DALLAS, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The Beneficient Company Group, L.P. (Ben), a leading technology-enabled financial services company serving the growing market of investors seeking liquidity and other fiduciary services for their alternative assets, today announced the effectiveness of amendments to the organizational documents of Ben and its subsidiaries, which eliminate GWG Holdings, Inc.’s (GWG) rights to appoint directors to Ben’s board and results in Ben becoming a fully independent company.
Ben and its subsidiaries will now operate under the sole direction of the Ben board of directors and management team with GWG remaining as a passive limited partner. As an independent company, Ben will have full control over the types of products and services that it provides its customers and partners and can expand its portfolio of products and services to meet customer and partner demand. The amendments also satisfy certain regulatory requirements relating to the establishment and chartering of Ben’s Technology-Enabled Fiduciary Financial Institution under the recently enacted Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act.
In addition, Ben paid off its Commercial Loan Agreement with GWG by issuing common limited partnership units of Ben to GWG. As a result, Ben no longer has any outstanding debt obligations to GWG.
About The Beneficient Company Group, L.P.
The Beneficient Company Group, L.P. (Ben) provides a unique suite of simple, rapid, 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 asset investments and can be customized to suit individual circumstances. Serving as a principal by using its own balance sheet, Ben operates as a permanent financial institution that helps to remove many of the traditional barriers to liquidity faced by mid-to-high-net-worth individuals and small-to-mid-sized institutions. For more information, visit www.trustben.com.
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