23 de febrero de 2024
Subject: Update on
Stanford Financial Group Tenth Distribution Plan
Dear COViSAL Member and
follower,
This is an update on the
Tenth Interim Distribution Plan from Stanford Financial Group, as discussed in COViSAL
message #188. Distribution Details: - The Receiver filed a
motion on February 9th, seeking court approval to distribute $72.7 million
from the Trustmark National Bank settlement and other available funds.
- This represents an
estimated 1.52% of each approved claim amount.
- Similar to previous distributions, payments are expected to be sent within 2-3 months of court approval. We are demanding a faster process.
RECEIVER’S
MOTION FOR APPROVAL OF TENTH INTERIM DISTRIBUTION PLAN
____________________________________________________________________________________ Through
this Motion, the Receiver respectfully requests that the Court approve his
tenth interim distribution plan (the “Tenth Interim Plan”). The Tenth Interim
Plan will result in pro rata distributions totaling approximately $72.7 million
to eligible Investor CD Claimants,1 with such distributions totaling
1.52% of the Allowed Claim Amounts reflected in the Notices of Determination or
Conditional Notices of Determination issued to such Investor CD Claimants. The
1.52% distribution under this Tenth Interim Plan will be paid from: (a) the net
recovery of $72,492,144.56 collected from the settlement previously reached
with Trustmark National Bank (the “Trustmark Settlement”) [see Doc. 3278 (Order
approving Trustmark Settlement)];2 and (b) approximately
$350,000 from other available Receivership Assets. ________________ 1
Unless otherwise defined herein, all capitalized terms shall have the same
definitions as those set forth in the First Interim Plan. [See Doc. 1877.] This
Tenth Interim Plan would provide funds only to eligible Investor CD Claimants,
comprising both Receivership Investor CD Claimants and JL Investor CD
Claimants, as more particularly defined in the attached proposed Order. 2 The
gross amount of the Trustmark Settlement was $100,000,000.00. [See Doc. 3278 at
4.] The Court previously approved $3,343,807.25 in allowed expense
disbursements and $24,164,048.19 in attorneys’ fees relating to the Trustmark
Settlement. [See Doc. 3279.] After deducting such expense disbursements and
attorneys’ fees, $72,492,144.56 remains to be distributed from the Trustmark Settlement.
Through the instant Motion, the Receiver also seeks authority to distribute
$20,000.00 each to Steven Queyrouze, Guthrie Abbott, Salim Estefenn Uribe,
Sarah Elson-Rogers, Diana Suarez, and Ruth Alfille de Penhos from the Trustmark
Settlement proceeds, in acknowledgment of their participation and the work
they performed as the named, putative class representative plaintiffs.
Link to the
original document: https://stanfordfinancialreceivership.com/documents/Motion_for_Approval_of_10th_Interim_Distribution_Plan.pdf Advocacy Efforts: COViSAL statement #187-2
urged the Court and the U.S. Receiver to expedite the approval and payment
process. While we received an acknowledgment from the Official Investor
Committee Chair, it did not respond to our specific questions. We haven't
received responses from other recipients either. Investor Representation: The court-established
Official Investor Committee aims to represent all investors and maximize
recoveries. Their responsibilities include providing a voice for investors in
the receivership process. Other Agreements: The agreements with TD
Bank, Independent Bank, HSBC, and Société Générale remain under appeal. We
expect updates on these by May or June 2024, potentially sooner. Next Steps: We will share official
information about the approval, payment lists, and appeals status as soon as it
becomes available. Stay Informed: Visit the COViSAL
website for updates and resources: https://www.covisal.org
Together, we can
continue seeking justice and recovery.
COViSAL for Restitution, since 2009.
https://www.covisal.org/
Twitter: @COViSAL |