COViSAL is formed by families from Latin America, U.S.A., Canada, and other countries who were affected by the collapsed of Stanford Financial Group when it was seized by United States authorities in February of 2009 Our objective is to fight for the recovery of our savings, and demand an immediate restitution from the US Government. Our rights must prevail over judicial manipulations, and good conscience must be the instrument to impart justice and to stop a never-ending fraud.
Stanford U.S. Receiver Has Deal With Antigua Counterpart
Stanford U.S. Receiver Has Deal With Antigua Counterpart
By Laurel Brubaker Calkins - Mar 12, 2013
R. Allen Stanford’s Antiguan- appointed liquidators agreed to stop seeking control of the convicted financier’s assets in a deal that may allow defrauded investors to recover some of the $300 million Stanford stashed in accounts outside the U.S.
Receivers appointed by the U.S. and the Antiguan courts have battled for four years to control assets recovered from Stanford’s financial-services empire. Stanford, 62, was convicted last March of leading a $7 billion investment fraud based on bogus certificates of deposit at his Antigua-based bank. He was sentenced to 110 years in prison.
“The funds that are the subject of this agreement represent the largest available source of investor money that Allen Stanford had not already spent by the time his Ponzi scheme collapsed,” Kevin Sadler, lead attorney for U.S. receiver Ralph Janvey, said in an e-mail today. “In the absence of this agreement, these funds would remain out of reach of the Stanford victims for years to come.”
For dropping their dispute with Janvey and the U.S. Justice Department, the Antiguan liquidators will receive $36 million of Stanford’s frozen funds in the U.K., according to a statement jointly released by both receivers today.
The Antiguan liquidators have already received $20 million from the U.K. accounts, so the additional payment will boost their professional fees to $56 million -- almost as much as Janvey’s receivership team has been paid since U.S. securities regulators seized Stanford’s operations in February 2009.
Janvey’s professionals had been paid $63.3 million in fees and expenses as of Feb. 7, according to his latest status report. That represents about a quarter of the $230.2 million Janvey has recovered for the estate. He has paid out an additional $53.3 million in costs to wind up Stanford’s business interests.
Janvey recently proposed a $50 million interim distribution be paid to investors, pending court approval.
Angie Shaw, a founder of the Stanford Victims Coalition, denounced the agreement as “ransom” that rewards the Antiguan liquidators at the investors’ expense.
“While the agreement does end a four-year international turf war that has cost the victims untold millions of dollars, the only true beneficiary of the agreement is the Antiguan liquidators,” Shaw said in an e-mail today. “The Antiguan liquidators are essentially getting a ransom fee in exchange for dropping their litigation for control over the frozen foreign accounts holding what is left of the victims’ life savings.”
While Janvey was awarded control over all Stanford assets by the Dallas judge in charge of the U.S. Securities and Exchange Commission case against Stanford, courts in the U.K., Switzerland and Canada initially awarded control of about $320 million in foreign accounts to Antiguan court-appointed liquidators Marcus Wide and Hugh Dickson of Grant Thornton.
Elizabeth Ortega, a spokeswoman for Wide and Dickson, didn’t immediately reply to voice or e-mail messages seeking comment on the victims’ group’s reaction to the agreement.
The Justice Department placed an administrative hold on the European funds, and it has been trying to repatriate the money since Stanford and his co-conspirators were convicted last year.
The Antiguan liquidators have fought to retain control and have filed some asset-recovery lawsuits that duplicate actions already initiated by Janvey, according to court filings. Wide and Dickson haven’t publicly stated how much they’ve been able to recover for Stanford’s investors.
Peter Morgenstern, a lawyer who sits on the Official Stanford Investors Committee, said the investors should be allowed to decide whether the Antiguan liquidators receive more fees or whether the U.S. government should continue fighting to recover Stanford’s frozen European funds through international accords designed to recover criminal proceeds.
“The issue is how significant assets recovered by the U.S. government for the benefit of Stanford victims should be spent,” Morgenstern said in an e-mail. Much as creditors have a say in how bankruptcy proceeds are distributed, he said, the defrauded investors should also be consulted before such a large part of the estate is paid in professional fees.
Under terms of the deal announced today, the Antiguan liquidators will distribute the $44 million remaining in the U.K. accounts to investors after the liquidators have received their $36 million in working capital. Wide and Dickson will also distribute about $60.5 million of the funds currently frozen in Switzerland, according to the joint statement.
About $23 million in Canadian funds and $132.5 million in Swiss funds will be transferred to the Justice Department and Janvey for distribution to investors through a system the U.S. receiver is establishing, according to the joint statement.
The agreement “creates a plan for the distribution of almost 90 percent of the frozen assets from the U.K., Canada and Switzerland pursuant to which distributions will be made as soon as the necessary approvals are obtained from the pertinent authorities in those countries,” the Antiguan liquidators said in the joint statement.
Courts in the U.S., Antigua and the U.K. must still sign off on the deal before any funds are transferred, according to the statement.
Sadler, the U.S. receiver’s attorney, said the deal was the result of months of negotiations involving officials in five nations.
“This agreement is one of the most complex undertakings of its kind,” he said in an e-mail. “This was no easy task.”
The criminal case is U.S. v. Stanford, 09-cr-00342, U.S. District Court, Southern District of Texas (Houston). The SEC case is Securities and Exchange Commission v. Stanford International Bank, 09-cv-00298, U.S. District Court, Northern District of Texas (Dallas).
To contact the reporter on the story: Laurel Brubaker Calkins in Houston at email@example.com.
Two Vile Names, One Sweetheart Deal: Goldman Bails Out Maduro May 31, 2017 The Vampire Squid rescues an infamous autocrat
Who says two amoral and corrupt institutions with diametrically opposing ideologies can't collaborate to sink even lower together?
RELATEDMatt Taibbi: The Vampire Squid Occupies Trump's White House
After running against Goldman as a candidate, Donald Trump licks the boots of the world's largest investment bank
Goldman Sachs, infamous investment bank and symbol of international predatory capitalism, has made a devil's bargain with Nicolás Maduro, the infamous left-wing dictator of Venezuela who claims to despise companies just like Goldman. As Forbes writes:
"What happened is that the Venezuelan Treasury owned some bonds issued by PDVSA, the national oil company. They sold those bonds to Goldman Sachs at a serious discount to face value."
Maduro's authoritarian government has been rocked by protests this spring thanks to widespread econom…
Dos Nombres Horribles, Un Negocio Redondo: Goldman Ayuda a Maduro El Calamar Vampiro rescata al infame déspota Goldman Sachs supuestamente compró $2.800 millones de los bonos emitidos por la empresa nacional Petróleos de Venezuela (PDVSA). Richard Drew/AP Por Matt Taibbi (Artículo traducido del inglés al español por COViSAL - covisal.blogspot.com) 31 de mayo, 2017 ¿Quién diría que dos instituciones amorales y corruptas con ideologías diametralmente opuestas, no pueden colaborar para undirse aún más? RELACIONADO Matt Taibbi: El Calamar Vampiro Ocupa La Casa Blanca de Trump Después de contender en contra de Goldman como candidato, Donald Trump le lame las botas al banco de inversión más grande del mundo Goldman Sachs, un infame banco de inversión y símbolo internacional del capitalismo predador ha hecho un trato diabólico con Nicolás Maduro, el infame dictador izquierdista de Venezuela quien proclama despreciar a empresas como Goldman. De acuerdo al escrito de Forbes: “Lo que ocurrió es que la …
COViSAL Por Restitution __________________________________________________ Traducción al español de la versión original en inglés 20 de septiembre, 2017 Secretaría del Tribunal United States District Court Northern District of Texas 1100 Commerce Street Dallas, Texas 75242 ATN: Cámara delHonorable David Godbey SEC Acción Civil: 3:09-CV-0298-N Honorable Juez: Le escribimos para expresar nuestra objeción y protesta sobre los acuerdos del Administrador Judicial, el Comité Oficial de Inversionistas de Stanford y otros, relacionados con el caso Stanford. Estos acuerdos generan millones de dólares en honorarios para los abogados y centavos para las familias afectadas. En esta instancia protestamos enfáticamente el acuerdo propuesto con Hunton y Williams LLP por $34 millones de dólares, de los cuales $8,5 millones son para honorarios de abogados. Durante los últimos 8 años los ahorristas de Stanford han recibido menos del uno por ciento de sus pérdidas de las distribuciones anunciadas y han tenido q…