NEW YORK, NEW YORK, USA, June 15, 2023/EINPresswire.com/ — National investment loss lawyers KlaymanToskes announces GWG’s Chapter 11 bankruptcy reorganization plan was approved during today’s bankruptcy hearing (Case No. 22-90032). KlaymanToskes encourages GWG L bondholders who suffered significant investment losses to contact the firm immediately at 888-997-9956 to discuss recovery options through FINRA arbitration, in addition to any potential bankruptcy recovery.
According to a representative of Mayor Brown on behalf of the debtors at GWG’s Confirmation Hearing, the vote “has been overwhelmingly accepted by approximately 11,700 voting bondholders…” The acceptance rates were in excess of 99% and have no pending confirmation objections.
GWG L Bondholders have voted to accept GWG Holdings’ (OTCMKTS:GWGHQ) Chapter 11 Plan for liquidation. Today, the court confirmed L Bondholders’ approval of the plan, which has an estimated range of recovery between 9% and 100%.
Based on the wide range of recovery presented by GWG, and the methods by which the recovery will be made, it is KlaymanToskes’ opinion that GWG L Bondholders will NOT likely obtain a significant recovery from GWG’s plan, and what they may receive will take significant time to recover.
KlaymanToskes believes that in addition to any potential bankruptcy recovery, investors should pursue a separate FINRA arbitration claim against the brokerage/investment advisory firms who sold these illiquid L Bonds, in order to increase their chance of a substantial recovery.
Alternative Investments such as L Bonds are classified as high-risk and generally illiquid. Brokers/investment advisors and their firms have a duty to conduct due diligence prior to making recommendations, and maintain a responsibility to accurately disclose risks to their clients.
KlaymanToskes is currently representing many GWG L Bondholders throughout the nation in FINRA arbitration claims against the brokerage firms and financial advisors that recommended the speculative L Bonds, including:
– Western International Securities,
– Moloney Securities,
– Centaurus Financial,
– Emerson Equity,
– Coastal Equities,
– Newbridge Securities,
– Capital Investment Group,
– IFP Securities,
– Ni Advisors,
– Center Street Securities, and
– B.B. Graham & Company.
Affected investors should immediately contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Lawrence Klayman
KlaymanToskes, P.A.
+1 888-997-9956
lklayman@klaymantoskes.com