Agreement between the US Receiver Ralph Janvey and Grant Thornton

Here is the long awaited agreement between the US receiver Ralph Janvey and Grant Thornton. Below is page 9 of the document which will be of particular interest and will dispel a lot of the myths being perpetrated regarding this agreement.  

The Settlement Agreement creates a plan for the distribution of almost 90% of the frozen assets from the UK, Canada, and Switzerland, from which distributions will be made as soon as the necessary approvals are obtained from the pertinent authorities in those countries.

The Settlement Agreement sets forth a plan to expeditiously and fairly distribute a substantial majority of the assets frozen in the UK, Canada, and Switzerland. Once the pending litigation in these countries has been terminated, the Receiver, the JLs and the DOJ will work together to encourage the foreign authorities to release the assets as quickly as possible. These assets will only be distributed to the creditor-victims of the Stanford Ponzi scheme, and not to other parties such as the Antiguan government or the Internal Revenue Service. (See Appendix, Arts. V-VII at 22-25.)

 Under the Settlement Agreement, the Receiver will receive for distribution all of the proceeds from the monetization of the Canada assets, while the JLs will receive all of the proceeds from the UK assets. The Swiss assets will be allocated between the Receiver and the JLs according to a 2.2 to 1 ratio. (Appendix, Art. VIII at 26-29.) The proceeds from these assets will then be distributed to eligible creditor-victims, in accordance with the Receiver’s and JLs’ claims distribution processes. Furthermore, the Settlement Agreement allocates $18 million of the remaining UK Assets to the JLs to fund litigation that the parties believe will produce a substantial positive return for that estate. If necessary, an additional $18 million of the remaining UK Assets may be allocated for this purpose, subject to supervision by the Central Criminal Court in London. (Appendix, Art. V at 23; Art. VIII at 26-27.) Every effort will be made to minimize the amount actually used for working capital, and any funds not actually used for working capital will be released for distribution.

   Amnd Mtn for Approval of Settlement Agreement

For a full and open debate on the Stanford Receivership visit:

http://sivg.org.ag/

The Stanford International Victims Group Forum