Stanford Victims Pillory Receiver, Call For Ch.11

Law360, New York (September 11, 2009, 12:45 PM EDT) -- Fed up with a receivership they say is wasteful and exclusionary, victims of Stanford International Bank Ltd.’s alleged $7 billion Ponzi scheme have urged the court to let them file an involuntary bankruptcy petition that would take the administration of Stanford’s estate out of the receiver’s hands.

On Sept. 10 investors urged U.S. District Judge David C. Godbey of the Northern District of Texas to lift the stay preventing an involuntary bankruptcy petition, claiming that the last six months have proven that a bankruptcy proceeding is...
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