GWG Holdings Inc.'s litigation trustee is seeking approval for a settlement with former executives that includes liability releases following a complaint filed last year accusing them of "corporate looting."
The ex-officials, including former GWG director and board chairman Bradley K. Heppner, along with related companies, would receive protection against claims of damaging the company's estate. The deal would result in $50.5 million for the litigation trust, according to a motion filed Friday in the US Bankruptcy Court Southern District of Texas.
The trustee, who pursues legal claims on behalf of the life insurance bond seller for the benefit of creditors, ...