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Motion for Approval of Interim Distribution

Motion for Approval of Interim Distribution

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Published by Catherine Burnell

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Published by: Catherine Burnell on Jan 12, 2013
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01/12/2013

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IN THE UNITED STATES DISTRICT COURTFOR THE NORTHERN DISTRICT OF TEXASDALLAS DIVISION
SECURITIES AND EXCHANGE COMMISSION,Plaintiff,v.STANFORD INTERNATIONAL BANK, LTD., ET AL.,Defendants.§§§§§§§§§ Case No. 3:09-CV-0298-N_____________________________________________________________________________
RECEIVER’S MOTION FOR APPROVAL OF INTERIM DISTRIBUTION PLAN
_____________________________________________________________________________B
AKER
B
OTTS
L.L.P.Kevin M. SadlerTexas Bar No. 17512450kevin.sadler@bakerbotts.comScott D. PowersTexas Bar No. 24027746scott.powers@bakerbotts.comDavid T. ArlingtonTexas Bar No. 00790238david.arlington@bakerbotts.com98 San Jacinto Blvd., Suite 1500Austin, TX 78701-4078Tel: 512.322.2500Fax: 512.322.2501
A
TTORNEYS FOR
R
ECEIVER
R
ALPH
S.
 
J
ANVEY
 
 
 
R
ECEIVER
S
M
OTION
F
OR
A
PPROVAL OF
I
NTERIM
D
ISTRIBUTION
P
LAN
 
i
 
T
ABLE OF
C
ONTENTS
 
T
ABLE OF
A
UTHORITIES
..................................................................................................................iiiI. Introduction.............................................................................................................................1II. Background.............................................................................................................................2A. The Stanford Ponzi scheme........................................................................2B. The Receiver’s asset recovery efforts.........................................................4C. The claims process and the Interim Plan....................................................71. Claims received...............................................................................72. Claims reconciled............................................................................83. Net loss approach............................................................................94. Recipients of payments under the Interim Plan..............................95. Pro rata distribution calculation....................................................106. Treatment of unresolved objections to notices of determination and claim deficiencies............................................107. Treatment of payments from collateral sources............................118. Publication of payment schedules.................................................12III. Argument & Authorities.......................................................................................................13A. The Court may approve any distribution plan that is fair andreasonable.................................................................................................13B. The Receiver’s Interim Plan is fair and reasonable..................................141. The Interim Plan compensates the Investor CD Claimants,who are the primary victims of the Stanford Ponzi scheme.........142. A pro rata distribution among Investor CD Claimants is themost equitable relief available......................................................153. Distribution should be pro rata and based on the InvestorCD Claimants’ net losses..............................................................164. The Receivership Entities should be aggregated fordistribution purposes.....................................................................21
 
R
ECEIVER
S
M
OTION
F
OR
A
PPROVAL OF
I
NTERIM
D
ISTRIBUTION
P
LAN
 
ii
 
5. Neither defendants sued by the Receiver or the InvestorsCommittee, nor Stanford employees, independentcontractors, or insiders should receive payments under theInterim Plan...................................................................................236. Other general and secured creditors of the ReceivershipEntities should receive no payments under the Interim Plan,but might receive distributions under future plans.......................25IV. Conclusion............................................................................................................................26C
ERTIFICATE OF
S
ERVICE
..............................................................................................................28C
ERTIFICATE OF
C
ONFERENCE
.......................................................................................................28

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