Things may be looking up for victims of convicted Ponzi artist R. Allen Stanford. On Wednesday court-appointed Stanford receiver Ralph Janvey and his lawyers at Baker Botts agreed to make nice with the folks liquidating the fraudster’s Antiguan bank, with both sides vowing to work together to recover assets for investors….
The tug-of-war consumed lawyers on both sides and threatened to seriously hamper the recovery process, but months of negotiations have apparently led to a settlement. A joint statement announcing Wednesday’s cooperation agreement says that the deal was reached between Janvey, U.S. examiner John Little, and the liquidators in Antigua, with “input” from the U.S. Justice Department and the SEC.
via Stanford Receiver and Antiguan Liquidators End Tug-Of-War over Investor Claims — The Litigation Daily
One response to “Stanford Receiver and Antiguan Liquidators End Tug-Of-War over Investor Claims”
Too bad the Antiguan Government scuttled this deal, probably because the US wanted too much information about how far the fraud went up into the Antiguan Government. They have already suppressed their own internal report, ignored their extradition treaty with the US regarding their head of banking regulation (FSRC), and allowed the destruction of bank and audit records. Janvey was probably demanding Antiguan loan repayments and records of Antiguan “political contributions”.