Antigua and Barbuda
Liquidators Joint Agreement
- Details
- Latest
- Tuesday, 12 March 2013 15:24
- By caribarena news
Antigua St. John's - Antigua appointed Joint Liquidators (JLs) Marcus Wide and Hugh Dickson of the Stanford International Bank, Ltd. (SIB) and the U.S. Receiver,
announced today that they have entered into a 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.
may allow the investors to recover some of the $300 million Stanford stashed in accounts outside the U.S.
Both receivers have battled for four years to control assets recovered from Stanford’s empire.
The Settlement Agreement will only become effective after it has been approved by courts in the US, Antigua, and the U.K.
According to a Bloomberg report:
"The Antiguan liquidators have already received $20 million from the U.K. accounts, so the additional payment will boost their professional fees to $56 million - almost as much as Janvey’s receivership team has been paid since U.S. securities regulators seized Stanford’s operations in February 2009.
Janvey’s professionals had been paid $63.3 million in fees and expenses as of Feb. 7, according to his latest status report. That represents about a quarter of the $230.2 million Janvey has recovered for the estate. He has paid out an additional $53.3 million in costs to wind up Stanford’s business interests.
Janvey recently proposed a $50 million interim distribution be paid to investors, pending court approval.
Angie Shaw, a founder of the Stanford Victims Coalition, denounced the agreement as “ransom” that rewards the Antiguan liquidators at the investors’ expense.
“While the agreement does end a four-year international turf war that has cost the victims untold millions of dollars, the only true beneficiary of the agreement is the Antiguan liquidators,” Shaw said in an e-mail today. “The Antiguan liquidators are essentially getting a ransom fee in exchange for dropping their litigation for control over the frozen foreign accounts holding what is left of the victims’ life savings.”
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9 Comments In This Article
Obstacles
And the SEC OIG investigation that made Kachroo think she could make some money off of Stanford victims in addition to the Madoff victims she has failed to do anything for--I would say getting that investigation conducted and then the results made public were pretty significant accomplishments . Did you or the others you allege I have frustrated the last 4 years have Senator Shelby request that investigation and then have dozens of members of Congress demand the report be made public?
Angela Shaw
RE: Liquidators Joint Agreement
Speaking of the extradition treaty, what guarantee does anyone have that the GOAB will honour this agreement when it openly violates its own treaties?
Good Job Bob
RE: Liquidators Joint Agreement
richard w
"Hopelessly Fixated"
As for "any lawyer" who will tell you SIPC is "not going to happen," that too is just another lie. I speak to plenty of lawyers who have been riding the SVC's coattails for 3 years while we've overcome unprecedented obstacles.
I am certain A Victim will be talking out of the other side of her mouth if she is ever allowed to file a SIPC claim.
Angela Shaw
RE: Liquidators Joint Agreement
Godson
RE: Liquidators Joint Agreement
I'm only asking because if you are, than maybe you could explain how that changes any of the facts in my comment.
Good Job Bob
RE: Liquidators Joint Agreement
Just saying
RE: Liquidators Joint Agreement
US; Cost: 63 million
Results:
Full investigation and public hearings
Trial , conviction and imprisonment of Antiguan Knight
Demand of extradition of Antiguan Government official.
Sale of assets and announced distribution to victims
Antigua: Cost: 53 million
Results:
Suppressed internal report, no public hearings
No criminal investigation, no charges, trial or imprisonment, OF ANYONE
Refusal to honour extradition treaty
Bank records in Antigua MIA, Audit records and Canadian records, confirmed as destroyed (again, no charges)
Expropriation of victims land for airport expansion
While I agree with A Victim that Ms Shaw is hopelessly fixated on the US insuring an Antiguan chartered, domiciled, regulated and audited bank, there are plenty of other reasons this probably shouldn't go through. Of course, if Janvey's has imposed information sharing in the agreement, I'm sure the Antiguan courts will not allow the deal to go through anyway.
GoodJobBob
RE: Liquidators Joint Agreement
It his her efforts to prevent the joint liquidators on Antigua from receiving a single cent that has prolonged this turf war and cost the victims thousands in legal fee's.
A Victim
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