Receiver says clawbacks are “test” cases, still hasn’t served financial advisors

The Stanford Financial Receivership has begun “testing” clawbacks on some of the alleged Ponzi scheme’s proceeds and payments. Last week, Receiver Ralph Janvey filed two claims against select investors in District Court in Dallas, the first of which includes several former and current Major League Baseball players named as relief defendants, and the second filing named Divo Milan Haddad and Singapore Punta Mita Pte. Ltd. In a statement following the two filings, Janvey says the suits serve to “determine whether and how the receiver may proceed with other similar claims to recover CD-related proceeds from other recipients.”

The two claims, the first filed June 22 and the second on June 25, attempt to recoup as much as $18.5 million combined. How the court rules on these two cases will help the receiver determine which—if any—additional investors must repay profits of the CDs.

In interviews with Business Report several investors who are part of the Louisiana Stanford Victims Group said they were concerned about the possibility of clawbacks. During the same set of interviews, industry professionals suggested the receiver likely will pursue only those investors capable of returning funds to the estate—rather than those who have are struggling to make ends meet.

To read the receivers’ statement in full, click here.—Olivia Watkins

Shaw signs deal for two new Iraqi refineries

The Shaw Group's energy and chemicals division has signed contracts to provide feasibility studies and design work for two refineries in Iraq. Shaw did not disclose the value of the work, which involves refineries in Maissan and Kirkuk. The refineries will produce 150,000 barrels per day. Shaw officials say the deal with Iraq's oil ministry enforces its involvement in the Middle East; the Baton Rouge-based engineering and construction firm opened an office in the United Arab Emirates in March.

Legislature wants Mineral Board to look at deep drilling

During the final days of its regular session, the Legislature quietly voted to stick a finger in the chest of the state Mineral Board, at least on paper, and urge its administrators to consider special perks for deep drilling. The board is charged with bidding out to private companies the energy leases located on state-owned lands and water bottoms. For the most part, oil and natural gas producers typically avoid the leases that require deep drilling due to the costs the inherent perils involved. That’s why lawmakers want the board to think about accepting only “minimal” royalty payments from deep-drilling leases that dip down to a true vertical depth of 15,000 feet below the surface. If not for the risks, it would be prime territory for producers and the state estimates that some 30 trillion cubic feet of natural gas remains unexplored below the threshold.

If nothing else, a credit or other tax break could generate more interest in the state’s leases. Like practically every other month this year, the June mineral lease sale recently conducted by the board dipped below previous performances. In fact, the June sale hit a three-year low by bringing in only $1.4 million for the state. In all, the Louisiana Mineral Board awarded 11 leases mostly located in northern parishes. By comparison, last year’s June sale produced more than $35.8 million in payments for the state and 38 leases for oilmen and independent producers. For the full version of this story, click here.—Jeremy Alford

School Aids opening Shreveport location

School Aids, a 32-year-old Baton Rouge company that sells material for teachers and parents, is set to open a store in Shreveport. The Youree Drive location is scheduled to open July 13. This will be the seventh location for School Aids, joining stores in Baton Rouge, Alexandria, Lake Charles, Ridgeland, Miss., and Jacksonville, Fla.

LSU scientists says breaking levees won't help

Although breaking open levees south of New Orleans is being discussed as a way to replenish the state's eroding marshes, LSU coastal scientists say the river no longer carries enough sediment to help the marshes—especially with rising sea levels due to global warming. The result is that the state is set to lose an area of coastline equal to the size of Connecticut by 2100. The paper by Michael Blum, a former LSU geologist now working for ExxonMobil Upstream Research Co. in Houston, and LSU geology professor Harry Roberts, was published today in Nature Geoscience magazine. Read the Times-Picayune story on the report here.

Crown Crafts reports annual loss

Crown Crafts, the Gonzales-based designer and distributor of infant and baby products, reported a $17.1 million loss for fiscal 2009, due to a goodwill impairment charge. If the company hadn't written off $22.9 million because of a decline in market capitalization, it would have had $5.8 million in net revenue for the year ending March 29. Crown Crafts says its net sales were up for the year, from $74.9 million in fiscal 2008 to $87.4 million in 2009.

Number of online want ads down in Louisiana

The number of jobs being advertised online in Louisiana is down 13% from last year, according to a report from the Conference Board Help-Wanted Online Data Series. There were 40,400 advertised vacancies in the state during June, compared with 46,600 in June 2008. Nationwide, the number of vacancies advertised online fell by 29%, to nearly 3.3 million. The Conference Board says the number of job ads was flat in Louisiana during the first six months of the year. That mirrors the larger national trend of flat demand since January, although some states such as Florida and Georgia are showing modest increases, and others such as California and Pennsylvania are still spiraling downward.

Tuesday deadline for Top 100 entries

The deadline to submit information for Business Report's annual Top 100 Private Companies list is 5 p.m. Tuesday. Business Report ranks companies by gross revenue. Based on past numbers, companies with less than $15 million in revenue are unlikely to make the Top 100 list. For more information, e-mail jgennaro@businessreport.com. The list will be published July 28.

Poll: Legislature receives bad grades

Thirty-eight percent of respondents to a Daily Report poll gave the Legislature a "D" for its performance in the just-concluded session. Thirty percent of people who took the online survey were even harsher, giving the Legislature an "F." Twenty-four percent handed out "C" grades and just 1% gave the Legislature an "A." More than 1,150 people took the poll.

Today's question: Are you checking out more books and DVDs from the East Baton Rouge Parish Library because of the recession?