In 2011, GWG Holdings, Inc., a Minneapolis-based company engaged in the purchase of life settlements, approached Maslon for help in increasing transparency to investors and structuring a public offering to facilitate the growth of GWG’s business and investment portfolio. The Maslon team recommended a unique public offering structure, known as a medium-term note offering (primarily used in secured lending transactions involving specialty finance companies such as auto loan companies), that conformed to the manner in which GWG had traditionally raised money in earlier private offerings and kept overall public offering costs low. A Maslon team including Marty Rosenbaum prepared the registration statement and prospectus, an indenture agreement, and all other documentation involved in the offering.
In connection with the offering, Maslon delivered a sophisticated and reasoned legal opinion on complex securities matters to GWG’s senior lender to ensure GWG’s compliance with applicable banking covenants. After months of working with the U.S. Securities Exchange Commission and many state securities commissions on the novel offering structure, GWG became a public reporting company in January 2012. Through June 30, 2013, GWG had raised over $100 million and had grown its total assets from $129 million at January 1, 2011, to over $230 million at June 30, 2013.
Since the commencement of the public offering, a team of Maslon lawyers, including Marty Rosenbaum, Alan Gilbert, Mark Klos, Leah Fleck, Kathleen Eick, and paralegal Debra Dix, have also assisted GWG in a variety of other legal matters including corporate governance, securities reporting compliance, the amendment and restatement of a $100 million senior credit facility, the private placement of preferred equity, and general corporate and securities advice.