Antigua St. John’s – Stanford liquidators have issued a statement following a recently court judgement that found, among other things, that Barbara Streete is not a valid director of the Stanford Development Company (SDC).
A statement issued to Caribarena on Tuesday is reprinted in full below, followed by feedback from SDC attorney Hugh Marshall.
“At first pass it seems that the Court found that the Sun building was leased under market. However, when the judgment is read more closely the Court stops short of finding the lease of the Sun was under market.
The Court also found that SDC had and has no properly appointed Board of Directors. The Court also commented that Ms. Stoelker had no authority to act on behalf of SDC.
The Court went on to specifically find that Barbara Street is not a Director of SDC and directed that she cease and desist from holding herself out as one.
The consequence of this ruling, as noted by the Court, is that no one had the authority to enter into the various sales and leases proposed by SDC.
We also note that while the Court refers to SIB’s claim of $5.6million, the Court did note that SIB had additional claims.
SIB asserted that in fact SDC benefitted from SIB in an amount in excess of $269 million at the expense of the creditors of SIB which is well in excess of the value of the assets of SDC today.
While the Court suggests that SIB has not progressed its claims against SDC, this is attributable to the fact that the Joint Liquidators have not yet been able to obtain a hearing on the substantial issues of our claim.
In the meantime as the Joint Liquidators of SIB we remain frustrated as we watch the attempts to deal with the assets of SDC at undervalue and while having to deal with maneuvers to prevent us from taking those assets into possession to be dealt with properly for the benefit of the creditors of SIB who paid for them.”
SDC attorney Hugh Marshall Jr, who is currently out of state, said he was unaware of a court ruling concerning the former Antigua Sun building, but was aware of a judgment that regarding Streete.
Marshall said reactive legal steps have since been taken to fix the problem. He declined to comment on the Sun building.
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