EIGHTH REPORT OF THE JOINT LIQUIDATORS OF STANFORD INTERNATIONAL BANK (IN LIQUIDATION)

To view the Eighth Report of the Joint Liquidators of Stanford International Bank (In Liquidation, 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/



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AMENDED CLAIM FILED against Toronto Dominion Bank

The plaintiffs claim from the defendant, The Toronto-Dominion Bank (“TD Bank”):

 

(a) damages in the Canadian dollar amount equivalent to US$5.5 billion and further amounts to be determined prior to trial;

(b) an accounting and disgorgement of profits in amounts to be determined prior to trial;

(c) prejudgment and post-judgment interest on the foregoing amounts pursuant to the Court of Justice Act;

(d) costs of this action on a substantial indemnity basis plus H.S.T.; and (e) such further and other relief as this Honourable Court may deem just.

To view the full lawsuit filed by Grant Thornton against Toronto Dominion Bank on April 11th 2014 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/

 

Gov’t keen to offer incentives for Guiana Island project

This could be good news for Stanford victims if Grant Thornton are able to sell Guiana island. No figures mentioned but we can assume Grant Thornton will be requiring a substantial sum for the sale of the island. which in turn will result in more money for the victims

ST JOHN’S, Antigua – Finance Minister Harold Lovell said Yida International Investment Antigua Limited, led by Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.

“Government has approved the project and is willing to give the necessary concessions,” Lovell said.

“We have done everything we can to facilitate the project and get it moving,” he added. “The possibilities exist that we do what is necessary in order to ensure that the project comes off the ground.”

Lovell said the group is still finalizing its purchase of the 1,517 acres of waterfront land, including Guiana Island, Crump and Rabbit Island and the Crump Peninsula, from the Stanford liquidators.

The IPR concept for the area put to market by the Stanford liquidators includes five hotels with 1,060 keys, 1,300 residential units, a casino and conference center, golf course (27 holes), marina and landing facilities and commercial, retail and sports facilities.

Lovell said the government has been doing its part to ensure the mega project can move ahead full speed, but is waiting for the group to finalise its purchase from the Stanford liquidators.

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/

 

Court Hearing on Preference Payments Next Week

Next week there will be a court hearing at which time the Court will be challenging Grant Thornton’s view on preferred payments. So that the issue is properly put to the Court it is important that anyone who wants to make a specific objection does so in the manner set out in the preference letter as these will all be presented to the court by opposing counsel on your behalf. Once Grant Thornton have clear instructions from the Court they will post it on their website.

It is imperative that we get as many objections as possible before the courts and make our voices heard. Anyone who has received a preference letter from Grant Thornton needs to send an email to make sure we have as many objections before the courts as possible. Please get writing.

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/

 

Grant Thornton 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/

 

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 fulfil 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/