Court Frustrate SIB Liquidators

Antigua St. John's - Stanford liquidators have issued a statement following a recently court judgement that found, among other things, that Barbara Streete is not a valid director of the Stanford Development Company (SDC).

A statement issued to Caribarena on Tuesday is reprinted in full below, followed by feedback from SDC attorney Hugh Marshall.

“At first pass it seems that the Court found that the Sun building was leased under market. However, when the judgment is read more closely the Court stops short of finding the lease of the Sun was under market.

The Court also found that SDC had and has no properly appointed Board of Directors. The Court also commented that Ms. Stoelker had no authority to act on behalf of SDC.

The Court went on to specifically find that Barbara Street is not a Director of SDC and directed that she cease and desist from holding herself out as one.

The consequence of this ruling, as noted by the Court, is that no one had the authority to enter into the various sales and leases proposed by SDC.

We also note that while the Court refers to SIB’s claim of $5.6million, the Court did note that SIB had additional claims.

SIB asserted that in fact SDC benefitted from SIB in an amount in excess of $269 million at the expense of the creditors of SIB which is well in excess of the value of the assets of SDC today.

While the Court suggests that SIB has not progressed its claims against SDC, this is attributable to the fact that the Joint Liquidators have not yet been able to obtain a hearing on the substantial issues of our claim.

In the meantime as the Joint Liquidators of SIB we remain frustrated as we watch the attempts to deal with the assets of SDC at undervalue and while having to deal with maneuvers to prevent us from taking those assets into possession to be dealt with properly for the benefit of the creditors of SIB who paid for them.”

SDC attorney Hugh Marshall Jr, who is currently out of state, said he was unaware of a court ruling concerning the former Antigua Sun building, but was aware of a judgment that regarding Streete.

Marshall said reactive legal steps have since been taken to fix the problem. He declined to comment on the Sun building.



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Former Stanford girlfriend, Stoelker, ordered to pay $600K

Houston Business Journal by Olivia Pulsinelli, Web producer

Date: Wednesday, September 26, 2012, 11:25am CDT

Andrea Stoelker, the girlfriend of R. Allen Stanford and a former Stanford Financial Group executive, has been ordered to pay more than $600,000, court records show.

Documents show U.S. District Judge David Godbey issued the final judgment against Stoelker on Sept. 24, ruling on a complaint filed in 2010 in the U.S. District Court’s Northern District of Texas Dallas Division by Ralph Janvey, the court-appointed receiver for the Stanford International Bank Ltd.

According to the complaint, Stoelker, a Houston resident, was the former president of Stanford Financial Group Global Management LLC, the former president of Stanford 20/20 (Stanford’s cricket organization), and Stanford’s girlfriend. In June, Stanford was sentenced to 110 years in prison for his role in a $7 billion Ponzi scheme. He was found guilty of 13 counts of fraud in March.

According to the 2010 complaint, “revenue from the sale of fraudulent certificates of deposit generated substantially all of the income for the Stanford defendants and the many related Stanford entities,” and Janvey identified more than $560,000 in transfers of CD proceeds from Stanford parties to Stoelker.

“Each payment of CD proceeds from the Stanford parties to Stoelker was made with actual intent to hinder, delay, and defraud the Stanford parties’ creditors,” Janvey asserted in the complaint.

In the Sept. 24 judgment, court documents show Godbey ordered Stoelker to pay $568,206 in voidable fraudulent transfers she received, $35,748 in attorneys’ fees and $406 in costs and expenses, as well as prejudgment interest at the rate of 6 percent per year, as calculated from the date of each respective transfer to Stoelker.

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