See below.  This did not hit any media beyond this website.  It is a totally ludicrous situation – we have been sitting with the $$ for 2 years.  All I want is protection from the Antiquan’s and proper instruction from the Court.  The lawyer at Baker Botts is a complete asshole!

Best regards,

Marc X. LoPresti, Esq.
Tagliaferro & LoPresti, LLP

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Sure.

http://www.law360.com/articles/239814/stanford-receiver-seeks-3m-from-fund-tied-to-bidens

Stanford Receiver Seeks $3M From Fund Tied To Bidens

By Bibeka Shrestha

Law360, New York (April 18, 2011) -- The receiver for accused Ponzi schemer Robert Allen Stanford's estate asked a Texas federal court Monday to force a hedge fund linked to Vice President Joe Biden's family to hand over $3 million held in two Stanford companies' accounts.

Ralph S. Janvey, the Stanford liquidating trustee, claimed that Paradigm Global Advisors LLC, Paradigm Capital Management LLC and others had refused to turn over assets held under the names of Stanford International Bank Ltd. — a defendant in the U.S. Securities and Exchange Commission's suit over Stanford's alleged $7 billion Ponzi scheme — and Stanford Trust Co., a company owned entirely by Stanford.

Stanford faces both criminal and civil charges for allegedly operating a massive Ponzi scheme that involved the sale of fraudulent CDs. Paradigm, which is undergoing liquidation, is owned by a holding company owned by the Bidens' son, Hunter, and the vice president's brother, James.

"Paradigm holds several million dollars in funds that belong to the victims of the Stanford fraud, and the funds should have been turned over to the receiver long ago without conditions, excuses or delays," Kevin Sadler, a Baker Botts LLP attorney representing Janvey, said Monday.

According to the motion, Paradigm has expressed concerns about relinquishing the funds because Stanford's liquidators in Antigua may seek to recover the same assets. The hedge fund also argued it may have its own claims against Stanford's estate for "fund expenses."

"The fact that Paradigm believes that it has a claim against the estate does not mean that Paradigm may refuse to transfer receivership assets to the receiver,&quo t; the turnover motion said.

Marc X. LoPresti, a Tagliaferro & LoPresti LLP attorney representing Paradigm, said Monday the hedge fund is merely seeking clarification by the court on who is entitled to the funds before it acts.

"We're more than willing, ready and able to return these funds," LoPresti said. "It's unfortunate that we have a turnover motion when we have sought complete cooperation since literally day one."

According to Janvey, Paradigm has refused to transfer the assets unless the receiver agrees not to pursue a claim for Maple Leaf Capital LLC, a fund Paradigm is hoping to redeem its own investment in. But Janvey said he already had a pending claim against Patrick Cruickshank, Maple Leaf's sole principal and member, and also obtained an injunction freezing Cruickshank and Maple Leaf's accounts.

Stephen Cochell, an attorney for Stanford, declined to comment on the motion Monday.

The SEC suit was launched in February 2009 against Stanford, two associates, Stanford International Bank, Stanford Group Co. and Stanford Capital Management LLC, accusing them of defrauding 20,000 investors. The SEC said a large portion of the investments went directly to Stanford and his family.

Stanford is currently awaiting trial on criminal charges of fraud, obstruction, conspiracy and money laundering. He pled not guilty to running the $7 billion Ponzi scheme in June 2009.

Stanford is represented by McGuireWoods LLP, the Shidlofsky Law Firm PLLC, Bob Bennett & Associates PC, Cook & Roach LLP and The Cochell Law Firm.

Janvey is represented by Baker Botts LLP.

The suit is SEC v. Stanford International Bank Ltd. et al., case number 3:09-cv-00298, in the U.S. District Court for the Northern District of Texas.

--Additional reporting by Eric Hornbeck, Evan Weinberger and Abigail Rubenstein. Editing by John Williams.

--
Bibeka Shrestha
Reporter


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