Joint Liquidators proposal to the US Department of Justice – May 4, 2012
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 other’s 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 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, we 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 a distribution to you as of September 30, 2012 if the proposed compromise with the DOJ comes to fruition.
Marcus Wide and Hugh Dickson, Joint Liquidators of SIB
April 4, 2012 Webinar Invite
Stanford International Bank, Ltd. (In Liquidation) – Invitation to Online Presentation for the creditors/victims on April 4 at 11:00 a.m. EDT
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 (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
STANFORD INTERNATIONAL BANK JOINT LIQUIDATORS INTRODUCE NEW ON LINE CLAIMS FORM
Based on creditors/victims feedback, the Joint Liquidators of Stanford International Bank released a new interactive claims form today in efforts to make the process for filing a claim more user friendly and efficient. While this form does not change the information that is required to complete the proof of debt form, it does allow for the information to be entered in a more logical manner with the ability to add multiple accounts within the form. Upon entering the data a pdf version of the form is created that must then be printed and signed by all account holders before submitting. To access the forms, please go to: http://www.sibliquidation.com/claims-administration/.
ANTIGUAN JOINT LIQUIDATORS OFFICIAL STATEMENT REGARDING ALLEN STANFORD’S CONVICTION
The Joint Liquidators of Stanford International Bank, Marcus Wide and Hugh Dickson, today welcomed the guilty verdict in the trial of Allen Stanford. “Allen Stanford’s actions have hurt thousands of innocent people, some of whom lost their life savings. While a guilty verdict cannot reimburse depositors for the money they lost, they can hopefully gain some comfort from the fact that justice has caught up with the man,” said Mr. Dickson.
STANFORD INTERNATIONAL BANK JOINT LIQUIDATORS ANNOUNCE CLAIMS PROCESS
FOR IMMEDIATE RELEASE
Claims Process in Place for Fraud Victims
ANTIGUA-January 18, 2012– The Joint Liquidators of Stanford International Bank released details of their initiation of the formal claims process to set the amount of claims of all creditors of the Bank. The formal claims process is essential to facilitate distribution to the creditors of which over 99.9% are depositor victims. All creditors of Stanford International Bank, Limited (“SIB”) must complete and submit a claim form if they wish to receive any distributions that may be made in the future. This includes those creditors that may have previously registered their claims with the former Joint Liquidators. All details, including copies of the claims form and other relevant information, can be found at www.sibliquidation.com/claims-administration in both English and Spanish. Read more →
Stanford Development Company’s sale of land could benefit creditors of Allen Stanford’s alleged Ponzi scheme
FOR IMMEDIATE RELEASE
SALE OF LAND PARCELS COULD BE WIN-WIN SITUATION FOR GOVERNMENT AND STANFORD CREDITORS
ANTIGUA-January, 2012– The Government of Antigua would like to acquire two parcels of land which adjoin the airport as part of its redevelopment program. These parcels are part of the property of Stanford Development Company (SDC). Currently, the Joint Liquidators of Stanford International Bank (SIB) placed a freeze over all SDC lands.
Prior to the Stanford International Bank and its creditors benefitting from the value of the frozen assets, the Joint Liquidators recognize that legitimate creditors of SDC will have to be paid. Read more →
Letter from Marcus Wide to Senators Vitter, Shelby, Cochran and Wicker
Click the link below for a copy of a letter sent yesterday evening by Marcus Wide to Senators Vitter, Shelby, Cochran and Wicker explaining SR346 may be based on misunderstanding of facts.
Stanford International Bank, Ltd. (In Liquidation) – Invitation to Online Presentation for the creditors/victims on December 7 at 11:00 a.m. EST
Dear Creditors/Victims -
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend their 2nd 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 and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
- Wednesday, December 7 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
- Register today – limited spaces available – Please visit https://event.onlineseminarsolutions.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=381101&sessionid=1&key=2A3109A3D79DDD2
25E9351E56676104E&sourcepage=register 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, December 7 please note that the presentation will also be posted to the liquidation website (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
Online Creditors Meeting from October 11, 2011
Please use the link provided to listen to the Online Creditors Meeting that was given by the Stanford International Bank Joint Liquidators on October 11, 2011.
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend an online presentation
Dear Creditors/Victims -
The Joint Liquidators of Stanford International Bank, Ltd. invite you to attend an online presentation:
- LIVE Webinar featuring joint liquidators Marcus Wide & Hugh Dickson
- The Joint Liquidators will be informing creditors/victims about the current status of the liquidation and responding to questions from creditors/victims who will have the opportunity to send in questions during the presentation.
- Tuesday, October 11 at 11:00 a.m. EDT – presentation is expected to last approximately 1 hour.
- Register today – limited spaces available – Please visit
https://event.onlineseminarsolutions.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=365630&sessionid=1&key=7B9889A4B001041
3216182FC970B085C&sourcepage=register
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 Tuesday October 11 please note that the presentation will also be posted to the liquidation website (www.sibliquidation.com) approximately 24 hours after the conclusion of the presentation.
Letter to the Editor, Caribbean360
Dear Sir or madam,
A story published in the August 18, 2011, edition of Caribbean360, “Investors question Antigua Stanford liquidators” makes several erroneous and unfortunate statements that only mislead and confuse victims of SIB’s failure.
I am a creditor of the Stanford International Bank (SIB), being a holder of Certificates of Deposit (CDs). As such I have one focus – what is the best way to maximize the estate of SIB and what is the best way to maximize the distribution of funds to the creditors. To this end, I have become a member of the Antiguan Liquidators’ Creditors Committee, and I can assure you it is our mission to assist the Joint Liquidators in expeditiously recovering victims’ assets in a process that is equitable and transparent.
Unfortunately, the article published on August 18 appears bent on upsetting and confusing victims. So please let me begin by setting some of the record straight.
Stanford International Bank Creditors’ Committee Urges U.S. and U.K. Authorities to Unfreeze Millions Immediately
Newly formed creditors’ committee is working closely with liquidators, but fears recovery efforts could stall if money isn’t released soon
ANTIGUA-July 13, 2011– Liquidators of Stanford International Bank announced today that its newly formed Advisory Creditors’ Committee is backing a proposal to urge the U.S. Department of Justice and the United Kingdom’s Serious Fraud Office to unfreeze critical funding to the estate immediately.
The Creditors’ Committee, which is currently made up of victims from six countries, says recovery efforts for over 21,000 creditors with $7.2 billion in claims will stall to the detriment of the estate unless money is released from the bank’s own accounts that have been frozen at the instigation of the DoJ for more than two years. Read more →
Stanford International Bank Creditors’ Committee formed to provide assistance to the Liquidators
ANTIGUA-July 1, 2011– Liquidators of Stanford International Bank announced today that its newly formed Advisory Creditors’ Committee has had its first meeting in keeping with the Joint Liquidators commitment to creditor involvement with the liquidation process.
“It was a very productive meeting” said Marcus Wide one of the Joint Liquidators, “we covered a lot of ground in trying to bring the Committee up to date with the issues that face the estate, many of them urgent.”
The Joint Liquidators of Stanford International Bank announce plans to harmonise recovery efforts for the victims of the Stanford fraud
June 29, 2011 Today the Joint Liquidators of Stanford International Bank in Antigua, announced that they were making progress in their efforts to ensure that the efforts of the various stakeholders were focused on maximizing the total recovery for victims.
“We have resolved not to have litigation between the various interests if it can possibly be avoided ” says Hugh Dickson, of Grant Thornton Cayman one of the Joint Liquidators, “instead we want to work co-operatively with those actively involved in asset recovery to ensure that the person best suited to take on any individual asset recovery action is the person who takes that action. Also we are trying to avoid a duplication of distribution processes as multiple proceedings will not be cost effective. This means trying to respect the laws and processes of the various jurisdictions. For example, in Antigua there is a statutory obligation and a format to be followed for a claims and distribution process that we can’t avoid, so the issue is can we run this co-operatively with the US proceeding in an way that is acceptable to both countries.”
NEW STANFORD INTERNATIONAL BANK LIQUIDATORS AIM TO CONVINCE OFFICIALS TO UNFREEZE HUNDREDS OF MILLIONS
Liquidators weigh selling real estate assets to generate funds, but worry that lack of liquidity could dampen creditors’ prospects for a strong recovery
ANTIGUA-June 15, 2011– The newly appointed liquidators of Stanford International Bank announced today that they hope to reach a compromise with various governments, including the US Department of Justice to unfreeze hundreds of millions of dollars in assets in an effort to recover the billions lost by the more than 27,000 creditors of SIB.
Marcus Wide and Hugh Dickson, liquidators appointed last month by an Antiguan court to oversee the liquidation of Stanford International Bank, said the estate has virtually no funds, but is saddled with obligations that exceed money on hand. Convincing government officials around the world to unfreeze the funds is a top priority, they said.
Press Release in respect of the appointment
13 May 2011 – Press Release in respect of the appointment
Click to view PDF: Press Release of the appointment