokerage firm who sold them speculative, high riskand illiquid Obligations L. Retail investors may file an individual arbitration claim against the selling brokerage firm without affecting an investor’s potential recovery from GWG Holding Inc.’s bankruptcy proceedings or through any class action lawsuit brought against GWG Holdings.

Iorio Altamirano LLP recently published the initial findings of its extensive investigation of GWG Holdings and continues to urge individuals who have purchased L Bonds issued by GWG Holdings, Inc. to contact the company to review their legal rights. Investors will receive a free case evaluation.

“Brokers and brokerage firms have been selling GWG L bonds as safe and secure investments,” said August Iorio, managing partner of Iorio Altamirano LLP. “Our investigation revealed high-pressure selling tactics and widespread failures by brokers and brokers to fulfill their obligations in the sale of GWG L Bonds to retail investors,” according to Mr. Iorio.

“The missed payments were just the tip of the iceberg. The reality is that GWG’s problems go back a long time. Now is the time for investors to act. We encourage GWG L Bond investors to immediately commence securities arbitration proceedings to recover investment losses,” added attorney Jorge Altamirano, Managing Partner of Iorio Altamirano LLP.

What investors can do: Investors in GWG L Bond should Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation. The company will review the terms of investors’ investments in GWG L bonds free of charge. Securities Arbitration Iorio Altamirano LLP. To set up an assessment, email securities arbitration attorneys August Iorio at [email protected] or Jorge Altamirano at [email protected] Alternatively, you can call the firm toll-free at (855) 430-4010.

About Iorio Altamirano LLP:

Iorio Altamirano LLP is a national securities litigation law firm based in New York, NY. The law firm pursues FINRA arbitrations nationwide on behalf of investors to recover financial losses resulting from the misconduct of financial advisors and brokerage firms.