GWG Holdings, Inc. - Aug 1, 2023 Form 4 Insider Report for Beneficient (BENF)

Role
10%+ Owner
Signature
/s/ Jeffrey S. Stein, Chief Executive Officer of GWG Holdings, Inc.
Stock symbol
BENF
Transactions as of
Aug 1, 2023
Transactions value $
$0
Form type
4
Date filed
8/1/2023, 05:44 PM
Previous filing
Jul 11, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BENF Class A Common Stock, $0.001 par value Other $0 -103M -100% $0.00* 0 Aug 1, 2023 Direct F1, F2
transaction BENF Class A Common Stock, $0.001 par value Other $0 -67.1M -100% $0.00* 0 Aug 1, 2023 By Subsidiary F1, F2, F3
transaction BENF Class A Common Stock, $0.001 par value Other $0 -120K -100% $0.00* 0 Aug 1, 2023 By Subsidiary F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

GWG Holdings, Inc. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On April 20, 2023, GWG Holdings, Inc. (the "Company") and certain of its subsidiaries (together with the Company, the "Debtors") filed a voluntary petition for reorganization under chapter 11 of title 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). On June 20, 2023 the Court entered an order (the "Confirmation Order") confirming the Debtors' Further Modified Second Amended Joint Chapter 11 Plan (as subsequently further modified the "Plan"). On August 1, 2023 (the "Effective Date") the conditions to the effectiveness of the Plan were satisfied or waived.
F2 (Continued from footnote 1) On the Effective Date, pursuant to the terms of the Plan, all shares of Beneficient's Class A Common Stock owned by the Debtors were delivered to a liquidating trust or Mr. Jeffrey Stein, in each case as contemplated by the Plan. The sole purpose of the liquidating trust is to liquidate these assets with a view towards maximizing the value of such assets for the benefit of the beneficiaries of the liquidating trust. The Debtors received no cash proceeds or other property in exchange for the delivered shares.
F3 Shares were owned directly by GWG Life USA, LLC, which is a wholly owned subsidiary of GWG Holdings, Inc. As such, GWG Holdings, Inc. was an indirect beneficial owner of the reported securities.
F4 Shares were owned directly by GWG Life, LLC, which is a wholly owned subsidiary of GWG Holdings, Inc. As such, GWG Holdings, Inc. was an indirect beneficial owner of the reported securities.