Grant Thornton Notice to Creditors

NOTICE TO CREDITORS 

25 February 2014

Dear Creditor:

Stanford International Bank Limited - in Liquidation ("the Company") 
Re: Notice of Declaration 

The Joint Liquidators are now in a position to make a first interim distribution in the amount of $0.01 on the dollar. CD holders with claims allowed below EC$20,000 (US$7,407.40) will be paid out in full in accordance with section 289 of the International Business Corporations Act.

If you received a preference payment, for which you will have been notified separately, your distribution will be held back until the Court makes a final determination.

Please see the below summary of the receipts and payments covering the period of the liquidation to 31 December 2013 from which you will see that the total amount to be immediately distributed is US$33,262,396 with a further US$16,989,510 being held back pending resolution by the Court of the preference issue.

The balance in hand of US$15,344,780 is retained for future costs, fees and expenses of the liquidation, including employee and vendor claims. We expect to pay a further dividend in the future. However, the quantum and timing at this stage is unknown due to the uncertainty of future realisations.

Yours sincerely
For and on behalf of Stanford International Bank Limited

Marcus Wide and Hugh Dickson
Joint Liquidators



STANFORD INTERNATIONAL BANK LIMITED (IN LIQUIDATION)
Receipts and payments statement account As of 31 Dec 2013

Receipts (USD) 

  Balance received from former Liquidators                                                     NIL
  UK recoveries                                                                                             95,111,096
  3rd Party Funding (Hamilton)                                                                        5,001,000
  ECAB building sale process                                                                          4,537,037
  HSBC , Panama                                                                                            3,275,228
  Rental receipt (ECAB building)                                                                        255,556
  Settled legal claims                                                                                          249,930
  Settlement on pricing error                                                                              230,710
  Other receipts                                                                                                  167,225
                                                                                                                     ----------------
                                                                                                                     108,827,782

Less: Cost Awarded for removal of former liquidators                                 (3,185,338)
                                                                                                                      ---------------

Total Receipts                                                                                            105,642,444

Payments
  Liquidators fees & expenses                                                                        7,446,658
  Co-lead legal advisors fees and expenses                                                  10,745,246
  Other legal advisors fees and expenses                                                      12,687,197
  Other advisors fees                                                                                       1,722,896
  Other operational expenses                                                                           7,443,761
                                                                                                                     ----------------
Total Payments                                                                                           40,045,758
                                                                                                                     ----------------
                                                                                                                     ----------------
 Balance on Hand                                                                                       65,596,686 
                                                                                                                      ==========

Represented by:
  Preference Payment holdback                                                                    16,989,510
  1st Distribution to Investors                                                                         33,262,396
  Balance carried forward                                                                              15,344,780
                                                                                                                       ----------------
                                                                                                                        65,596,686
                                                                                                                      =========

To join the debate 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/

GT Update Regarding Payment Date

Here is the latest update from Grant Thornton regarding payment date for claims....

We had some hold up with some disputed claims which required applications to Court – which are now done and past the appeal date. We are therefore making distribution arrangements with one of two banks – which we hope to have complete in the next two weeks. While there is a remote chance of having a the distribution out by Christmas realistically it will be early in January.

Read More: http://sivg.org.ag/topic242.html

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org.ag/

Joint Liquidators Finalizing Claims Process to Make Distribution to Creditor-Victims

Joint Liquidators Finalizing Claims Process to Make Distribution to Creditor-Victims

Distribution in the 1% range to be completed before year-end

Antigua, September 3, 2013 – Joint Liquidators Marcus Wide and Hugh Dickson of Grant Thornton have funds to distribute and plan to do so by year’s end. The Liquidators are processing the large number of U.S. claims submitted to the claims process as a result of the Joint Settlement Agreement and Cross-Border Protocol for Stanford International Bank. Once the process is completed, the distribution process will begin and is expected to last a couple of months. The goal is to have the funds distributed by the end of the year.


“This has been a long and arduous process and we are pleased to fulfill our objective to bring some resolution by distributing funds to the Creditor-Victims,” said Wide.
Further information on the status of the Joint Liquidators’ efforts and process will be posted on the Joint Liquidators’ official website at www.sibliquidation.com.

Read More: http://sivg.org.ag/topic186.html

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org.ag/

Proskauer, Hunton, Chadbourne Attack Antiguan Stanford Deal

By Maria Chutchian

Proskauer Rose LLP, Hunton & Williams LLP and Chadbourne & Parke LLP on Thursday challenged a settlement between the U.S. and Antiguan receivers in charge of compensating victims of Robert Allen Stanford's $7 billion Ponzi scheme, saying the deal exposes them to duplicative litigation.

The three firms join Greenberg Traurig LLP in urging a Texas court to reject the settlement, which will resolve disputes about jurisdiction over $300 million that Stanford had in the U.K., Switzerland and Canada.

Proceedings are already underway in the U.S. that are looking to hold the law firms liable with respect to their legal work for Houston-based Stanford Financial Group, alleging that they did not do enough to stop Stanford’s fraud.

Furthermore, the deal ignores earlier court-ordered prohibitions to the U.S. and Antiguan receivers pursuing independent lawsuits against lawyers and duplicating their efforts in the two nations' court systems, as well as terms that would allow the Antiguan receivers to conduct U.S. discovery without being subject to the personal jurisdiction of U.S. courts, the firms argue.

The settlement agreement includes a provision that allows the receivers and government agencies to pursue the same claims in different jurisdictions, the firms contend. This could force them to defend themselves against the same allegations both in the U.S. District Court for the Northern District of Texas and again in Antigua.

“This result creates the possibility of inconsistent judgments, and in any event would entail a waste of judicial resources and the resources of the parties,” Proskauer said in its objection to the deal.

The firms are asking the court to either deny the settlement should or remove the provision that allows for the duplicate claims.

Stanford rose to prominence as the head of the multinational financial services group that bore his name, whose banking arm was the Stanford International Bank in Antigua. The four firms that have objected served as outside law firms to some of Stanford's companies for a time, but all have denied any knowledge or culpability in his massive scheme.

After investigators in February 2009 alleged that the consistently above-average returns Stanford promised were possible only because of fraud, regulators in both Antigua and the U.S. appointed receivers to handle the claims. They had been at odds until the settlement was reached.

The settlement, announced March 12, would allow distributions to victims to go forward without litigation between the U.S. receiver and his counterparts in Antigua — joint liquidators Marcus Wide and Hugh Dickson of the accounting firm Grant Thornton — threatening to disrupt the process as it had in the past.

A hearing in Antigua on the proposed settlement, which requires U.S., U.K. and Antiguan approval, is scheduled for April 8.

Stanford was convicted of securities fraud in March 2012 and sentenced to 110 years in prison.

Proskauer is represented by Bruce W. Collins and Neil R. Burger of Carrington Coleman Sloman & Blumenthal LLP and by James P. Rouhandeh, Daniel J. Schwartz and Richard A. Cooper of Davis Polk & Wardwell LLP.

Chadbourne is represented by Harry M. Reasoner and William D. Sims Jr. of Vinson & Elkins LLP and by Daniel J. Beller, Daniel J. Leffell and William B. Michael of Paul Weiss Rifkind Wharton & Garrison LLP.

Hunton is represented by Richard A. Sayles and Shawn Long of Sayles Werbner and by Jeffrey D. Colman, David Jiménez-Ekman, April A. Otterberg Kaija K. Hupila of Jenner & Block LLP.

U.S. receiver Ralph Janvey is represented by Kevin M. Sadler, Scott D. Powers and David T. Arlington of Baker Botts LLP.

The case is Securities and Exchange Commission v. Stanford International Bank Ltd. et al., case number 3:09-cv-00298, in the U.S. District Court for the Northern District of Texas.

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

http://sivg.org.ag/

The Stanford International Victims Group Forum

Antiguan Court Hearing Scheduled for April 8th on the Approval of the Joint Settlement Agreement and Cross-Border Protocol for Stanford International Bank

A Potential Distribution of Assets in Close Proximity

Antigua, March 22, 2013 – Earlier this week, the Antiguan Court scheduled the hearing of an Application of the Joint Liquidators to Approve the Settlement Agreement with the Receiver, the US Department of Justice, and others. The hearing will be held before Madam Justice Henry of the Antiguan Court at 11:30am, local time on April 8, 2013. Creditor-victims may file responses to the application with the Antiguan court and may attend the hearing to voice their opinions on the Agreement. The Joint Liquidators advise creditor-victims to file their responses by 4:00 p.m., Wednesday April 3, 2013 Eastern Standard Time to ensure that their opinions are considered, effectively, and to also e-mail their response to stanford.claims@uk.gt.com.

The appropriate method to lodge responses with the Court is by filing an affidavit setting out the issues which form the basis of the relevant response.

This hearing, along with that scheduled by the United States District Court for the Northern District of Texas for April 11, 2013, on the same matter, brings creditor-victims of the Stanford fraud closer to an expeditious distribution of assets as a result of the unified plan among the Joint Liquidators, the Receiver, and the DOJ. Among the benefits, the Settlement Agreement, which will only become effective after it has been approved by courts in the US, Antigua and the United Kingdom, resolves litigation over approximately $300 million in assets frozen in Canada, Switzerland and the United Kingdom, provides for coordinated claims processes, and cooperation and an exchange of information with respect to litigation recoveries.

Further information on the procedure for filing responses, and a copy of the Agreement, are posted on the Joint Liquidators’ official website at www.sibliquidation.com. Persons who believe they were victims of this fraud scheme should visit this sites for additional information.

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

http://sivg.org.ag/

The Stanford International Victims Group Forum

Important Announcement Concerning Stanford Receivership

The Joint Liquidators (JLs) Marcus Wide and Hugh Dickson of the Stanford International Bank, Ltd. (SIB) and the U.S. Receiver for Stanford Financial Group and all related entities (Receiver), have entered into a Settlement Agreement and Cross-Border Protocol (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. 

Among many other benefits, the Settlement Agreement resolves litigation over approximately $300 million in assets frozen in Canada, Switzerland and the United Kingdom, and creates a unified plan among the JLs, the Receiver, and the DOJ to expedite the handling and distribution of those assets to creditor-victims. 

The Settlement Agreement will only become effective after it has been approved by courts in the US, Antigua, and the U.K.  On March 12, 2013, the Receiver, SEC, Examiner, and Official Stanford Investors Committee filed a Joint Motion to Approve the Settlement Agreement in the U.S. District Court for the Northern District of Texas. Responses to the Joint Motion must be filed no later than  March 28, 2013 at 5:00 p.m. central and the Court will hold a hearing on the Joint Motion on Thursday, April 11, 2013 at 9:00 a.m. central    The text of the Court's Order setting the response deadline and hearing is set forth  below.   Anyone considering filing a response to the Joint Motion or appearing in the U.S. District Court in relation to the motion should consult with their own legal counsel.

After all three courts have approved the Settlement Agreement, it will become effective and pursuant to the terms of the Settlement Agreement the parties will pursue the release of funds via appropriate legal processes in the respective countries, including Canada and Switzerland.  The Settlement Agreement has several benefits, including that it:

• creates a plan for the distribution of almost 90% of the frozen assets from the U.K., Canada, and Switzerland pursuant to which distributions will be made as soon as the necessary approvals are obtained from the pertinent authorities in those countries;
• allocates $36 million of the funds in the U.K. to the JLs’ estate in order to pursue additional funds for the estate, to be released over time under the supervision of the Central Criminal Court in London, which the JLs expect to significantly enhance amounts available for distribution because those funds will be used to further additional asset recovery efforts.  The remaining $44 million of the funds in the U.K. will be distributed to creditor-victims by the JLs;
• allocates in Canada all $23 million to the DOJ to be transferred to the Receiver to be distributed to creditor-victims;
• allocates in Switzerland $132.5 million to be forfeited to the DOJ and transferred to the Receiver to be distributed to creditor-victims and $60.5 million to be transferred to the JLs for distribution to victims;
•   provides that distribution of the frozen funds shall be made to creditor-victims of SIB and not to other claimants such as the Internal Revenue Service or the Antiguan government;

• provides a framework for the sharing of information among the JLs, the Receiver, and OSIC to achieve efficiencies, minimize burdens, and maximize recoveries in Stanford-related litigation;
• facilitates cooperation and coordination of efforts with respect to litigation and recovery and monetization of Stanford assets;
• provides for coordination of claims and distribution processes between the JLs and the Receiver; and
• terminates the substantial expense of competing legal claims to, and proceedings relating to, the frozen assets in Canada, the U.K., Switzerland, and the US.

The Settlement Agreement is a product of the parties’ common goal of optimizing and enlarging the overall recovery for creditor-victims as quickly and cost-effectively as possible.  The parties to the Agreement all believe that the Agreement is in the best interests of the victims of the Stanford fraud.   

Further information, including a copy of the Agreement, the Joint Motion to Approve the Agreement, and a Q&A about the Agreement, are available on the U.S. Receiver’s website at http://stanfordfinancialreceivership.com.  Further information is also available on the JLs’ official website at http://www.sibliquidation.com, and on the Examiner’s website http://www.lpf-law.com/.   

Text of March 18, 2013 Order of the U.S. District Court for the Northern District of Texas:

The Court will hold a hearing on the Receiver's motion for approval of interim distribution plan [1766] and the SEC, Receiver, Examiner, and Official Stanford Investors Committee's joint motion to approve settlement agreement and cross-border protocol (the "Joint Motion") [Doc. 1793 in  SEC v. Stanford, 09-CV-298, Doc. 189 in In re Stanford International Bank, 09-CV-721] on Thursday, April 11, 2013 at 9:00 a.m. in Courtroom 1505. The time for parties to these actions to respond to the Receiver's motion for approval of interim distribution plan has lapsed, see N.D. TEX. R. CIV. P. 7.1(e), and the Court will not entertain any further responses or objections from those parties. Parties who wish to file a response to the Joint Motion must do so no later than March 28, 2013 at 5:00.  Nonparties, including but not limited to investors or other potential claimants, may file written comments or objections to either motion, also no later than March 28, 2013 at 5:00 p.m.  The Receiver may file a reply to those responses, comments, or objections no later than April 5, 2013 at 5:00 PM. During the hearing, the Court will not entertain comments, objections, or argument from parties or nonparties that failed to file written responses, comments, or objections. 

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

http://sivg.org.ag/

The Stanford International Victims Group Forum

Notice to Prove issued by Antigua Joint Liquidators

Notice to Prove
Stanford International Bank Limited – In Liquidation

We anticipate an interim dividend is to be declared to unsecured creditors in the above matter within two months. All creditors should ensure they have submitted their proof of debt in the liquidation by 31 March 2012. Information with respect to completing your proof of debt can be found on the liquidation website at www.sibliquidation.com.

Creditors who have not lodged a proof of debt by 31 March 2013 may be excluded from this dividend.

DATED THIS 14 of FEBRUARY 2013

For and on behalf of Stanford International Bank Limited

Marcus Wide and Hugh Dickson
Joint Liquidators



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

http://sivg.org.ag/ 

The Stanford International Victims Group Forum

New Forum Announcement for Stanford International Victims Group

Stanford International Victims Group are pleased to announce the creation of a new forum which can be found at:

http://sivg.org.ag/

Receiver, liquidators end fight over Stanford assets

By Laurel Brubaker Calkins and Andrew Harris

Bloomberg News

Ponzi schemer R. Allen Stanford's Antiguan liquidators have agreed to cooperate with his U.S. receiver and federal prosecutors to jointly control the convicted financier's remaining assets, the liquidators said.

The receiver and liquidators have battled for control of Stanford's assets since U.S. regulators seized his companies in February 2009.

The agreement announced Thursday by liquidators Hugh Dickson and Marcus Wide, and independently confirmed by Kevin Sadler, a lawyer for the court-appointed U.S. receiver, clears one of the last obstacles to compensating victims of Stanford's investment scheme.

The parties "reached an agreement in principle that, if finalized and approved by the relevant authorities," would result in coordination of victim claims, increased information sharing and cooperation on asset recovery, Wide and Dickson said in an e-mailed statement.

An estimated 20,000 investors were defrauded of more than $7 billion through a Ponzi scheme that Stanford created around bogus certificates of deposit sold by Antigua-based Stanford International Bank Ltd.

Stanford, 63, was convicted in March of leading the fraud and stealing more than $2 billion to finance a lavish lifestyle and an array of money-losing ventures, ranging from Caribbean resort developments to cricket tournaments.

He is serving a 110-year sentence in a federal prison in Florida as he appeals his conviction and sentence.

Ralph Janvey was appointed receiver by a federal judge in Dallas to marshal Stanford's assets and wind down his companies in the U.S. and abroad. London-based Wide and Dickson were appointed by an Antiguan court to do the same.

"This is a multistep process that will play out over the next several weeks, which is definitely under way," Sadler said. "We're not leaving some disputes to be resolved later."

The Justice Department obtained an administrative freeze on more than $300 million in overseas accounts.

The accord also represents "a resolution of pending disputes concerning funds now frozen in the U.K., Canada and Switzerland, and a release of funds for distribution to Stanford's investor victims," the liquidators said.

Sadler, Janvey's lead lawyer, confirmed in an e-mail that the cooperation accord had been reached but didn't disclose details.

Read more here: http://www.star-telegram.com/2012/12/06/4466997/receiver-liquidators-end-fight.html#storylink=cpy

Joint Statement of the U.S. Receiver (Ralph Janvey), the Joint Liquidators (Marcus Wide and Hugh Dickson), and the U.S. Examiner (John Little)

Joint Statement of the U.S. Receiver (Ralph Janvey), the Joint Liquidators

(Marcus Wide and Hugh Dickson), and the U.S. Examiner (John Little)

Agreement reached in principle

ANTIGUA-December 5, 2012-- After extensive negotiations, and with the input of United States DOJ and SEC representatives, the U.S. Receiver (Ralph Janvey), the Joint Liquidators (Marcus Wide and Hugh Dickson), and the U.S. Examiner (John Little) have reached an agreement, in principle, that, if finalized and approved by the relevant authorities, would result in (a) coordination between the U.S. Receiver and the Joint Liquidators concerning their respective claim processes, (b) increased sharing of information, (c) cooperation with respect to the asset recovery and some of the other litigation efforts, (d) a resolution of pending disputes concerning funds now frozen in the United Kingdom, Canada and Switzerland, and (e) a release of funds for distribution to Stanford's investor-victims.

We are working on finalizing a definitive settlement agreement, which we hope to be able to present in the near future for public comment and court approval. To facilitate their discussions, all of the participants have agreed to keep these negotiations confidential until definitive agreement is reached or the parties conclude that no agreement will be possible.  The U.S. Receiver, the Joint Liquidators and the U.S. Examiner have agreed to release this statement so that Stanford victims know that the various participants are continuing to work to reach an agreement that will achieve the goals set forth above.   We continue to have your interests at the forefront and we understand the very difficult circumstances you face as victims.

Liquidators Challenge Antigua Sun Building Lease

Source: Caribarena

Antigua St. John's - R. Allen Stanford might have been sentenced to 110 years in prison for running a Ponzi scheme through his Antigua based Stanford International Bank, but the legal battles surrounding his assets continue to rage on with some closer to home than most would like.

Caribarena spoke with Liquidator Marcus Wide on Monday and according to him, there are at least two properties belonging to Stanford that were either leased or sold by the Stanford Development Company without prior consent from his office, and these matters remain in disputation.

Wide revealed that one of those properties include the freshly re-commissioned Antigua Sun Building for which the liquidators have sought a court injunction to halt its lease until an independent valuation is done to determine whether the cost agreed upon between the SDC and the building’s new occupants are in keeping with current and fair market value.

He said the ethical thing to do in instances like these is to wait until the legal proceedings have concluded before occupying the building since the likelihood exists that the occupants could be asked to vacate the premises should a challenge be successful in the event that the new valuation warrants one.

The liquidators have already filed an objection to the court challenging the building’s tenancy while the legal aspects of the agreement are still being ironed out.

“I don't believe they can (legally occupy the premises) while court proceedings are ongoing,” Wide said. 

“What SDC allows them to do is one thing. Our freeze order is merely that we have a right to first get a valuation, then to either consent to the transaction or decide whether it is fair or not. That is our right. If SDC allow something to happen while there is still a matter before the court, I feel the court will have to deal with the issue of possession,” Wide said.

That valuation is said to be either completed or nearing completion and the findings of this report could mean another court battle between the liquidators and the SDC.

“If our valuation is that the SDC failed to get fair market value then we would go (back) to the court and say this is an improper transaction – an incompetent transaction – and we wish to decline our approval,” Wide explained.

Should this occur, then the SDC would then have the right to challenge the objection and legal battle would continue back and forth until a settlement is reached in the courts. But during this time the occupancy of the building would be considered depraved, according to Wide.

“The court would have to unravel whether their (SDC and the new tenants) view of the world is right. We have no management authority within SDC so if SDC chooses to put a buyer or tenant in possession, that's a choice that they can make. But the consequence of them doing that, if it is challenged successfully and the court revokes the transaction, they (the court) would also insist that the tenant moves out. The court will do what it has to do, and if the court revokes the transaction then it (the lease agreement) becomes invalid and the tenant would have no continuing right,” Wide said.

When the liquidator’s valuation is received and properly analyzed, a formal response of either approval or rejection will be made and the relevant proceedings will follow.

“It would not take us long (to respond) if we have the appraisal, which I believe we should by this point

Statement from Grant Thornton on Stoelker having her Power of Attorney Revoked

The revocation of Ms. Stoelker's authority is part of a cooperative process which we are optimistic will maximize the value of the assets without further expensive litigation. Some time ago we commenced and have been pursuing a claim against Stanford Development Corporation to recover its assets for the benefit of its creditors as well as the creditors and depositors of SIB whose money funded SDC's assets and operations.

Cordially,

Joint Liquidators Marcus Wide and Hugh Dickson

Andrea Stoelker SDC Power of Attorney Revoked

Grant Thornton are aware of the situation and are working with the Antigua Attorney General on this matter. They have assured me that there is nothing for the Stanford Victims to be alarmed about and they will be issuing a statement when the time is appropriate. 

Grant Thornton are executing a cooperative strategy which has borne fruit saving potentially millions in litigation costs and while giving up nothing to Stanford and his allies. 

It's so nice to see that at least one of the Receivers (Liquidators) are doing their job and doing it well. Thank you Grant Thornton for all your hard work on behalf of the victims, you have brought new hope to many of us. 

Source: Caribarena

R. Allen Stanford has revoked the power of attorney given to his fiancé Andrea Stoelker to run one of his last standing companies – Stanford Development Company in Antigua and Barbuda.

Attorney General Justin Simon has confirmed the revocation and notes that his office has speedily filed at the Deeds Registry.

Simon said the move now takes Stoelker out the control seat of the company and efforts are underway to obtain the resignation of Barbara Streete as Director of Stanford Development Company.

“The Power of Attorney that Mr. Stanford gave the Andrea Stoelker has been revoked and the revocation has been filed at the Deeds Registry yesterday (Monday),” Simon said. “I am also expecting the resignation letter of Barbara Streete to follow.

” Should the resignation be as forthcoming as the AG expects, Stanford Development Corporation will be left without a managing body, and the government would then explore the possibilities of putting the company into liquidation.

“The issues of severance would be addressed” when liquidation takes place, Simon said, as will the issue of “tracing all monies that have been received by Andrea Stoelker in respect of all properties of the company which either have been sold or leased.”

The Attorney General said that at the next sitting of parliament he would look to bring Stoelker’s management practices of the company under scrutiny.

When Caribarena contacted Andrea Stoelker for a comment on the matter she said simply, “I have no comment.” She opted not to confirm or deny.

Attempts to reach attorney for the Stanford Development Company Hugh Marshall for a comment on the matter were unsuccessful.

In the meantime, a spokesman for Stanford victims has said that the government of Antigua and Barbuda needs to step back and keep themselves out of the picture on this one as their intervention at this point could affect the little ground gained by the liquidators and others over the past years.

“If it is seen by the Americans that the government is in any way putting their fingers in the pie they will jump on it. All the good that is being done by the liquidators will be lost,” the spokesperson said.

The spokesperson added that as soon as Stoelker and others find out that the Antigua Government is making any attempt to assist those affected it could easily be spun into a matter of interference.

“It will be a very bad thing. Whatever they are doing it needs to be done quietly,” the spokesperson advised.

Statement from Grant Thornton

Dear SIB Depositor:

We noted with great interest the 110 year sentence given to Robert Allen Stanford yesterday. While this sentence does not begin to make up for the pain and suffering that you have experienced, we are confident that justice has been served at least in that regard. We remain committed, as the Joint Liquidators of the Stanford International Bank, to run the Estate as efficiently and effectively as possible. We are working hard to marshal and liquidate assets and pursue claims on your behalf. Our goal is to make a prompt and fair interim distribution to you as soon as possible and hopefully by as early as September 30 of this year if we can convince the US Department of Justice to drop their freeze on the funds in Europe and Canada.
As always, please direct your questions to us at: stanford.claims.support@uk.gt.com.

Marcus Wide and Hugh Dickson, SIB Joint Liquidators

Grant Thornton Response to Angela Shaw's Questions

Grant Thornton Response to Angela Shaw's Questions

SIB Letter to DOJ: Seeking to Forfeit Assets

Ltr to Reynolds Doj 001

SIB Joint Liquidators Propose Solution To DOJ

Source Caribarena

Antigua St john's - On Friday, May 4, 2012, the Joint Liquidators (“JLs”) of Stanford International Bank Limited (SIB) made a serious proposal to the US Department of Justice (“DOJ”) to resolve the ongoing argument over priority, in the interest of saving costs and to accelerate an orderly distribution of frozen assets to the victim creditors of SIB. The JLs seek to recover the overseas frozen funds of SIB that are in its bank accounts overseas or which were stolen from SIB and placed in others accounts overseas so that they can be promptly distributed by the JLs to the creditors of SIB of which 99.916% are victims of the Stanford fraud. The JLs are acting under the auspices of their accounting firm Grant Thornton, the 5th largest accounting firm in the world. The JLs’ proposal to the DOJ which is now posted on the www.sibliquidation.com website calls for an interim distribution no later than September 30, 2012 by the JLs to the victim depositors of no less than 80% of the frozen liquid funds. Accordingly, the JLs urge all depositors of SIB to file their claims with the JLs as set forth in the above referenced website as quickly as possible so that they will be in a position to make receive the distribution as of September 30, 2012 if the proposed compromise with the DOJ comes to fruition.

Stanford JLs Status Update

Yesterday, the Joint Liquidators of Stanford International Bank, Marcus Wide and Kent McParland, Associate Director at Grant Thornton, held a status webinar. In the three months, the Joint Liquidators have:

 • Finalized sale of and collected funds for Eastern Caribbean Amalgamated Bank building in Antigua for   US$4.5 million

• Working to recover possibly in excess of US$12 million in Colombia 

• Looking into potential sale of lands adjacent to the Antiguan Airport
• Launched claims process and online claims process
• Met with US Congressional leaders and foreign governmental officials
• Forced Receiver to bring damages claim by Receiver against two law firms
• Obtained tolling agreements for future lawsuits against two other law firms
• Independent investigators and experts working on identifying and developing damages and recovery claims to be filed
• Appointed interim sale consortium for maximizing value of sale of land in Antigua
• Caused DOJ to drop request for repatriation in the UK for now
• Opposed loss of funds belonging to estate to DOJ in Canada
• Obtained order of liquidation of Stanford Trust Company (Antigua)

Provided below is a link to the webinar. Please note you will need to complete a form in order to view the webinar. You can also access the below link by visiting www.sibliquidation.com. If you would like a copy of the PowerPoint please let us know.

 https://event.onlineseminarsolutions.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=443905&sessionid=1&key=8DBE903311CBF5B127C3F91B96064080&sourcepage=register

 As always, the Joint Liquidators are available to address any of your questions on greater detail.

Best regards,
Danise Rodriguez
ECO Strategic Communications
407.617.2200 / dr@ecostrats.com / www.ecostrats.com

Antigua Court Orders Liquidation of Stanford Trust

Source: Caribarena

Antigua St John's - Joint liquidators (JL) of Stanford assets Marcus Wide and Hugh Dickson have secured a liquidation order from the Antigua courts for Stanford Trust Company (Antigua).

Marcus Wide told Caribarena.com in an exclusive interview on Wednesday that while the order was given on Friday, the signing of the official documents was likely on Monday or Tuesday.

He said also that the JLs are still looking into the potential sale of lands adjacent to the VC Bird International Airport, which the government of Antigua has signaled its interest in securing for the airport’s expansion initiative.

These lands, according to Wide, cannot be sold solely at the discretion of the Sanford Development Company (SDC). Direct consent must be given from his office, and aside from knowledge of the government’s interest, the JLs has not received any information from the SDC about any negotiations or the potential way forward.

A February 9 publication on Caribarena.com suggested that negotiations between the government and the SDC were in the final stages. Another article, on March 9, suggested that a price had been set and reportedly agreed upon; all without the knowledge of input of the JLs.

Wide said the SDC must produce whatever agreement it enters into with the government for the airport lands before a decision can be made; anything outside of that would be illegal.

“The government has to do a deal with the Stanford Development Company. They then have to come to us and say we have this offer from government for these lands," Wide said. "Here is the value that we have negotiated, and are you prepared to consent to this transaction at that price."

He said the lands had not been appraised so far because the JLs has nothing to measure it against. SDC negotiators and the government seem to be measuring the airport lands based on the amount paid to secure them.

“SDC cannot complete a sale without my approval,” Marcus Wide said. “They couldn't make an agreement without our consent. Stanford Development Company officers have not presented anything to us for approval…”

The JLs said they have so far apprised about US$212 M in land value in Antigua, including Guana Island. This appraisal does not include the airport land that the government wants to secure.

Attempts to secure clarification on the status of the airport lands negotiations were unsuccessful.

Also, some US$6 million has also been discovered in lands belonging to Stanford outside of Antigua, and Wide has declined to reveal any details as to where these lands are located – at least not before his office has “swooped in from the shadows” and secured it on behalf of the victims.

Legal Issues

Further, legal action is to begin shortly against the fees for the former Joint Liquidators. The action for this case is to take place in Antigua courts.

Wide explained that “shortly” a conference is to be convened between the Judge handling the proceedings, the council for the former JLs as well as his office, at which a trial or hearing date is to be established for the fee application.

“I want it to be done before the court recesses for summer,” Wide said.

The Attorney General’s office in Antigua is not in talks with the new JLs in this matter. It is one that is being handled independently and the JLs intend to go forward on the grounds that “very little value was delivered to the estate.”

The JLs is however in talks with the Attorney General’s Office about two other matters involving government.

Marcus Wide said a letter was recently written and delivered to the Attorney General Justin Simon seeking clarification on whether or not the Antigua government had a claim in the Stanford International Bank liquidation.

According to Wide, “It had been suggested by some of the US lawyers that the government could have a claim in the liquidation… That was the concern expressed by the Americans.”

He explained that while the records show that the bank had no liability to the Antigua government, clarification was necessary and the AG provided this clarification informally.

The other issue addressed by the letter regards funding provided by the Stanford Group to the Government of Antigua for several projects. In this case, the JLs are seeking clarification on whom it can speak to with respect to trying to settle those claims on behalf of the government. No clarification on this has yet been received.

Progress

Speaking to the progress made over the past three months in an Internet conference on Wednesday, the JLs said they were working to recover in excess of US$12 M in Colombia.

It was also noted that talks have been held with US Congressional leaders and foreign governmental officials and the Receiver has been forced to bring damages claims against two law firms. The JLs has also managed to obtain tolling agreements for future lawsuits against two other law firms.

Moreover, independent investigators and experts are reported to be working on identifying and developing damages and recovery claims to be filed in court. And, the JLs say they have caused the US Department of Justice (DOJ) to drop a request for repatriation in the UK for now.

Furthermore, since their appointment, Marcus Wide and Hugh Dickson say they have managed to recover US$3.2 million from Panama and US$20 million from the UK, while freezing real estate appraised at US$212 million.

They have also challenged the FRP/Vantis claim to US$18 million in fees and filed claims through Swiss Trustee to US$230 million in funds.

The press conference revealed further that neither the criminal conviction nor the forfeiture order against Stanford releases funds in the UK, Canada, and Switzerland. And that the only funds currently available in a liquidated form are in the hands of the SEC Receiver, Ralph Janvey, who has approximately $80 million in available cash.

The way forward for the JLs includes numerous “clawback” and preference claims set to be filed shortly. They will also be moving to file large third-party liability claims, while pressing claims to lands in Antigua in the name of non-SIB entities.

Stanford International Bank, Ltd. (In Liquidation) - Invitation to Online Presentation for the creditors/victims on April 4 at 11:00 a.m. EDT / Stanford International Bank, Ltd. (en Liquidación) – In

Dear Creditors/Victims -
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend their 3rd online presentation:

• LIVE Webinar featuring joint liquidators Marcus Wide & Hugh Dickson – The Joint Liquidators will be updating creditors/victims about the current status of the liquidation, reviewing the proof of debt claims process and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
• Wednesday, April 4 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
• Register today – limited spaces available - Please visit http://event.onlineseminarsolutions.com/r.htm?e=443905&s=1&k=8DBE903311CBF5B127C3F91B96064080 to complete registration. There is no cost for you to attend this presentation.
• Please log-in to Webinar 10 minutes prior to start time.
• You will also have the option of listening to the presentation in Spanish.

If you are unable to listen to the presentation on Wednesday, April 4 please note that the presentation will also be posted to the liquidation website (http://www.sibliquidation.com/) approximately 24 hours after the conclusion of the presentation.