Mar. 13 at 4:56 AM
$BENF Protecting the "Super-Senior" Trap:
The real reason Mack is in the boardroom is buried deeper in the capital stack. According to today's 8-K filing, HH-BDH holds a
$15.2 million capital balance in Preferred Series A Subclass 0 Unit Accounts (NPC-A0).
If you recall the GWG lawsuit, the NPC-A0 is the "super-senior" equity class that Heppner and Tom Hicks invented during the November 2021 "Decoupling" specifically to subordinate GWG's massive
$200 million investment. Mack is on the board to fiercely defend this position. If Beneficient is liquidated, or if James Silk manages to sell off any of the alternative assets held under the Kansas TEFFI charter, Mack is there to ensure the Hicks family's NPC-A0 units feed first.
