He also said there was some discussion of skin in the game, and if that was the expectation for the city, he would like council members to know going forward. Emry said in a recent conversation with Heppner the two talked about the citys match then the level of the project, which engineers estimated to be $7 million to $10 million. In an April 7 interview in his office in downtown Hesston, Emry said he has a fairly good pulse on the community fabric, and residents of the town only have good things to say about their native son. When finished, this home will for sure be a reference point for craftsmanship, exuberance, and most of all a high dose of wit.. Theyre taking much more enormous risk in the decisions theyre making, well above and beyond simply reputational risk. GWG Holdings filed for bankruptcy on Wednesday. Follow Kansas Reflector on Facebook and Twitter. ORIGINAL PETITION; Comment: VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, DISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM, NOTICE - HEARING; Comment: NOTICE OF HEARING, ORDER - DISMISSAL FOR WANT OF PROSECUTION, NOTICE OF DISMISSAL FOR WANT OF PROSECUTION, DocketORDER - DISMISSAL FOR WANT OF PROSECUTION, DocketDISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM; Comment: dwop, DocketMOTION - HEARING; Judicial Officer: RENTERIA, JUAN; Hearing Time: 10:30 AM; Comment: RULE 202 PETITION JONATHAN SCOTT (ZOOM)-30 MIN 214-999-2901 06/02/22 SENT ZOOM, DocketNOTICE - HEARING; Comment: NOTICE OF HEARING, FinancialFinancial info for HEPPNER, AURELIA : STATE CREDIT; ; $137.00, FinancialFinancial info for HEPPNER, AURELIA : CREDIT CARD - TEXFILE (CC); Receipt # CV-2022-01644; HEPPNER, AURELIA $213.00, FinancialFinancial info for HEPPNER, AURELIA : Transaction Assessment; ; $350.00, FinancialFinancial: HEPPNER, AURELIA ; Total Financial Assessment $350.00 ; Total Payments and Credits $350.00, DocketORIGINAL PETITION; Comment: VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, Dallas County District Courts | Contract | GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX. He suggested for the city to request $12 million in federal American Rescue Plan Act funds to help fund the new city hall complex. Brad was unfortunately in New York City, but was in attendance virtually as his assistant walked around a laptop where he was Zooming in to greet guests. , He said the complex would include a 12,500-square-foot grocery store and possibly an upscale hotel modeled after the Rapp House. Few in the Kansas Legislature, or even the investment world, understood Heppners business model when lawmakers agreed last year to let him launch the nations first technology-enabled fiduciary financial institution known as a TEFFI which is operated by his Dallas-based company, Beneficient. Drone Boats: Inside the U.S. Navys Latest Unmanned AI Tech, Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars, Climate Activist Greta Thunberg Detained in Germany During Coal Mine Protest, Why the FTC Says Noncompete Clauses Are Hurting the Economy. Guests were a veritable whos who of our local social set. By then, the Kansas Legislature had already passed the TEFFI legislation. Heppner presented himself as a sixth-generation Kansan and joked that he had to leave Hesston to find a wife because everybodys related there. He talked about his mothers struggle to get groceries, calling Hesston a food desert., We think weve thought of everything, Heppner told senators. The TEFFI program was created with minimal brick-and-mortar and employee requirements. Ben's Board of Directors includes industry leaders with direct market experience in the key aspects of Ben's business. This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages. No other entity has expressed interest in operating a TEFFI in Kansas, Herndon said. I get that.. Those would include Mayor David Kauffman, City Administrator Gary Emry, Superintendent Ben Proctor, the president of the Hesston Chamber of Commerce, family members of a business and industry, the president of Bluestem Communities, the president of Hesston College, a member of the Hesston Ministerial Alliance and three members from his company. Heppner presented legislation that would allow him to operate a trust company that only deals within a volatile market providing immediate cash as a loan for high-value assets that arent traded publicly and cant be easily sold. Heppner said it would just take a couple of footnotes to finalize the financial records. Hesston, which has a population of less than 4,000, lost its last grocery store a year ago. M Logitech Co., Ltd. 4 Ben underwrites and presents simplified terms and product documents. The money goes into a tax-deductible charity so the customer receives a federal tax deduction for the amount. Its up to the community to roll up their sleeves and work with our foundation, work with the Beneficent Heartland Foundation, to make it happen, Heppner said in an interview with Kansas Reflector in January. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. requires a TEFFI to have at least three employees and 2,000 square feet of office space in Hesston or any town with fewer than 5,000 people in one of 78 Rural Opportunity Zone counties. Some of those spotted enjoying the whimsical interiors were Christen Wilson, Kelliand Gerald Ford (who live around the corner), April Manson (who made the trip up from her new home in Austin), Brad Kelly, Christie Williams,Rob Dailey, Gonzalo Bueno, and Michael McCray, Brian Bolkes husbandFaisal Halum, and Houstons very own Becca Cason Thrash. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. The contents hereof do not constitute an offer or solicitation to buy or sell any securities, financial instruments, products or services. To us, this approach indicates an experimental concept, which raises concerns for any financial regulator where conservative, prudent measures are generally followed, and it most certainly accents the reputational risk to Kansas, Herndon told senators. That buyer would be GWG Holdings, a Minneapolis-based company that bought life insurance policies from senior citizens. Beneficient announced in January it had facilitated $15 million for rural development in Kansas by setting aside 2.5% of TEFFI transactions, as required by law. This is gifts coming to town because of profits, he said. Important Information About Procedures for Establishing a Relationship with Ben. And well see that benefit float little towns like mine across the state., by Sherman Smith, Kansas Reflector April 24, 2022. Herndon, the Kansas bank commissioner, has sole regulatory authority, which is limited, over the TEFFI. Any offer or sale of securities shall be made solely to accredited investors and solely pursuant to a definitive confidential private placement memorandum and related documents, including definitive subscription materials. Open a newChase Private ClientChecking account and get a $2000 bonus! He said an additional $8 million could be funded through the Beneficent Heartland Foundation with Hesston coming up with the remaining $4 million. , . Kansas officials were thrilled by Heppners proposal to boost rural development by setting aside a slice of the action from wealthy out-of-state investors through a mechanism that posed no financial risk to the state. A three-month Kansas Reflector investigation explored Heppners business and the prospects of rural development through interviews with Beneficient leaders, financial experts, Hesston residents, Texas authorities, attorneys and Kansas officials; a review of legislative hearings and records; financial documents obtained through open records requests and public SEC filings; and documents from lawsuits filed in federal courts and the chancery of Delaware. on Dec. 23, 2021, against GWG Holdings describes a scheme in which the company gambled on when people would die. I am so thrilled to share with the design community a rare opportunity to get a sneak peek of an incredible property in process from one of the worlds most talented design minds, Bolke shared. VERIFIED PETITION REQUESTING DEPOSITION TO INVESTIGATE POTENTIAL CLAIM OR SUIT, Cases involving other matters not classified elsewhere, 890, 1890, 1990, 2890, 2899, 2999, 3375, 3890, 3896, 3899, 3999, 4890, 4896, 4999, EX PARTE vs.AURELIA HEPPNER, BRADLEY K. HEPPNER, THE BRADLEY K. HEPPNER FAMILY TRUST, DISMISSAL HEARING; Judicial Officer: GREENBERG, MARK; Hearing Time: 9:00 AM; Comment: dwop, MOTION - HEARING; Judicial Officer: RENTERIA, JUAN; Hearing Time: 10:30 AM; Comment: RULE 202 PETITION JONATHAN SCOTT (ZOOM)-30 MIN 214-999-2901 06/02/22 SENT ZOOM, Financial info for HEPPNER, AURELIA : STATE CREDIT; ; $137.00, Financial info for HEPPNER, AURELIA : CREDIT CARD - TEXFILE (CC); Receipt # CV-2022-01644; HEPPNER, AURELIA $213.00, Financial info for HEPPNER, AURELIA : Transaction Assessment; ; $350.00, Financial: HEPPNER, AURELIA ; Total Financial Assessment $350.00 ; Total Payments and Credits $350.00. These materials do not constitute an offer to sell or the solicitation of an offer to buy securities. Dallas-based Beneficient going public via SPAC in deal valuing it at $3.5 billion The company works in the fast-growing $12 trillion alternative assets market. We may also ask to see or that you provide us with copies of your drivers license or other identifying documents. It will also help market the program to bring in other banks. So that might be a blind spot for the Legislature and for the governor because they probably historically relied on regulators to oversee the financial institutions, and it doesnt look like thats taking place.. Brad Heppner has built a new company in Dallas on the idea that as the numbers of U.S. millionaires rise, investors will be looking for more than stock, bonds and Dallas entrepreneur Brad Heppner used money from retail investors to help repay debt he incurred to acquire and develop a nearly 1,500-acre Texas ranch, In the final days of the session, the House and Senate gutted an unrelated bill, replaced it with the contents of the TEFFI bill, and forced a vote amid a torrent of other last-minute legislation that was up for consideration. It appears to me the ball remains in the Legislatures court, Herndon said in the email. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Derek Fletcher, president and chief financial officer for Beneficient, said in an email that the company hired an accountant in March and will have the books in order by July. So maybe Beneficient was their shield from litigation.. South Dakota looked like a promising alternative. 4. 2013-12-02. Cindys margaritas were made with Casa Dragones Blanco tequila and served along with Rose Gold Ros in cut crystal glassware. Youre haggling over how much is my asset worth?. Sherman Smith is the 2021 and 2022 Kansas Press Associations journalist of the year. The committee then passed the legislation. Heppner, a native of Hesston, Kan., said he got the idea to divert funds to rural towns from his mother. He agreed to find a buyer who would pay $550 million in cash for PCA assets valued at $500 million. If you do not agree with these terms, then do not use our website and/or services. The most recent stock trade was executed by Bruce William Schnitzer on 18 June 2020, trading 8,169 units of GWGH stock currently worth $23,608. Forbes puts the bankers worth at $2.9 billion, and One-fifth of that figure goes to the Department of Commerce while the rest goes to a charity of the TEFFIs choosing. Mom said, I gotta hang up because I got about an hour or two round-trip drive. Kansas Reflector is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Meanwhile, he noted that they had a deadline since the school district was working on a bond issue and a new school. Lawmakers and Gov. Brad K Heppner Dallas, age 56, male. A small part of each TEFFI transaction is set aside for rural development, and written off as a tax credit. He said he credited a lot of his success to being a graduate of Hesston High. Fulks party was easily a highlight of the week of fabulous soires in conjunction with PaperCitys Texas Design Week and Kips Bay Decorator Show House Dallas. Fulk was throwing the party alongside Brian Bolke and in-demand celebrity and architectural photographerDouglas Friedman. Instead, Mr. Heppner and other business entities he is involved with collected at least $174 million in cash, loan repayments and other benefits as a result of the takeover of GWG that he engineered before the company collapsed in April, leaving thousands of individual investors owed $1.3 billion, a Wall Street Journal review found. THE BRADLEY K. HEPPNER FAMILY TRUST 325 Saint Paul St., Suite 4850 Dallas, TX 75201 Attorney/Law Firm Details Defendant Attorney SCOTT, There is no regulatory authority over it, Heppner said in the interview with Kansas Reflector. At the time of the interview, the Beneficient Heartland Foundation hadnt received any money from the TEFFI. The estimated Net Worth of Brad K Heppner is at least $167 Thousand dollars as of 18 June 2020. A federal lawsuit filed on Dec. 23, 2021, against GWG Holdings describes a scheme in which the company gambled on when people would die. Herndon emphasized in an interview that he raised red flags about Beneficient from the start including the SEC investigation and absence of audited financial records. According to legal documents, Heppner placed PCA holdings in a trust managed by one of his employees. 20 We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. His aspirations now include a hotel, theater, museum, replica flour mill with an observation deck and restaurant, a green space with a chapel, and a new 40,000-square-foot city hall complex. 2018-10-04, Dallas County District Courts | Contract | Heppner won support for the legislation by promising to bring a grocery store back to Hesston, and that was just the beginning of his plans. The state signed a new law this year that allows for the chartering and creation of trust banks known as Technology Enabled Fiduciary Financial Institutions. The idea was to give seniors instant cash and take over their premium payments in exchange for later collecting on the policy. 1. Dallas-based investor and entrepreneur Brad K. Heppner currently serves as founder, chairman, and chief executive officer of Beneficent Trust Company Holdings, a trust partnership, and Private Equity National Indemnity, an insurance underwriting firm. Member FINRA/SIPC. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas, Dallas-based Beneficient teams up with state of Kansas to cater to the business of liquidation, CNBC correspondent Caruso-Cabrera joining board of Dallas financialfirm, Beneficient, Beneficient Group founder and wife donate $11.5 million to build SMU business school commons, What a new Mockingbird Station wine and liquor store says about Texas spirits business, Mark Cubans Cost Plus Drugs could have saved his NBA team almost $150,000 on medications. 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