Stanford receiver finds liquidity crisis

The lawyer who has been put in charge of the Stanford Group told a federal court in Dallas today that the company faces a dire financial squeeze, Reuters reports. Ralph Janvey, in his first public comments since taking over the firm nearly two weeks ago, says, “There is a liquidity crisis in this company.” Instead of the billions of dollars reportedly lost by investors, hundreds of millions of Stanford assets will likely be recovered, Janvey says. Read the full story here. Meanwhile, items were moved out of Stanford’s downtown Baton Rouge office this morning.