[MDFlyer]

Originally Posted by SallyB

In court filings on 4/17/23
GWG submitted a Revised Disclosure Statement for its Second Amended Reorganization Plan after US Bankruptcy Judge Marvin Isgur ordered the Chapter 11 debtor to provide L Bondholders with more information about potential recoveries before he approves sending Disclosure Statement to creditor to Vote on the Second Amended Reorganization Plan.

Did you get something in the mail about doing this?

[SallyB]

Originally Posted by MDFlyer

I did not get any notice to vote. What are we voting for or against?

I think I may have read the article wrong. It maybe the bondholders are getting the information on the vote.

[MDFlyer]

Michael L Whitaker and Associates should have gotten my FINRA compliant by now. I filed for arbitration and it was sent out by FINRA early last week. Put action where your mouth is and file your complaint if you have lost money dealing with this company because of bad management, violation of their fiduciary responsibility, or other reasons protected by FINRA.

[Bilyclub]

I get that you're ticked off about your dealings with them and want to keep the two threads alive, but it appears not to be an issue anybody on TOTV cares about.

[MDFlyer]

Originally Posted by Bilyclub

I get that you're ticked off about your dealings with them and want to keep the two threads alive, but it appears not to be an issue anybody on TOTV cares about.

No, I am not in favor of keeping both threads alive, just this one. Yes, I am ticked off or worse about how this company screwed me, and apparently many others, out of a lot of money by putting me in high-risk stocks that I specifically told them not to do. If you are not interested in this thread then don't post to it or read it. I want to keep it alive in the hopes that it may keep some other person from being ripped off by this unethical company.

[MDFlyer]

Got my voter form in the mail today and posted my YES vote on the site specified. I urge everyone with L Bonds from GWG to file online as soon as possible. The deadline for voting is May 26th. In my opinion, not enough time to ensure your vote will be counted.

[MDFlyer]

Originally Posted by Bilyclub

I get that you're ticked off about your dealings with them and want to keep the two threads alive, but it appears not to be an issue anybody on TOTV cares about.

It appears that with over 12 pages of comments you may not care but many people are following this thread. Michael L Whitaker and Associates is not acting as a fiduciary and other forms of senior abuse and this needs to be pointed out.

[Gpsma]

I wonder how many of Whittakers clients here bought these bonds. Is it many or just the few who have posted here.

[MDFlyer]

Originally Posted by Gpsma

I wonder how many of Whittakers clients here bought these bonds. Is it many or just the few who have posted here.

Many, with values in the millions. Michael L Whitaker and Associates pushed them very hard with frequent dinners sponcered by GWG. Granted some may have wanted to be in high-risk positions but many, as we were, told that these were solid and not risky. In more direct words many were lied to and deceived by this company. Of course we have only this thread to pass the word and only a few see it.

[Caymus]

Do you remember the year of purchase and the rate they were supposed to yield?

[retiredguy123]

Originally Posted by Caymus

Do you remember the year of purchase and the rate they were supposed to yield?

The L bonds were initially offered on December 1, 2017. The prospectus clearly stated that the bonds were speculative and subject to a "high degree of risk". Here are the advertised interest rates from the prospectus:

2 years, 5.5 percent
3 years, 6.25 percent
5 years, 7.5 percent
7 years, 8.5 percent

Whenever I invest a large amount of money, I always read the prospectus before investing, and do not rely on verbal statements from a commission based financial advisor.

[Caymus]

Originally Posted by retiredguy123

The L bonds were initially offered on December 1, 2017. The prospectus clearly stated that the bonds were speculative and subject to a "high degree of risk". Here are the advertised interest rates from the prospectus:

2 years, 5.5 percent
3 years, 6.25 percent
5 years, 7.5 percent
7 years, 8.5 percent

Whenever I invest a large amount of money, I always read the prospectus before investing, and do not rely on verbal statements from a commission based financial advisor.

So, he was selling individual junk bonds? He should have at least offered a high yield bond fund as an alternative.

[retiredguy123]

Originally Posted by Caymus

So, he was selling individual junk bonds? He should have at least offered a high yield bond fund as an alternative.

Yes, junk bonds with a high commission to the advisor who sells them. You can invest in the Vanguard High Yield Corporate bond fund with no commission and a low expense ratio of 0.13 percent. The current yield is 6.77 percent, and it is much less risky because the fund owns hundreds of bonds, instead of putting all of your money into one bond. Of course, he could have recommended a fund, but he wanted to get the high commission.

[Gpsma]

I suspect that Whittaker didnt sell as much as the few posters, who ignored their investments, are complaining about it now.

They were taken and now regret they didnt exercise due diligence.

[Toymeister]

Whitaker sold enough of these bonds to get mentioned by name by out of state attorneys taking action against GWG.

What I want to know is how many negative posters here use due diligence throughout their lives. Catching a flight on Southwest and checked the pilot's record? Bought something expensive on Amazon and read every review? Yeah, right.

I'm enjoying the thread and Michael Whitaker's lack of response. It's interesting looking at MDFlyer's Google review of this guy and Whitaker's childlike response to that review.