Grant Thornton Update to Creditors June 2016

In an effort to keep you informed, below are some of the actives the Joint Liquidators have been working on since the filing of our last report.

The Creditors Advisory Committee
The CAC has been re-formed and a meeting was held recently to discuss the current status of the liquidation and its future plans. Some of the salient initiatives are listed below.

TD Bank Litigation 
TD has filed its Amended Statement of Defense and the JLs are in the process of preparing and finalizing our Reply. Meanwhile, the estate is pushing for the commencement of production and discovery proceedings. We have also been working closely with US Class Counsel to advance and coordinate the bank claims.

Law Firm Claims 
We are continuing to prosecute the claims against the law firms in Antigua. It is expected that hearings on the jurisdictional issues will be heard towards the end of this year

HSBC Claims 
HSBC agreed to provide disclosure on an agreed list of requests. In our view this issue has not been fully complied with. It has also become clear that we need to examine individuals, a position to which HSBC has yet to agree. Our current tolling agreement extending the time for filing expires on 30 June. Thus, we are of the view that we need to invoke S236 for proper production and examination. We anticipate our request to be contested.

Based on the information we have to date, we suspect that there were deficiencies in procedures by the bank and that certain “red flags” existed. We are working closely with our advisors to develop the case……………………..

To view the full article, click Here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



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‘No monies are available’, liquidator tells former SDC workers

Displaced Stanford employees picketed the offices of Grant Thornton on Thursday, December 11, 2014. (OBSERVER media photo)

Displaced Stanford employees picketed the offices of Grant Thornton on Thursday, December 11, 2014. (OBSERVER media photo)

Joint Liquidator for Stanford Development Company (SDC) Ltd, Marcus Wide has told former workers of the fallen R allen Stanford empire that demonstrations will not change the fact that “no monies are available” to pay outstanding severance.

His response came a day after ex-employees staged yet another protest outside the local Grant Thornton Office on Tuesday.

In an email to OBSERVER media, Wide said there is still no money to pay the employees’ claims.

He said the liquidators have continued talks with prospective buyers for Stanford’s properties with the hope of making a sale; however, those discussions have not borne fruit.

“So far we have not been able to get offers at what we consider to be fair value. We cannot force buyers, with the money to pay, and willing to pay proper prices, to come forward,” Wide wrote.

“We have been overly optimistic with respect to sales prospects in the past and find it difficult to make any predictions on timing,” he added.

Wide also told the former workers that the local Grant Thornton office is not involved with the Joint Liquidation of SDC.

He said the process involved himself and another liquidator, Hordley Forbes.

“The process of winding up Stanford Development Company Ltd is distinct from the process of winding up Stanford International Bank, as the creditors of each and their assets are different and cannot be intermingled,” Wide noted.

The former employees of the disgraced financier have agitated for years for the monies due to them.

Read more here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Court Rules on Net Winners & Preference Creditors

For a copy of the court ruling, click here

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Grant Thornton to Issue Claims Cheques Directly

For future reference all payments will be issued by cheque direct from Grant Thornton and sent to the registered address of the claim victim.

Marcus has been made aware of all the problems that victims have had in receiving payments from ItalBank and in light of all the complaints has decided to sever Grant Thornton’s original arrangement to have payments sent through ItalBank.

The initial concept was because of the problems experienced mainly by the Latin American victims who were not receiving payments coming from Gilardi on behalf of the payment schedules from Ralf Janvey.

It was thought that working with ItalBank (a Latin American Based Bank) and allowing the Latin American victims to be able to open accounts for their payments would help address and solve the problem. Unfortunately this was not the case and ItalBank seemed to have created more problems than they solved.

Marcus Wide has asked that any victim that has experienced difficulty in receiving their payments should make Grant Thorton aware of their problems and Grant Thornton will check the claims and where payment has not been received, they will remedy this oversight.

Please do not waste time and money by making spurious claims that have already been paid, but genuine oversights by ItalBank will be addressed and oversights rectified.

Marcus Wide has made his personal email address available so that he can monitor and have knowledge of the problems.

All outstanding – unpaid – claims should be sent to either

marcus.wide@uk.gt.com or Stanford.enquiries@uk.gt.com

 

Read Read more Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/


Government Eyes Stanford Lands

The Antigua and Barbuda Government plans to make an offer to the Joint Liquidators of the Stanford Development Company (SDC) for the purchase of the Pavilion Restaurant and seven acres of adjacent land.

This comes out of a meeting of the Cabinet on Wednesday. Reliable sources say the decision to procure the property which sits within the precincts of the V.C. Bird International Airport is influenced by a number of factors……..

Read The Full Article Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/