By Laurel Brubaker Calkins
HOUSTON, USA (Bloomberg) -- The court-appointed receiver for Allen Stanford’s businesses has asked permission to sell the indicted financier’s stakes in a Houston television station, a pair of glossy horse-industry magazines, a boutique bank in the US Virgin Islands and a publicly traded precious-metals company.
Ralph Janvey’s private-equity advisers have found three buyers willing to pay a total of $6.1 million for Stanford’s holdings in the companies, all of which are experiencing financial difficulty, according to Janvey.
The Park Hill Group, which is marketing Stanford’s private- equity portfolio for Janvey, “concluded that these offers represent the highest dollar value available for the receivership estate,’’ Kevin Sadler, Janvey’s lawyer, said in court papers filed today in federal court in Dallas.
Sadler said prospective investors have refused to inject direly needed capital into the businesses as long as Stanford remains an investor.
Stanford, who denies any wrongdoing, has protested Janvey’s sale of his assets and investments before he has the chance to defend himself at trial. The financier is scheduled to be tried in January on 21 criminal counts that he led a $7 billion investment fraud involving certificates of deposit sold by Antigua-based Stanford International Bank Ltd.
Source: Caribbean Net News
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