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/



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/




Court Hearing on Preference Payments Next Week

Next week there will be a court hearing at which time the Court will be challenging Grant Thornton’s view on preferred payments. So that the issue is properly put to the Court it is important that anyone who wants to make a specific objection does so in the manner set out in the preference letter as these will all be presented to the court by opposing counsel on your behalf. Once Grant Thornton have clear instructions from the Court they will post it on their website.

It is imperative that we get as many objections as possible before the courts and make our voices heard. Anyone who has received a preference letter from Grant Thornton needs to send an email to make sure we have as many objections before the courts as possible. Please get writing.

To join the debate 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 File U.S. $ 5.5 Billion Lawsuit against Toronto Dominion Bank

Last week Grant Thornton filed a US $5.5 Billion claim against Toronto Dominion Bank.

We will post the filing as soon as we obtain a copy.

 

To join the debate 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 Notice to Creditors

NOTICE TO CREDITORS 

 

25 February 2014

 

Dear Creditor:

 

Stanford International Bank Limited – in Liquidation (“the Company”) 

Re: Notice of Declaration 

 

The Joint Liquidators are now in a position to make a first interim distribution in the amount of $0.01 on the dollar. CD holders with claims allowed below EC$20,000 (US$7,407.40) will be paid out in full in accordance with section 289 of the International Business Corporations Act.

 

If you received a preference payment, for which you will have been notified separately, your distribution will be held back until the Court makes a final determination.

 

Please see the below summary of the receipts and payments covering the period of the liquidation to 31 December 2013 from which you will see that the total amount to be immediately distributed is US$33,262,396 with a further US$16,989,510 being held back pending resolution by the Court of the preference issue.

 

The balance in hand of US$15,344,780 is retained for future costs, fees and expenses of the liquidation, including employee and vendor claims. We expect to pay a further dividend in the future. However, the quantum and timing at this stage is unknown due to the uncertainty of future realisations.

 

Yours sincerely

For and on behalf of Stanford International Bank Limited

 

Marcus Wide and Hugh Dickson

Joint Liquidators

 

 

 

STANFORD INTERNATIONAL BANK LIMITED (IN LIQUIDATION)

Receipts and payments statement account As of 31 Dec 2013

 

Receipts (USD) 

 

  Balance received from former Liquidators                                                       NIL

  UK recoveries                                                                                              95,111,096

  3rd Party Funding (Hamilton)                                                                        5,001,000

  ECAB building sale process                                                                           4,537,037

  HSBC , Panama                                                                                              3,275,228

  Rental receipt (ECAB building)                                                                        255,556

  Settled legal claims                                                                                            249,930

  Settlement on pricing error                                                                                230,710

  Other receipts                                                                                                    167,225

                                                                                                                      —————-

                                                                                                                      108,827,782

 

Less: Cost Awarded for removal of former liquidators                                 (3,185,338)

                                                                                                                      —————

 

Total Receipts                                                                                            105,642,444

 

Payments

  Liquidators fees & expenses                                                                        7,446,658

  Co-lead legal advisors fees and expenses                                                  10,745,246

  Other legal advisors fees and expenses                                                      12,687,197

  Other advisors fees                                                                                       1,722,896

  Other operational expenses                                                                          7,443,761

                                                                                                                     —————-

Total Payments                                                                                           40,045,758

                                                                                                                     —————-

                                                                                                                     —————-

 Balance on Hand                                                                                       65,596,686 

                                                                                                                      ==========


Represented by:

  Preference Payment holdback                                                                    16,989,510

  1st Distribution to Investors                                                                         33,262,396

  Balance carried forward                                                                              15,344,780

                                                                                                                       —————-

                                                                                                                        65,596,686

                                                                                                                      =========


To join the debate 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/