Tuesday, April 21, 2009

Stanford: Vantis Does Dallas

Law360 (subscription) and the Financial Times are reporting that Vantis has filed a petition for a Chapter 15 bankrupcty for the US assets belonging to Stanford International Bank Ltd. (SIBL).

A good explanation of what Chapter 15 means is HERE. What I undertand is that Vantis is looking for SIBL's direct investments in the US. That is: eLandia, HSSO, Forefront and the Majestic Grille in Memphis among others. They can do so because SIBL has already initiated the liquidation process in Antigua.

They will NOT be looking for Stanford Group Company or the advisors' commissions. SGC as we have noted before was the personal property of Allen Stanford, NOT SIBL's.

The turf war continues...now on US soil.

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