Grant Thornton Press Release Regarding Sale of land at Airport

SALE OF LAND PARCELS COULD BE WIN-WIN SITUATION FOR GOVERNMENT AND STANFORD CREDITORS

Stanford Development Company’s sale of land could benefit creditors of Allen Stanford’s alleged Ponzi scheme

ANTIGUA-January XX, 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.

Therefore, provided that SDC gets fair value for the land and that value reduces the creditor claims, either through a cash payment or set-off, there is no harm to SIB and its creditors in this sale taking place.  Joint Liquidator, Marcus Wide of Grant Thornton said, “Under the court’s freeze order, our consent, or approval from the court will be required for any such sale.”  SDC is obliged to advise the Joint Liquidators when a sale is agreed, and provide evidence that the price is at fair value.  If the Joint Liquidators disagree, they can object to the transaction which will then go before the Court for adjudication. 

FOR MORE INFORMATION CONTACT:

Elizabeth C. Ortega

ECO Strategic Communications

305.213.8798

eco@ecostrats.com

www.ecostrats.com

Or

Kristen P. Dettbarn

ECO Strategic Communication

305-546-6386

kpd@ecostrats.com

www.ecostrats.com