Investors who lost money in the alleged Ponzi scheme run by R. Allen Stanford would stand to share as much as $1.5 billion, if the court-appointed receiver gets the unfettered access to numerous assets he has been seeking for months.
According to documents filed with U.S. District Court this week, Dallas attorney Ralph Janvey hopes to be able to pay back as much as 20 cents on the dollar to defrauded investors.
So far, the documents said, $128.8 million in cash has been collected, of which $71.5 million remains after expenses.
Other assets under Janvey’s control include private equity, the Stanford Bank of Panama, $5 million in coins and bullion, domestic real estate and Stanford’s personal property, including private aircraft, Stanford’s $3.9 million yacht and vehicles. Another $335 million in foreign accounts is on Janvey’s hit list, but so far only Canadian courts have sided with the receiver and no other definitive action to release any of those funds is under way.
Janvey expects the pending sale of the Bank of Panama to fetch about $13.5 million
Many of the assets are subject to other lawsuits from outside investors that could affect the receiver’s ability to reach the $1.5 billion goal. Janvey is awaiting word from federal appeals court on approval of a plan to go after $1 billion in claw-back claims against former Stanford defendant investors, brokers and managing directors.
With those question marks in mind, Janvey himself noted in the court document that “the ultimate success of these efforts is necessarily uncertain ....”
Janvey and his team of attorneys and consultants have been paid about $21 million so far for their work on the case.
Stanford is under lock and key in Houston awaiting trial for allegedly orchestrating a $7 billion Ponzi scheme using certificates of deposit issued through a bank in Antigua under his control, that authorities say Stanford used to support his lavish lifestyle.
No comments:
Post a Comment