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/



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Receiver files 4th Schedule of Payments to be Made Pursuant to the 2nd Interim Distribution Plan

On August 10th, 2016, the Receiver filed his 4th Schedule of distribution payments under the 2nd Interim Distribution Plan with the United States District Court for the Northern District of Texas, Dallas Division. The 4th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

To view a copy of the 4th Schedule, please 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/



Receiver files 14th Schedule of Payments to be Made Pursuant to the 1st Interim Distribution Plan

On June 17, 2016, the Receiver filed his 14th Schedule of distribution payments under the 1st Interim Distribution Plan with the United States District Court for the Northern District of Texas, Dallas Division. The 14th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

To view a copy of the 14th Schedule, please 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 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/