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Saturday, March 12, 2011

Update on The Status of Morgenstern & Blue’s Stanford-Related Cases and Recovery Efforts and Other Case Developments

March 11, 2011

Dear Clients:

We continue to work hard to advance the cases we are pursuing on your behalf, both individually, and as members of the Official Stanford Investors Committee. While progress has been slow, we DO believe that the cases are advancing. The Committee meets on at least a weekly basis, and has additional monthly meetings with the Receiver and his team. We communicate with each other on the Committee numerous times every day. We are reviewing and analysing tens of thousands of documents relating to the cases we have filed, and other potential cases that we intend to file on behalf of the Stanford investors (contrary to some reports being circulated, we do not believe that the claims we are considering are barred by any statute of limitations defense and with respect to certain possible actions we have entered into agreements tolling any applicable statute of limitations). The Committee has filed dozens of cases against third parties in its own name and in conjunction with the Receiver, seeking recovery of tens of millions of dollars, and pursuant to a now Court-approved agreement with the Receiver, will now be taking over the prosecution of virtually all of the pending litigation against third parties (other than the claims against investors and brokers already filed by the receiver) and will be filing new lawsuits seeking substantial recoveries. We have also submitted a “protective claim” with the SEC, although we continue to be sceptical about whether those claims will prove to be successful.

Progress IS being made, although not as quickly as we would like. We were all disappointed that Mr. Stanford’s criminal trial was postponed, and we have expressed that displeasure and asked that the Court overseeing that case hold the trial as soon as possible. We continue to believe that the information and documents that will be revealed as part of the criminal case will be very useful in our efforts on your behalf. At the request of the Committee and its members, the Court presiding over the receivership cases has scheduled a status conference on March 28 in Dallas in connection with all the cases. We will provide you with a further update immediately following the conference.

As you know, Peter Morgenstern has headed the team representing you in the Stanford matter. One of the members of the team, Greg Blue, has left the firm, and will no longer be involved in the Stanford case. We have brought on several additional legal and administrative staff to augment our team, including a highly-experienced commercial litigator, another attorney and additional paralegals. We will also be working with outstanding co-counsel, both in our role as members of the Committee, and in the bank and other litigations we are litigating on your behalf. As a result of these changes, we will soon be changing the name of the firm, and we are completing a relocation to new offices. Our new address is 380 Madison Avenue, New York, New York 10017. Our telephone number and email addresses will remain the same. There will be no interruption in our vigorous pursuit of recoveries on your behalf.

Peter D. Morgenstern

1 comment:

  1. Is it just me or is there anyone else reading this who thinks M+B are off the rails?