A few excerpts from Gary;
1st one from http://patrickpretty.com/2013/12/12/urgent...#comment-72615:
"I just found the receiver’s motion and am surprised that ALL the defendants (both insiders & net winners) are basically individuals (& their small entities). I was curious as to inclusion of overseas individual because according to your article each of them got around 1 million dollar over which might satisfy minimum amount to pursue but I originally thought the receiver already included big institutions such as global banks or brokers claiming tens of million dollars return each in the motion.
The industry specialist describes clawback as “While the courts go through the tedious process of determining who owns what and how they got it, trustees typically “grab the low-hanging fruit first,” Henning added — “the Lamborghinis and the yachts. “All of which raises the question: How much of what gets clawed back will ultimately be left to distribute to victims? Sometimes pennies on the dollar, if that. “Unfortunately, a lot of these bankrupt estates can eat up an awful lot of resources,” said Painter. “. Well, the Zeek receiver stressed a lot about its efficient litigation consolidating numerous small cases in class action that can only be done in this $600 million size with huge number of net winners, relatively big for Ponzi and pyramid scheme.
However, read this http://www.publicintegrity.org/2013/10/10/...-spent-receiver
, even $7.2 billion case doesn’t look encouraging progress."
- Isn't Stanford receiver not a court appointed receiver?
2nd one (actually Gary quoted this from another person's post) from http://patrickpretty.com/2014/05/08/zeek-r...#comment-89934:
"Bear it in mind that there has been so many evidences that Ponzi receivers eat up the assets that could have returned to victims if they hadn’t done costly & lengthy clawback, such as Stanford case (Ralph Janvey), Legisi case (Robert D. Gordon), J.V. Huffman case (William Walt Pettit) and more & more. "
- aren't these receivers not appointed by the courts?
Unfortunately, the apple & orange comparison doesn't seem to apply generally.