COViSAL demands that Grant Thornton, after fourteen (14) years of ineffectiveness, present a clear report of results and plan to close the Liquidation of SIBL.
June 28, 2023
Mark McDonald
Joint Liquidator
Stanford International Bank Limited - in Liquidation
Dear Mr. McDonald,
I, Jaime R. Escalona, in my capacity as founder of COViSAL, a coalition that brings together more than 1,500 survivors of the Stanford Financial Group debacle; through this letter, I convey to you our members’ indignation for your seven (7) months of silence and their demand for a detailed report with the plans and strategies in the conclusion of the pending litigation, the closing of the Liquidation of Stanford International Bank Limited ("SIBL") and distribution of the remaining funds.
It is obvious that additional recoveries through litigation are uncertain. The main lawsuit against Toronto Dominion Bank in Canada for $4.5 billion failed in the Court of First Instance and in the Court of Appeal due to the indolence of our Trial Lawyers. Insensitivity was evident in the "Live Viewing Links Oral Closing Arguments" of April / 2021.
Now it's all in the hands of the Supreme Court of Canada if they grant you permission to hear the appeal. It would be a miracle if the Supreme Court grants you the hearing.
In your "Update to Creditors" of November/2022 you mentioned that the litigation against SocGen in Switzerland and HSBC in England have the possibility of recovery. We doubt it because of the mediocre performance that our Lawyers have had in these fourteen (14) years of litigation, which have only generated fees and expenses and derisory recoveries.
For the above reasons, we ask you to provide us with a detailed report of the pending legal actions and their possibilities of recovery.
Additionally, we want to know what is your plan to wind down the Liquidation of SIBL and carry out the distribution of the available cash, before these funds are dissipated in expenses and unsuccessful litigation.
COViSAL members and followers await a prompt response.
Sincerely,
Jaime R. Escalona
On behalf of COViSAL for Restitution, since 2009.
Twitter: @COViSAL
Con DIOS, superaremos todos los obstáculos / With GOD, we'll overcome all obstacles
La labor de COViSAL, desde el 2009, es de índole investigativa, informativa y de difusión. NO debe interpretarse como asesoría legal. The nature of the work of COViSAL, since 2009, is research, information, and dissemination. It should NOT be interpreted as legal advice.
