Las víctimas olvidadas de Stanford ahora disponible en español

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Saturday, March 1, 2014

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

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

Less: Cost Awarded for removal of former liquidators                                 (3,185,338)

Total Receipts                                                                                            105,642,444

  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

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

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