Allen Stanford's Receiver Finding Controversy

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Allen Stanford's Receiver Finding Controversy

Сообщение cigssmoke » 13 июн 2018, 04:39

In February, when the Securities and Exchange Commission took over the global empire of Texas businessman R. Allen Stanford, investors in certificates of deposit sold by Antigua-based Stanford International Bank learned that their money had likely vanished. The supposedly ultrasafe investment, prosecutors and the SEC allege, was actually an $8 billion Ponzi scheme.

Now those same investors may be facing a second hit, as the receiver charged with recovering any money that might be left over from Stanford scheme is accused of bungling the job. And the fact that the lawyers and accountants working for the receiver are trying to collect millions in fees isn likely to make the investors feel better Cheap Cigarettes For Sale Online.

In February the SEC appointed Dallas attorney Ralph Janvey, 58, of six-lawyer Krage Janvey as receiver. The choice triggered some surprise in legal circles; Janvey had worked on only a handful of other receiverships, none close to the scope of Stanford.

But he billed like an old pro. For the first eight weeks of work, Janvey requested nearly $6 million for Baker Botts, his main outside firm, for the services of 101 attorneys, representing an eighth of the firm lawyers. He asked for nearly $2 million for Thompson Knight, another firm he tapped, for some 66 timekeepers. Virgin Islands, and for other professional services.

In August, Janvey requested another $7.6 million in fees for seven more weeks of work by 14 professional services firms. He has recovered about $81 million, meaning that the fees requested are equal to 34 percent of the recovery.

In June both the SEC and the court-appointed examiner--tasked with representing the investors interests--asked the judge overseeing the receivership to reject Janvey initial $20 million request Duty Free Marlboro Cigarettes. In an emergency motion, the SEC told the judge that Janvey was pursuing litigation it considered both costly and counterproductive: clawback suits against 13 individual investors seeking the return of not just their profits, but also their principal. The judge agreed in part, ruling in early August that Janvey could sue, but that innocent investors in the class were only liable for profits, not principal.

Observers have not been shy about criticizing Janvey. The Stanford examiner, John Little of Dallas Little Pedersen Fankhauser, wrote that Janvey is willing "to expend $2 in attorneys and accountants fees chasing a recovery of only $1." K Gates partner Michael Missal, who has no involvement in the case, but who has been an SEC receiver, says, "I very surprised that there would be a public feud between the SEC and its own receiver Newport Cigarettes For Sale." Neither Janvey nor Baker Botts responded to calls. But in court responses, Janvey claimed that he gave the SEC some 1,100 pages in documentation to back up the fee request. Moreover, he wrote, the SEC never told him that his fees were contingent on his actual recovery. Once it became clear that the recovery would be smaller than expected, he added, the SEC demanded substantial discounts.

Most of Stanford still-liquid assets are in other countries, so at the same time Janvey is fighting the SEC in Dallas, he has to deal with a number of international jurisdictions. So far, Janvey is employing a take-no-prisoners strategy that is also backfiring abroad. The outcome of that battle--which Janvey has appealed--and others in Switzerland, Canada, and elsewhere will ultimately determine whether Janvey is ever able to recover money for investors.

As for Stanford personal legal team, the picture is no more settled. The judge declined Stanford requests to unfreeze any of the money Janvey has recovered to pay them Cheapest Marlboro Cigarettes. In August his high-powered attorney, Houston Dick DeGuerin, asked to quit the case because he had no guarantee of getting paid. Stanford choice of replacement, Robert Luskin of Patton Boggs Cigarettes Online Free Shipping, also wanted some assurance of being paid before signing on. As of press time the judge had not made a decision.
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