EIGHTH REPORT OF THE JOINT LIQUIDATORS OF STANFORD INTERNATIONAL BANK (IN LIQUIDATION)

To view the Eighth Report of the Joint Liquidators of Stanford International Bank (In Liquidation, 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/



Advertisements

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/



‘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/



Multi-billion lawsuit against TD Bank headed to trial

Stanford liquidators seeking damages of US$5.5 billion

The Superior Court of Justice — Ontario has dismissed a motion for summary judgment from Toronto-Dominion Bank, which sought to dismiss a multi-billion dollar claim against the bank by the liquidators of Stanford International Bank Ltd. (SIB).

According to the court’s ruling on the motion, TD was SIB’s main correspondent bank until the Antigua-based bank was exposed as a massive Ponzi scheme in 2009, and collapsed. In 2011, the liquidators commenced an action against TD on behalf of SIB and its customers, seeking damages of US$5.5 billion for alleged negligence and knowing assistance. Those allegations have not been proven.

“Essentially, the claim alleges that as SIB’s correspondent bank from the 1990s to 2009, TD failed to act in accordance with the standard of care applicable to a reasonable banker,” the motion decision says.

“The plaintiffs allege that TD failed to conduct proper due diligence before it started providing banking services to an Antiguan off-shore bank, and compounded its negligence by continuing to provide banking services to SIB for 20 years. They allege that TD ignored public information and red flags that should have led it to terminate SIB’s access to TD’s facilities, report the conduct of Stanford and others to the appropriate authorities, and/or freeze SIB’s accounts,” the decision says.

TD brought a motion seeking a summary judgment to dismiss the claim on the basis that it came after the two-year limitation period had expired. TD argued that the bank’s previous liquidators ought to have known that SIB had a claim against TD before Aug. 22, 2009, based on the widespread publicity surrounding the case, among other things.

However, the court dismissed the motion, ruling that it could not determine, without a trial, when a possible claim against TD could have been discovered.

“The issue of when the former officeholders ought to have known that SIB had a potential claim against TD cannot be fairly adjudicated on this motion and is a genuine issue for trial,” the decision says.

To View 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/



Stanford Financial Group Receivership and SIB Liquidation… Hope, punishment, or fraud?

sfg
Six years and three months have passed since Stanford’s debacle destroyed the lives of 21,739 innocent families around the world when on February 17, 2009, the U.S. Securities and Exchange Commission (“SEC”) abruptly seized Stanford Financial Group in the United States.

The largest group is Latin American families with 15,270 victims representing 70% of the total depositors in the Stanford International Bank, Ltd. (“SIBL”) and more than $4 billion in losses. Depositors from the United States are the second largest group. These families entrusted their savings to a company belonging to an American conglomerate regulated and supervised by the U.S. Government.

The majority of Stanford’s depositors are modest people; many are elderly, ill, close to retirement, or families with special needs children. All are unable to pay for their critical medical treatments and living expenses. A great number continue to die while waiting in vain for even a small portion of their savings to be returned in time for life-saving operations, or treatment of cancer, and other life-threatening diseases.

The reality is that injustice continues for these victims as the U.S. Receiver for the Stanford Financial Group and the Joint Liquidators for SIBL in Antigua insatiably persist in generating fees and expenses for themselves, their attorneys, and other professionals, the sole beneficiaries so far, charging millions of dollars.

The U.S. Receiver, Ralph Janvey has “recovered” approximately $240.9 million as of December 31, 2013, and spent more than $127.5 million in fees and expenses. Mr. Janvey’s accomplishments in the recollection of assets for the depositor’s distribution fund have been lacking. According to Examiner John Little, “The Receiver and his professionals have not identified any significant Stanford assets or accounts that were not identified in the earliest days of the Receivership.” In contrast, Irving Picard, the trustee unwinding Bernard Madoff’s fraud has recovered more than $10.6 billion for victims. That is 60% of the $17 billion in principal lost by thousands of investors in Madoff’s investment advisory business……………………………………….

 

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/