COViSAL email to Janvey & attorneys -Time is of the Essence: Release Stanford Settlement Funds to Suffering Victims Now

Time is of the Essence: Release Stanford Settlement Funds to Suffering Victims Now

From: Jaime R. Escalona <jaenrodes@gmail.com>
Sent: Tuesday, February 6, 2024 12:10 AM
To: Ralph Janvey <rjanvey@kjllp.com>
Cc: Kevin.sadler@bakerbotts.com; John Little <john@johnjlittlelaw.com>; Morgenstern, Peter <morgenstern@butzel.com>; Ed Snyder <esnyder@casnlaw.com>
Subject: Time is of the Essence: Release Stanford Settlement Funds to Suffering Victims Now

Dear Mr. Janvey,

Thousands of families continue to grapple with financial and medical hardship due to Stanford's fraud. While the recent $100 million settlement from Trustmark offers a glimmer of hope, the proposed 25% attorney fee award leaves a mere $75 million for distribution. We urge you to prioritize victim relief by expediting the release of these funds without further delay.

The mentioned distribution schedule, requiring court approval, presents a hurdle. We implore the Court to swiftly grant approval and urge you to minimize unnecessary delays within your team.

While recognizing ongoing settlements pose challenges, we anticipate resolution within months. However, Stanford and Antiguan Joint Liquidators' appeals threaten further setbacks. We urge all parties to prioritize victim recovery above prolonging proceedings. Upcoming deadlines like Stanford's petition (February 15th) and the SG Suisse appeal hearing (April 2024) are crucial for a swift and just resolution.

For transparency and accountability, we seek answers to the following:

• Specific factors impacting the distribution timeline.
• Additional funds to be distributed alongside the $75 million.
• Status of the Janvey vs. GMAG case and immediate availability of the $45 million Magness settlement.
• Concrete timeline for victims to receive payments.
• Process for addressing challenges, objections, or delays.
• Timing of attorney fee payout (before, alongside, or after victim distributions)?
• Receiver's strategy for addressing Stanford's potential Supreme Court petition.
• Post-February 15th developments regarding Stanford's petition.
• Potential consequences of the SG Suisse appeal for victim recovery.
• True intent of the provision regarding SocGen's obligations if a bar order is denied.
• Validity of the joint liquidators' interpretation on SocGen's payment obligation.
• Correctness of SocGen's interpretation regarding payment until the bar order appeal is resolved.

The Swift and efficient distribution of these recovered funds is paramount for the well-being of thousands. We urge you and all involved parties to prioritize their needs and work collaboratively towards a just and timely resolution.

Thank you for your time and immediate action.

Jaime R. Escalona
On behalf of COViSAL for Restitution, since 2009.
https://www.covisal.org/
Twitter: @COViSAL

jaenrodes@covisal.org

jaenrodes@gmail.com

 

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.