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Friday, 15 December 2017

Stanford Receiver Can't Renew Fight Over $88M Clawback

A Texas federal judge on Thursday denied a request by the court-appointed receiver of Stanford International Bank to overturn a jury decision keeping $88 million in cash in the hands of a cable and truck-racing magnate, who received it shortly before Stanford's Ponzi scheme-related collapse.

 Judge David C. Godbey said he had already ruled that a reasonable jury could have found Colorado billionaire Gary Magness accepted money from Stanford in good faith, and rejected receiver Ralph Janvey’s arguments that he committed multiple legal errors over the...

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/


Saturday, 18 November 2017

District Court Approves Settlement with Bowen Miclette & Britt, Inc. and Related Persons

On August 23, 2017, the District Court approved a settlement agreement by and among the Receiver, the Official Stanford Investors Committee, and certain individual Investor Plaintiffs, and Bowen Miclette & Britt, Inc. (and related persons) (“BMB”). Pursuant to the terms of the settlement, once the District Court’s order becomes final, the Receivership Estate will receive $12.85 million. The Receiver will file a motion with the District Court asking for permission to distribute the proceeds of the settlement after they are received, net of attorneys’ fees and expenses awarded by the Court, to Stanford Investors who have claims approved by the Receiver.

To view a copy of the Court’s Order approving the settlement, click here.

To view a copy of the Court’s Order approving attorneys’ fees, 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/


District Court Approves Settlement with Willis Towers Watson Public Limited Company and Related Persons and Entities

On August 23, 2017, the District Court approved a settlement agreement by and among the Receiver, the Official Stanford Investors Committee, and certain individual Investor Plaintiffs, and Willis Towers Watson Public Limited Company (and related persons and entities). Pursuant to the terms of the settlement, once the District Court’s order becomes final, the Receivership Estate will receive $120 million. The Receiver will file a motion with the District Court asking for permission to distribute the proceeds of the settlement after they are received, net of attorneys’ fees and expenses awarded by the Court, to Stanford Investors who have claims approved by the Receiver.

To view a copy of the Court’s Order approving the settlement, click here.

To view a copy of the Court’s Order approving attorneys’ fees, 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/


Saturday, 11 November 2017

Texas investors appeal recently dismissed $7.2 billion Stanford Ponzi case against Proskauer law firm

NEW ORLEANS – Texas investors who for years have accused Proskauer Rose LLP of nurturing the $7.2 billion Robert Allen Stanford Ponzi scheme, appealed their case five days after it was dismissed by a federal judge who said the firm was entitled to attorney immunity.

Lead plaintiffs Sandra Dorrell and Philip Wilkinson filed their appeal Nov. 7 in the U.S. 5th Circuit Court of Appeals in New Orleans.

The appeal followed quickly on the heels of the case’s dismissal the previous Thursday, Nov. 2, in the Dallas Division of the Northern District of Texas, which rejected plaintiffs' arguments that attorney immunity should not apply in their case against Proskauer Rose.

To view the full article, 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/


Antigua Gov’t and WICB move to buy Stanford Cricket Grounds


The government and the West Indies Cricket Board have partnered to purchase the Stanford Cricket Grounds and surrounding properties for US$7.5 million.

The joint venture, which will see the government owning 40 per cent of the shares to WICB’s 60 per cent stake, is expected to attract more premier sporting events.

Under the Memorandum of Understanding (MOU), a company called Coolidge Cricket Grounds Inc was formed and will jointly owned by the government and WICB.

Both entities under the MOU will acquire certain properties in Coolidge and Barnes Hill (four parcels of land), which were held by the disgraced investor R Allen Stanford, and which are in the hands of court-appointed liquidators. They include the Car Park, Sticky Wicket Restaurant and The Athletics Club.

To view the full article, 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/


Antigua Gov’t and WICB move to buy Stanford Cricket Grounds


The government and the West Indies Cricket Board have partnered to purchase the Stanford Cricket Grounds and surrounding properties for US$7.5 million.

The joint venture, which will see the government owning 40 per cent of the shares to WICB’s 60 per cent stake, is expected to attract more premier sporting events.

Under the Memorandum of Understanding (MOU), a company called Coolidge Cricket Grounds Inc was formed and will jointly owned by the government and WICB.

Both entities under the MOU will acquire certain properties in Coolidge and Barnes Hill (four parcels of land), which were held by the disgraced investor R Allen Stanford, and which are in the hands of court-appointed liquidators. They include the Car Park, Sticky Wicket Restaurant and The Athletics Club.

To view the full article, 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/


Thursday, 9 November 2017

Victims of Allen Stanford’s $7B Ponzi Scheme Will Wait Years to Be Repaid

A world-class fraudster's elaborate spending proves difficult to unwind. 

At first glance, the effort to recover money for victims of Allen Stanford’s $7 billion Ponzi scheme looks a bit like Jarndyce and Jarndyce, the endless chancery court case satirized in Charles Dickens’ book, “Bleak House.” Stanford, you’ll recall, was convicted by a Houston jury in 2012 for swindling investors and sentenced to 110 years in prison.

Eight years into the case, with no end in sight, the receivership set up in Dallas federal court to unwind Stanford’s fraud has turned up only a small percentage of investors’ lost billions. Just as troubling, nearly half of what has been secured so far has gone to pay lawyers and accountants.

To view the full article, 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/