Reports surfaced Tuesday that Robert Allen Stanford’s attorneys suggested in court that Baker Botts, the law firm representing Stanford receiver Ralph Janvey, should be disqualified. Bloomberg News reported that Stanford’s attorneys claimed James Baker of Baker Botts, the former Secretary of State, represented Robert Allen Stanford and his father in the mid-1980s when Stanford created Guardian International Bank—the institution that, after leaving headquarters in Montserrat, set up shop in Antigua and became Stanford International Bank.
Bloomberg reported that representatives from Baker Botts have denied any involvement with Stanford International Bank or Guardian International Bank in the past. To read the full story click here.
While drama surrounding the receivership continues, the breakup of the Stanford estate has continued. Reuters reported Tuesday that Janvey has released five of Stanford’s luxury aircrafts back to the leasing agent. The jets, which were appraised for fair market value at more than $62 million, were returned in exchange for $4.8 million. To read the full report from Reuters, click here.
The receivership also announced Tuesday that the Stanford Group Suisse office building in Zurich was sold for roughly $22 million. Stanford AG was still operating in the management of client investments, but was at risk of a liquidity crisis as clients rushed to pull funds from the investment management firm. To read the statement from the receivership, click here.—Olivia Watkins
