The Beneficient Company Group announces its separation from GWG
DALLAS, November 29, 2021 (GLOBE NEWSWIRE) – The Beneficient Company Group, LP (Ben), a leading technology financial services company serving the growing market of investors seeking liquidity and other fiduciary services for their alternative assets, today announced the effectiveness of changes to the organizational documents of Ben and its subsidiaries, which eliminate the rights of GWG Holdings, Inc. (GWG) to appoint directors to Ben’s board of directors and make de Ben a fully independent company.
Ben and its subsidiaries will now operate under the sole direction of Ben’s board of directors and management team, with GWG remaining a passive sponsor. As an independent business, Ben will have full control over the types of products and services it provides to its customers and partners and will be able to expand its portfolio of products and services to meet customer and partner demand. The Amendments also meet certain regulatory requirements relating to the establishment and charter of Ben’s technology-enabled trust financial institution under the recently enacted Kansas Technology-Enabled Financial Institutions (TEFFI) Act.
Additionally, Ben repaid his business loan agreement with GWG by issuing Ben’s joint limited partnership units to GWG. As a result, Ben no longer has any unpaid debts to GWG.
About The Beneficient Company Group, LP
The Beneficient Company Group, LP (Ben) provides a unique suite of simple, fast and cost effective liquidity solutions and other financial services for owners of alternative assets. Ben’s liquidity solutions are available for most types of professionally managed alternative investments and can be customized to suit individual circumstances. As a principal using his own balance sheet, Ben functions as a permanent financial institution that helps remove many of the traditional liquidity barriers faced by medium to high net worth individuals and small to medium sized institutions. . For more information, visit www.trustben.com.