Las víctimas olvidadas de Stanford ahora disponible en español

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Monday, April 19, 2010

Update from Peter Morganstern to Stanford Victims

While it may not always be publicly apparent, please know that we are working very hard to advance the cause of maximizing recoveries for Stanford investors, and I personally spend the great majority of my own professional time on this matter. Second, I believe that there is a misperception that the victims from outside the United States are not being fairy represented. That is not true. The considerable majority of our clients (which exceeds 1000 in total) reside outside the United States and all of my efforts are on behalf of the entire group, without reference to where they are located. Our cases against the banks and Antigua are proceeding as expeditiously as possible (the banks are due to answer the complaint next month), and we are investigating other potentially lucrative claims all the time. We believe that other promising cases will be filed shortly. The legal process is slow, but we are aggressively pursuing all avenues for recovery. The process is particularly burdensome in large complex cases like this, and the involvement of a foreign government makes things even more complicated, as we need to formally serve Antigua under a foreign treaty, which takes several months even when the other side is cooperative, which they are not. We are doing everything we can under international law, to pursue the claims we filed against Antigua, the Eastern Caribbean Central Bank, and the other defendants. Please note that our economic interests are absolutely aligned with the victims that we represent, as our compensation depends on the success of our efforts.
We also strongly believe that the victims of this terrible fraud deserve to be compensated under the applicable laws that we cite in our complaints. As you know, we sought to move the main cases from the receivership to bankruptcy court. After the court expressed skepticism about the wisdom of removing the receiver and his team after a year of work, and the potential for increased expense and delay, we devised a compromise that will empower investors through an official committee.
This was not our first choice. Under the order we submitted to the court, we are still able to seek to move the case to bankruptcy in the future, if we are dissatisfied with this arrangement. The committee will be formed as soon as the court enters the order, as we expect it will. I assure you that the committee will represent the interests of all victims and we have been responding to people who have expressed interest in serving on the committee. I apologize for the fact that I am not always able to respond to personal emails as quickly as some people would like. We are trying to balance the legitimate desire of our clients for responses and updates with our efforts to work toward the quickest possible successful resolution of the cases. Please feel free to share this as you consider appropriate, and let's keep in touch.
Regards, PDM

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