Advertisement of intended dividend
Stanford International Bank Limited – in Liquidation
Notice is hereby given that the Joint Liquidators intend to declare a first dividend to unsecured creditors within a period of 4 months from the last date of proving. Creditors who have not proved their debts must do so by 31 October 2013 otherwise they will be excluded from the dividend. The required proof of debt form, which must be lodged at the address below, is available online at www.sibliquidation.com/claims-administration.
Stanford International Bank Ltd – in Liquidation
No 11 Pavillion Drive
PO Box 3300
St John’s
Antigua
West Indies
stanford.claims@uk.gt.com
T +1 268 480 3700
F +1 268 480 3725
Dated this 4th day of October 2013.
Joint Liquidators Finalizing Claims Process to Make Distribution to Creditor-Victims
Distribution in the 1% range to be completed before year-end
Antigua, September 3, 2013 – Joint Liquidators Marcus Wide and Hugh Dickson of Grant Thornton have funds to distribute and plan to do so by year’s end. The Liquidators are processing the large number of U.S. claims submitted to the claims process as a result of the Joint Settlement Agreement and Cross-Border Protocol for Stanford International Bank. Once the process is completed, the distribution process will begin and is expected to last a couple of months. The goal is to have the funds distributed by the end of the year.
“This has been a long and arduous process and we are pleased to fulfill our objective to bring some resolution by distributing funds to the Creditor-Victims,” said Wide.
Further information on the status of the Joint Liquidators’ efforts and process will be posted on the Joint Liquidators’ official website at www.sibliquidation.com.
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Provisional Liquidators to Stanford Development Company (“SDC”) Explain Provisional Liquidation Process
Antigua, May 15, 2013 –
Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) were appointed as Provisional Liquidators of SDC. Within that role, they have taken over the company and are duty-bound to preserve its assets. Further, until further notice, SDC’s former directors’ powers are withdrawn and there is a stay of proceedings in place as to any actions that may be commenced against SDC without a court order.
The next step is likely the resolution of an application to wind up SDC. Though the result is not known, in most instances, the company will transition from provisional liquidation to liquidation at which point a liquidator(s) will be appointed. The role of the liquidators will be to wind up the company and settle all debts.
In the interim, the Provisional Liquidators continue to confer with creditors, the Antiguan government and other interested parties to bring a speedy resolution to SDC’s provisional liquidation by, among other things, paying creditors and getting SDC’s books and records in order. Notably, since a provisional liquidation does not involve a claims process, there is no need to submit a claim at this time.
For further information related to SDC, please see the SDC tab at www.sibliquidation.com for information posted by the Provisional Liquidators.
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Provisional Liquidators Vow to Make Immediate Payment of Past Due Wages to Stanford Development Company (“SDC”) Employees
Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) began to gain control of the assets of SDC on April 17, 2013. Today they have been able to access the payroll records so they can arrange payments for arrears of wages to employees. Also they have been able to present the Provisional Liquidation Order to SDC’s bank, and on getting access to the account found there were insufficient funds to make the Court mandated protective payments, including wage arrears. As a result of a loan advance from the Liquidators of Stanford International Bank this deficiency is being covered and they expect employees will be paid this afternoon.
While industrial action has been continued by some employees after being assured by the Joint Provisional Liquidators that wage arrears would be paid as soon as funding had been completed and access to the payroll records had enabled them to verify the amount owing, it is hoped this action will now end.
The Joint Provisional Liquidators have been working closely with government including Attorney General Justin Simon, who has been a strong advocate of the Provisional Liquidation process as the only viable means of getting employees paid and Minister Maginley.
SDC is in Provisional Liquidation pending the hearing of the petition to wind up the company to pay its creditors. The date for this hearing is not yet set.
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Provisional Liquidators Vow to Make Immediate Payment of Past Due Wages to Stanford Development Company (“SDC”) Employees
Antigua, April 19, 2013 – Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) began to gain control of the assets of SDC on April 17, 2013. Today they have been able to access the payroll records so they can arrange payments for arrears of wages to employees. Also they have been able to present the Provisional Liquidation Order to SDC’s bank, and on getting access to the account found there were insufficient funds to make the Court mandated protective payments, including wage arrears. As a result of a loan advance from the Liquidators of Stanford International Bank this deficiency is being covered and they expect employees will be paid this afternoon.
While industrial action has been continued by some employees after being assured by the Joint Provisional Liquidators that wage arrears would be paid as soon as funding had been completed and access to the payroll records had enabled them to verify the amount owing, it is hoped this action will now end.
The Joint Provisional Liquidators have been working closely with government including Attorney General Justin Simon, who has been a strong advocate of the Provisional Liquidation process as the only viable means of getting employees paid and Minister Maginley.
SDC is in Provisional Liquidation pending the hearing of the petition to wind up the company to pay its creditors. The date for this hearing is not yet set.
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New Provisional Liquidators Appointed to Stanford Development Company (“SDC”)
Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) were appointed as the new Joint Provisional Liquidators of SDC by The Eastern Caribbean Supreme Court, High Court of Justice, Antigua and Barbuda as of April 17, 2013.
With extensive years of combined experience, Wide and Forbes provisional joint appointment represents an important step in the management of SDC in and efficient and effective manner and in the recovery of money for the creditor-victims and the employees and other stakeholders. An urgent component of this liquidation are the past due wages that may be due and ordering the books. Accordingly, the newly appointed Joint Provisional Liquidators’ first call to action is to organize and clarify the past due wages and arrange for prompt payment. We ask the SDC employees and the creditor-victims for patience through the transition as the proper amounts owed are determined and the terms of the appointment order is implemented. The Joint Provisional Liquidators are committed to bringing a prompt resolution to this matter in the most efficient and beneficial manner for the interests of the pertinent stakeholders, including the SDC employees.
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Antiguan Court Hearing Scheduled for April 8th on the Approval of the Joint Settlement Agreement and Cross-Border Protocol for Stanford International Bank
A Potential Distribution of Assets in Close Proximity
Antigua, March 22, 2013 – Earlier this week, the Antiguan Court scheduled the hearing of an Application of the Joint Liquidators to Approve the Settlement Agreement with the Receiver, the US Department of Justice, and others. The hearing will be held before Madam Justice Henry of the Antiguan Court at 11:30am, local time on April 8, 2013. Creditor-victims may file responses to the application with the Antiguan court and may attend the hearing to voice their opinions on the Agreement. The Joint Liquidators advise creditor-victims to file their responses by 4:00 p.m., Wednesday April 3, 2013 Eastern Standard Time to ensure that their opinions are considered, effectively, and to also e-mail their response to stanford.claims@uk.gt.com.
The appropriate method to lodge responses with the Court is by filing an affidavit setting out the issues which form the basis of the relevant response.
This hearing, along with that scheduled by the United States District Court for the Northern District of Texas for April 11, 2013, on the same matter, brings creditor-victims of the Stanford fraud closer to an expeditious distribution of assets as a result of the unified plan among the Joint Liquidators, the Receiver, and the DOJ. Among the benefits, the Settlement Agreement, which will only become effective after it has been approved by courts in the US, Antigua and the United Kingdom, resolves litigation over approximately $300 million in assets frozen in Canada, Switzerland and the United Kingdom, provides for coordinated claims processes, and cooperation and an exchange of information with respect to litigation recoveries.
Further information on the procedure for filing responses, and a copy of the Agreement, are posted on the Joint Liquidators’ official website at www.sibliquidation.com. Persons who believe they were victims of this fraud scheme should visit this sites for additional information.
SIB Liquidators, U.S. Stanford Receiver, Examiner, Official Stanford Investors Committee, DOJ, and SEC Sign Settlement Agreement and Cross-Border Protocol
DALLAS, TX, March 12, 2013
The Joint Liquidators (JLs) Marcus Wide and Hugh Dickson of the Stanford International Bank, Ltd. (SIB) and the U.S. Receiver for Stanford Financial Group and all related entities (Receiver), announced today that they have entered into a Settlement Agreement and Cross-Border Protocol (Settlement Agreement) with one another, the U.S. Examiner, John Little, the Official Stanford Investors Committee (OSIC), the U.S. Department of Justice (DOJ), and the Securities and Exchange Commission (SEC). The Advisory Creditors Committee of the Liquidation of SIB has also voted to give its approval to the Settlement Agreement.
Among many other benefits, the Settlement Agreement resolves litigation over approximately $300 million in assets frozen in Canada, Switzerland and the United Kingdom, and creates a unified plan among the JLs, the Receiver, and the DOJ to expedite the handling and distribution of those assets to creditor-victims.
Joint Settlement Statement – 12/05/2012
Joint Statement of the U.S. Receiver (Ralph Janvey), the Joint Liquidators
(Marcus Wide and Hugh Dickson), and the U.S. Examiner (John Little)
Agreement reached in principle
After extensive negotiations, and with the input of United States DOJ and SEC representatives, the U.S. Receiver (Ralph Janvey), the Joint Liquidators (Marcus Wide and Hugh Dickson), and the U.S. Examiner (John Little) have reached an agreement, in principle, that, if finalized and approved by the relevant authorities, would result in (a) coordination between the U.S. Receiver and the Joint Liquidators concerning their respective claim processes, (b) increased sharing of information, (c) cooperation with respect to the asset recovery and some of the other litigation efforts, (d) a resolution of pending disputes concerning funds now frozen in the United Kingdom, Canada and Switzerland, and (e) a release of funds for distribution to Stanford’s investor-victims.
We are working on finalizing a definitive settlement agreement, which we hope to be able to present in the near future for public comment and court approval. To facilitate their discussions, all of the participants have agreed to keep these negotiations confidential until definitive agreement is reached or the parties conclude that no agreement will be possible. The U.S. Receiver, the Joint Liquidators and the U.S. Examiner have agreed to release this statement so that Stanford victims know that the various participants are continuing to work to reach an agreement that will achieve the goals set forth above. We continue to have your interests at the forefront and we understand the very difficult circumstances you face as victims.
Joint Liquidators proposal to the US Department of Justice – May 4, 2012
On Friday, May 4, 2012, the Joint Liquidators (“JLs”) of Stanford International Bank Limited (SIB) made a serious proposal to the US Department of Justice (“DOJ”) to resolve the ongoing argument over priority, in the interest of saving costs and to accelerate an orderly distribution of frozen assets to the victim creditors of SIB. The JLs seek to recover the overseas frozen funds of SIB that are in its bank accounts overseas or which were stolen from SIB and placed in other’s accounts overseas so that they can be promptly distributed by the JLs to the creditors of SIB – of which 99.916% are victims of the Stanford fraud. The JLs are acting under the auspices of their accounting firm Grant Thornton, the 5th largest accounting firm in the world. The JLs’ proposal to the DOJ – which is now posted on the SIBLiquidation.com website – calls for an interim distribution no later than September 30, 2012 by the JLs to the victim depositors of no less than 80% of the frozen liquid funds.
Accordingly, we urge all depositors of SIB to file their claims with the JLs – as set forth in the above referenced website – as quickly as possible so that they will be in a position to make a distribution to you as of September 30, 2012 if the proposed compromise with the DOJ comes to fruition.
Marcus Wide and Hugh Dickson, Joint Liquidators of SIB
April 4, 2012 Webinar Invite
Stanford International Bank, Ltd. (In Liquidation) – Invitation to Online Presentation for the creditors/victims on April 4 at 11:00 a.m. EDT
Dear Creditors/Victims –
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend their 3rd online presentation:
– LIVE Webinar featuring joint liquidators Marcus Wide & Hugh Dickson – The Joint Liquidators will be updating creditors/victims about the current status of the liquidation, reviewing the proof of debt claims process and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
– Wednesday, April 4 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
– Register today – limited spaces available – Please visit http://event.onlineseminarsolutions.com/r.htm?e=443905&s=1&k=8DBE903311CBF5B127C3F91B96064080 to complete registration. There is no cost for you to attend this presentation.
– Please log-in to Webinar 10 minutes prior to start time.
– You will also have the option of listening to the presentation in Spanish.
If you are unable to listen to the presentation on Wednesday, April 4 please note that the presentation will also be posted to the liquidation website (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
Justice Watch: Department of Justice fights for $330 million in foreign Stanford proceeds
When it comes to laying claim to the lucrative remains of fallen fraud empires, the DOJ is certain it can serve victims better than expensive court-appointed receivers, trustees or liquidators.
John Pacenti
When it comes to laying claim to the lucrative remains of fallen fraud empires, the Justice Department is certain it can serve victims better than expensive court-appointed receivers, trustees or liquidators.
Even before R. Allen Stanford’s fraud conviction last week, the Justice Department was fighting the joint liquidators for his defunct financial empire for $330 million in three countries: Canada, Switzerland and the United Kingdom.
STANFORD INTERNATIONAL BANK JOINT LIQUIDATORS INTRODUCE NEW ON LINE CLAIMS FORM
Based on creditors/victims feedback, the Joint Liquidators of Stanford International Bank released a new interactive claims form today in efforts to make the process for filing a claim more user friendly and efficient. While this form does not change the information that is required to complete the proof of debt form, it does allow for the information to be entered in a more logical manner with the ability to add multiple accounts within the form. Upon entering the data a pdf version of the form is created that must then be printed and signed by all account holders before submitting. To access the forms, please go to: https://www.sibliquidation.com/claims-administration/.
ANTIGUAN JOINT LIQUIDATORS OFFICIAL STATEMENT REGARDING ALLEN STANFORD’S CONVICTION
The Joint Liquidators of Stanford International Bank, Marcus Wide and Hugh Dickson, today welcomed the guilty verdict in the trial of Allen Stanford. “Allen Stanford’s actions have hurt thousands of innocent people, some of whom lost their life savings. While a guilty verdict cannot reimburse depositors for the money they lost, they can hopefully gain some comfort from the fact that justice has caught up with the man,” said Mr. Dickson.
Stanford Investors Endure ‘Living Hell’ on Eve of Trial
By Andrew Harris and Laurel Brubaker Calkins
(Updates with fee summary in sixth, seventh paragraphs.)
Jan. 20 (Bloomberg) — R. Allen Stanford’s investors, after waiting three years to see the Texas financier go to trial on charges of leading a $7 billion fraud, must hold on even longer before learning when they will get some of their money back.
Stanford’s customers have received nothing since the U.S. Securities and Exchange Commission closed his businesses in February 2009.
New claims process slated for Stanford bank victims
by Patsy R. Brumfield/NEMS Daily Journal
01.18.12 – 04:39 pm
Investors who lost money in the failure of Antigua-based Stanford International Bank Ltd. should submit formal claims, its liquidator said Wednesday.
More than 30,000 investors worldwide lost more than $7.2 billion when the bank and the Stanford Financial Group empire collapsed in 2009 under a fraud investigation by the U.S. Securities and Exchange Commission.
Stanford Liquidators Ask Fraud Victims to File Claims for Money
By Kit Chellel – Jan 18, 2012
Liquidators of R. Allen Stanford’s Antigua-based bank said investors who lost money in the alleged $7 billion fraud should submit formal claims to creditors.
Grant Thornton LLP, appointed by an Antiguan court to wind up Stanford International Bank, said creditors and victims needed to complete and submit a claim form if they wanted to receive distributions from the liquidators.
STANFORD INTERNATIONAL BANK JOINT LIQUIDATORS ANNOUNCE CLAIMS PROCESS
FOR IMMEDIATE RELEASE
Claims Process in Place for Fraud Victims
ANTIGUA-January 18, 2012– The Joint Liquidators of Stanford International Bank released details of their initiation of the formal claims process to set the amount of claims of all creditors of the Bank. The formal claims process is essential to facilitate distribution to the creditors of which over 99.9% are depositor victims. All creditors of Stanford International Bank, Limited (“SIB”) must complete and submit a claim form if they wish to receive any distributions that may be made in the future. This includes those creditors that may have previously registered their claims with the former Joint Liquidators. All details, including copies of the claims form and other relevant information, can be found at www.sibliquidation.com/claims-administration in both English and Spanish. Read more →
Stanford Development Company’s sale of land could benefit creditors of Allen Stanford’s alleged Ponzi scheme
FOR IMMEDIATE RELEASE
SALE OF LAND PARCELS COULD BE WIN-WIN SITUATION FOR GOVERNMENT AND STANFORD CREDITORS
ANTIGUA-January, 2012– The Government of Antigua would like to acquire two parcels of land which adjoin the airport as part of its redevelopment program. These parcels are part of the property of Stanford Development Company (SDC). Currently, the Joint Liquidators of Stanford International Bank (SIB) placed a freeze over all SDC lands.
Prior to the Stanford International Bank and its creditors benefitting from the value of the frozen assets, the Joint Liquidators recognize that legitimate creditors of SDC will have to be paid. Read more →
Letter from Marcus Wide to Senators Vitter, Shelby, Cochran and Wicker
Click the link below for a copy of a letter sent yesterday evening by Marcus Wide to Senators Vitter, Shelby, Cochran and Wicker explaining SR346 may be based on misunderstanding of facts.
Battle Heats Up Between Stanford Receiver and Antiguan Liquidators
By Julie Triedman
December 09, 2011
Ralph Janvey, the court-appointed receiver leading U.S. efforts to recover worldwide assets of alleged Ponzi schemer R. Allen Stanford’s empire, is suddenly facing a new challenge: a revived Stanford bank liquidation proceeding in Antigua.
On Dec. 5 the joint liquidators for Stanford International Bank, the Stanford-owned bank in Antigua that issued bogus CDs to investors, filed a renewed motion for the Antiguan proceedings to be recognized as the authoritative Stanford insolvency. Dallas federal district court judge David Godbey, who is overseeing the U.S. receivership, will hear arguments on Dec. 21.
Read more →
Stanford International Bank, Ltd. (In Liquidation) – Invitation to Online Presentation for the creditors/victims on December 7 at 11:00 a.m. EST
Dear Creditors/Victims –
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend their 2nd online presentation:
– LIVE Webinar featuring joint liquidators Marcus Wide & Hugh Dickson – The Joint Liquidators will be updating creditors/victims about the current status of the liquidation and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
– Wednesday, December 7 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
– Register today – limited spaces available – Please visit https://event.onlineseminarsolutions.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=381101&sessionid=1&key=2A3109A3D79DDD2
25E9351E56676104E&sourcepage=register to complete registration. There is no cost for you to attend this presentation.
– Please log-in to Webinar 10 minutes prior to start time.
– You will also have the option of listening to the presentation in Spanish.
If you are unable to listen to the presentation on Wednesday, December 7 please note that the presentation will also be posted to the liquidation website (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
Stanford Judge Says Receiver May Need to Wind Down Search
By Laurel Brubaker Calkins and Andrew Harris – Oct 13, 2011 7:35 PM ET·
R. Allen Stanford’s court-appointed receiver may need to stop searching for a secret “pot of gold” and pay defrauded investors from the assets he has recovered so far, the judge overseeing the case said.
“I’m concerned the receiver is expending resources that could otherwise be distributed to investors trying to track down missing resources,” U.S. District Judge David Godbey said during a hearing today in Dallas for dozens of Stanford-related civil cases.
Stanford, 61, was sued by the U.S. Securities and Exchange Commission in February 2009 on claims he swindled investors of more than $7 billion through allegedly bogus certificates of deposit at his Antigua-based Stanford International Bank. Read more →
INTERVIEW-Stanford bank liquidators seek assets recovery deal
INTERVIEW-Stanford bank liquidators seek assets recovery deal
* Say in talks with U.S. receiver on common claims process
* Victims face delays, disputes over getting money back
* Liquidators asking U.S. DOJ to end Swiss accounts freeze
By Pascal Fletcher
MIAMI, Oct 13 (Reuters) – The liquidators of accused Ponzi schemer Allen Stanford’s bank in Antigua are seeking to cut a deal with a U.S. receiver to recover assets for thousands of fraud victims and end a legal turf war entangling the process.
More than 12,000 claimants say they were bilked by the $7 billion scam U.S. prosecutors allege was masterminded by the flamboyant Texas one-time billionaire and sports entrepreneur, whose business empire stretched to the Caribbean and Europe. Arrested in 2009, he denies wrongdoing and is awaiting trial.
Many of his victims have complained that wrangling over jurisdiction between the liquidators appointed by an Antiguan court and the U.S. receiver has hindered the already complex and difficult task of recovering assets from the web of Stanford’s businesses and bank accounts across the world. Read more →
Stanford Bank Liquidators Dispute Predecessor’s $18 Million Fee
Oct. 12 (Bloomberg) — The firm originally appointed to wind up R. Allen Stanford’s bank charged $18 million in fees while recovering around $300,000 for victims of the fraud, according Grant Thornton LLP, the bank’s new liquidator which is seeking to have the bill reduced.
Online Creditors Meeting from October 11, 2011
Please use the link provided to listen to the Online Creditors Meeting that was given by the Stanford International Bank Joint Liquidators on October 11, 2011.
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend an online presentation
Dear Creditors/Victims –
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend an online presentation:
– LIVE Webinar featuring joint liquidators Marcus Wide & Hugh Dickson
– The Joint Liquidators will be informing creditors/victims about the current status of the liquidation and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
– Tuesday, October 11 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
– Register today – limited spaces available – Please visit
https://event.onlineseminarsolutions.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=365630&sessionid=1&key=7B9889A4B001041
3216182FC970B085C&sourcepage=register
to complete registration. There is no cost for you to attend this presentation.
– Please log-in to Webinar 10 minutes prior to start time.
– You will also have the option of listening to the presentation in Spanish.
If you are unable to listen to the presentation on Tuesday October 11 please note that the presentation will also be posted to the liquidation website (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
Letter to the Editor, Caribbean360
Dear Sir or madam,
A story published in the August 18, 2011, edition of Caribbean360, “Investors question Antigua Stanford liquidators” makes several erroneous and unfortunate statements that only mislead and confuse victims of SIB’s failure.
I am a creditor of the Stanford International Bank (SIB), being a holder of Certificates of Deposit (CDs). As such I have one focus – what is the best way to maximize the estate of SIB and what is the best way to maximize the distribution of funds to the creditors. To this end, I have become a member of the Antiguan Liquidators’ Creditors Committee, and I can assure you it is our mission to assist the Joint Liquidators in expeditiously recovering victims’ assets in a process that is equitable and transparent.
Unfortunately, the article published on August 18 appears bent on upsetting and confusing victims. So please let me begin by setting some of the record straight.
Investors question Antigua Stanford liquidators
TEXAS, United States, Thursday August 18, 2011 – Following a recent decision by a London court authorizing the Antiguan liquidators of Stanford International Bank (SIB) to spend up to US$20 million of funds frozen in the U.K, a US court-appointed investors committee has asked the Antiguan liquidators to account for all recoveries and expenses since the liquidation was initiated in February 2009.
The Stanford Investors Committee asked Marcus Wide and Hugh Dickson of accounting firm Grant Thornton to provide a full accounting of all recoveries and expenses, both paid and unpaid; a comprehensive list of remaining assets in the SIB estate and the estimated value; and the action plan cited in their request to the U.K. court to obtain access to the frozen funds.
Stanford International Bank Creditors’ Committee Urges U.S. and U.K. Authorities to Unfreeze Millions Immediately
Newly formed creditors’ committee is working closely with liquidators, but fears recovery efforts could stall if money isn’t released soon
ANTIGUA-July 13, 2011– Liquidators of Stanford International Bank announced today that its newly formed Advisory Creditors’ Committee is backing a proposal to urge the U.S. Department of Justice and the United Kingdom’s Serious Fraud Office to unfreeze critical funding to the estate immediately.
The Creditors’ Committee, which is currently made up of victims from six countries, says recovery efforts for over 21,000 creditors with $7.2 billion in claims will stall to the detriment of the estate unless money is released from the bank’s own accounts that have been frozen at the instigation of the DoJ for more than two years. Read more →
Stanford International Bank Creditors’ Committee formed to provide assistance to the Liquidators
ANTIGUA-July 1, 2011– Liquidators of Stanford International Bank announced today that its newly formed Advisory Creditors’ Committee has had its first meeting in keeping with the Joint Liquidators commitment to creditor involvement with the liquidation process.
“It was a very productive meeting” said Marcus Wide one of the Joint Liquidators, “we covered a lot of ground in trying to bring the Committee up to date with the issues that face the estate, many of them urgent.”
The Joint Liquidators of Stanford International Bank announce plans to harmonise recovery efforts for the victims of the Stanford fraud
June 29, 2011 Today the Joint Liquidators of Stanford International Bank in Antigua, announced that they were making progress in their efforts to ensure that the efforts of the various stakeholders were focused on maximizing the total recovery for victims.
“We have resolved not to have litigation between the various interests if it can possibly be avoided ” says Hugh Dickson, of Grant Thornton Cayman one of the Joint Liquidators, “instead we want to work co-operatively with those actively involved in asset recovery to ensure that the person best suited to take on any individual asset recovery action is the person who takes that action. Also we are trying to avoid a duplication of distribution processes as multiple proceedings will not be cost effective. This means trying to respect the laws and processes of the various jurisdictions. For example, in Antigua there is a statutory obligation and a format to be followed for a claims and distribution process that we can’t avoid, so the issue is can we run this co-operatively with the US proceeding in an way that is acceptable to both countries.”
NEW STANFORD INTERNATIONAL BANK LIQUIDATORS AIM TO CONVINCE OFFICIALS TO UNFREEZE HUNDREDS OF MILLIONS
Liquidators weigh selling real estate assets to generate funds, but worry that lack of liquidity could dampen creditors’ prospects for a strong recovery
ANTIGUA-June 15, 2011— The newly appointed liquidators of Stanford International Bank announced today that they hope to reach a compromise with various governments, including the US Department of Justice to unfreeze hundreds of millions of dollars in assets in an effort to recover the billions lost by the more than 27,000 creditors of SIB.
Marcus Wide and Hugh Dickson, liquidators appointed last month by an Antiguan court to oversee the liquidation of Stanford International Bank, said the estate has virtually no funds, but is saddled with obligations that exceed money on hand. Convincing government officials around the world to unfreeze the funds is a top priority, they said.
Press Release in respect of the appointment
13 May 2011 – Press Release in respect of the appointment
Click to view PDF: Press Release of the appointment