Displaced Stanford employees picketed the offices of Grant Thornton on Thursday, December 11, 2014. (OBSERVER media photo)
Joint Liquidator for Stanford Development Company (SDC) Ltd, Marcus Wide has told former workers of the fallen R allen Stanford empire that demonstrations will not change the fact that “no monies are available” to pay outstanding severance.
His response came a day after ex-employees staged yet another protest outside the local Grant Thornton Office on Tuesday.
In an email to OBSERVER media, Wide said there is still no money to pay the employees’ claims.
He said the liquidators have continued talks with prospective buyers for Stanford’s properties with the hope of making a sale; however, those discussions have not borne fruit.
“So far we have not been able to get offers at what we consider to be fair value. We cannot force buyers, with the money to pay, and willing to pay proper prices, to come forward,” Wide wrote.
“We have been overly optimistic with respect to sales prospects in the past and find it difficult to make any predictions on timing,” he added.
Wide also told the former workers that the local Grant Thornton office is not involved with the Joint Liquidation of SDC.
He said the process involved himself and another liquidator, Hordley Forbes.
“The process of winding up Stanford Development Company Ltd is distinct from the process of winding up Stanford International Bank, as the creditors of each and their assets are different and cannot be intermingled,” Wide noted.
The former employees of the disgraced financier have agitated for years for the monies due to them.
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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/