Marshall Confirms Stoelker POA Revocation

Details

Latest

Wednesday, 11 July 2012 02:30

By caribarena news

Antigua St. John's - The revocation of Andrea Stoelker’s power of attorney over the shares of R. Allen Stanford in the Stanford Development Company (SDC) was hand delivered – this according to attorney representing the company Hugh Marshall.

The attorney told Caribarena.com that although he has not seen the revocation notice he has seen the deed of revocation. He said it is too early to say what the move by R. Allen Stanford means for the future of the company since the changes he seems to be making from behind bars appear to be clear only to him.

“I don't know what changes Stanford is making,” Marshall said, adding that he has not yet been contacted about any of the legal changes lately. Marshall, who was the victim of a car accident late last week, remains out of office at this time.

He concurred that Stanford could possibly be moving to replace Stoelker but that could not be confirmed until a meeting is held among the company’s directors. Marshall said R. Allen Stanford is the one who revoked Stoelker’s power of attorney and it traveled to Antigua by hand.

Dirty Hands or Eyes Wide Shut An already rocky economy (and that's putting it mildly) got a major shock on Monday when the Privy Council ruled against the Baldwin Spencer administr... read more

“I don't know who brought it (the revocation notice). Hopefully before the week is over I would be contacted. It does not mean much immediately since it (SDC) still has directors. Stoelker is not a director; she had the power to act as a shareholder on Stanford’s behalf,” Marshall said.

He, like the Stanford victims spokesperson, questioned the government’s involvement in the new development.

In the meantime, Stanford liquidator Marcus Wide has said that the revocation of Ms. Stoelker's authority is part of a cooperative process which his office is optimistic will maximize the value of the assets without further expensive litigation.

“Some time ago we commenced and have been pursuing a claim against SDC to recover its assets for the benefit of its creditors as well as the creditors and depositors of SIB whose money funded SDC's assets and operations,” Wide said.

See related stories:

Andrea Stoelker SDC Power of Attorney Revoked

• < Prev
• Next >