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Stanford - Advisory of Objections

Stanford - Advisory of Objections

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Published by Catherine Burnell
Grant Thornton Advisory of Objections
Grant Thornton Advisory of Objections

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Published by: Catherine Burnell on Apr 28, 2012
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JOINT LIQUIDATORS’ ADVISORY OF OBJECTIONS TO RECEIVER’S AMENDED MOTION FOR ENTRY OF AN ORDER (I)ESTABLISHING BAR DATE FOR CLAIMS; (II) APPROVING FORM AND MANNER OF NOTICE THEREOF; AND (III) APPROVINGPROOF OF CLAIM AND RELATED FORMS AND PROCEDURES FOR SUBMITTING PROOFS OF CLAIM
i
 
IN THE UNITED STATES DISTRICT COURTFOR THE NORTHERN DISTRICT OF TEXASDALLAS DIVISIONIn re:STANFORD INTERNATIONAL BANK,LTD.,Debtor in a Foreign Proceeding.§§§§§§Civil Action No. 3:09-CV-0721-N
JOINT LIQUIDATORS' ADVISORY OF OBJECTIONS TORECEIVER'S AMENDED MOTION FOR ENTRY OF AN ORDER(I) ESTABLISHING BAR DATE FOR CLAIMS; (II) APPROVING FORM ANDMANNER OF NOTICE THEREOF; AND (III) APPROVING PROOF OF CLAIM ANDRELATED FORMS AND PROCEDURES FOR SUBMITTING PROOFS OF CLAIM
Case 3:09-cv-00721-N Document 158 Filed 04/20/12 Page 1 of 29 PageID 12842
 
 
JOINT LIQUIDATORS’ ADVISORY OF OBJECTIONS TO RECEIVER’S AMENDED MOTION FOR ENTRY OF AN ORDER (I)ESTABLISHING BAR DATE FOR CLAIMS; (II) APPROVING FORM AND MANNER OF NOTICE THEREOF; AND (III) APPROVINGPROOF OF CLAIM AND RELATED FORMS AND PROCEDURES FOR SUBMITTING PROOFS OF CLAIM
ii
 TABLE OF CONTENTSI
.
Establishment of a Claims Process in the SEC Receivership isPremature Prior to a Ruling on the JLs' Petition Under Chapter 15 of the Bankruptcy Code
.........................................................................................................2
II. Duplicate Claims Processes Will Lead to Unnecessary Expense andDepletion of Funds Available for Distribution
................................................................4
III. The Procedures Proposed in the Receiver's Claims Motion AreInefficient, Ineffective, and Inappropriate
......................................................................6
 IV. The Receivership, as a Failed Estate, is Ill-Equipped to Administerthe Claims Process
...........................................................................................................14
 
Case 3:09-cv-00721-N Document 158 Filed 04/20/12 Page 2 of 29 PageID 12843
 
 
JOINT LIQUIDATORS’ ADVISORY OF OBJECTIONS TO RECEIVER’S AMENDED MOTION FOR ENTRY OF AN ORDER (I)ESTABLISHING BAR DATE FOR CLAIMS; (II) APPROVING FORM AND MANNER OF NOTICE THEREOF; AND (III) APPROVINGPROOF OF CLAIM AND RELATED FORMS AND PROCEDURES FOR SUBMITTING PROOFS OF CLAIM
iii
 TABLE OF AUTHORITIESPage(s)C
ASES
 
 In re Augie/Restivo Baking Co., Ltd 
.,860 F.2d 515 (2d Cir. 1988).......................................................................................................8
 In re Bonham
,229 F.3d 750 (9th Cir. 2000).....................................................................................................8
 In re Owens Corning
,419 F.3d 195 (3d Cir. 2005).......................................................................................................7
 In re Pacific Lumber Co.
,584 F.3d 229 (5th Cir. 2009).................................................................................................7-8
S
TATUTES
 
11 U.S.C. § 307................................................................................................................................911 U.S.C. § 363................................................................................................................................911 U.S.C. § 502(d).........................................................................................................................1111 U.S.C. § 507..............................................................................................................................1011 U.S.C. § 726..............................................................................................................................1011 U.S.C. § 1102..............................................................................................................................911 U.S.C. § 1104..............................................................................................................................911 U.S.C. § 1520..............................................................................................................................311 U.S.C. § 1532..............................................................................................................................3
O
THER
A
UTHORITIES
 
Bankruptcy Rule 2002.....................................................................................................................9Bankruptcy Rule 3001...................................................................................................................10Diana Henriques,
Wizard of Lies
...................................................................................................15Munday, Oliver,
Squeeze Play
,
 
the American Lawyer, (Oct. 2011).............................................14
Case 3:09-cv-00721-N Document 158 Filed 04/20/12 Page 3 of 29 PageID 12844

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