GWG Holdings, Inc. (NASDAQ:GWGH) Q1 2019 Earnings Conference Call - Final Transcript

Aug 13, 2019 • 04:30 pm ET

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GWG Holdings, Inc. (NASDAQ:GWGH) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Dan Callahan

Thank you, and good afternoon, everyone. My name is Dan Callahan. I'm Director of Communication at GWG Holdings. Welcome to our 2018 and First Quarter 2019 Earnings Webcast. On the webcast with me today are Murray Holland, our Chief Executive Officer, Bill Acheson, our Chief Financial Officer; and Brad Heppner, Chairman of the Board and CEO of The Beneficent Company Group LP.

Following our remarks, we will have a Q&A session from among questions we've been asked. You can submit your questions online should webcast dashboard, look for the question text box and type a question in. Some statements made on the webcast today, along with any projected financial results include forward-looking statements that are subject to risks and uncertainties. Any forward-looking statements made on this webcast are based on assumptions as of today, and we undertake no obligation to update these statements as the result of new information or future events. A sample list of factors of risks that could cause actual results to be materially different from forward-looking statements that can be found in our earnings release and in our most recent 10-K and 10-Q reports.

Please note that everyone -- that the participants are in listen-only mode. Again, questions can be submitted through dashboard text box. Today's webcast is being recorded that will be available on our website at gwgh.com through the Investor Relations tab.

With that, I will turn it over Murray Holland, Chief Executive Officer of GWG Holdings. Murray?

Executive
Murray Holland

Thank you, Dan, good afternoon, everyone, and welcome to the special earnings call. It's been a while since we had an earnings call, we are appreciative for your patience during this time period. This is my first earnings call as CEO of GWG. I took over the job a little over three months ago after we completed our strategic transaction with The Beneficient Company Group, L.P.

We are pleased to be back on track and talk to you about our business with all of you. The strategic transaction with BEN is an important milestone. Let me give you just a quick description of the highlights of BEN's transaction impact on GWG. As I said, I took over as CEO, replacing the co-founder of GWG, Jon Sabes, who's moving over to our insurtech subsidiary. Jon and his brother Steve sold their interest in GWG to BEN, and BEN's founder in an exchange for future cash payments and founders shares in BEN.

Brad Heppner, the CEO of BEN, is now Chairman of GWG Holdings. The GWG Board of Directors was replaced by the members of BEN's Board of Directors, plus a special committee. Expanding the total board to 14 members who represent a world class group of advisors. Brad will give you a little bit more color about the board in his remarks.

A little bit about me, after graduating from the University of Virginia Business School, and Washington and Lee University Law School. I began my career in corporate finance as a lawyer with the Dallas space law