COALICION VICTIMAS DE STANFORD AMERICA LATINA (COVISAL)

FOR IMMEDIATE RELEASE

Indignant Stanford Victims Protest Before the Pretensions of Antiguas New Liquidators
Caracas, VENEZUELA. July 13, 2011. The Coalicin Vctimas de Stanford Amrica Latina (COVISAL), created to defend the rights of the non-US victims, reject the terms in which the new Liquidators in Antigua were named and their pretensions to mortgage the assets of the Stanford International Bank Limited (SIBL) in order to collect their fees and to keep alive the disgraceful legal fight with the US Receiver, through fruitless lawsuits presented in various countries. Jaime R. Escalona, founder and leader of COVISAL explained, By order of Judge Mario Michel of the Eastern Caribbean Supreme Court in the High Court of Justice of Antigua and Barbuda, on May 13, 2011, the SIBLs Joint Liquidators - Nigel Hamilton-Smith and Peter Wastell - were replaced by Marcus A. Wide and Hugh Dickson of Grant Thornton of British Virgin Islands and Cayman Islands respectively. This replacement took place because the investor Alex Fundora proved before the Courts that Hamilton-Smith and Wastell acted in bad faith, when technological information and records of Stanford necessary for the judicial process were destroyed. At this moment COVISAL is writing a letter of protest directed to Judge Mario Michel of the High Court of Justice of Antigua - the Court that ordered the liquidation and dissolution of the SIBL on April 15, 2009, pursuant to the International Business Corporations Act, Cap. 222 of the Laws of Antigua and Barbuda (the IBC Act). In this sense Escalona added, COVISAL will request that Judge Michel amend the Order of Appointment of Antiguas New Liquidators in reference to the authority granted to the new Liquidators to act in any foreign jurisdiction where Stanford assets may be found, and in reference to the authority granted to request loans for the payment of their fees, expenses and costs, pledging or mortgaging on a first degree assets of SIBL. With regard to the first point Escalona said, It is inexcusable that the Judge in Antigua did not mention the Agreement of Cooperation in the Order of Appointment of Antiguas New Liquidators, which should have been signed by the outgoing Liquidators and the US Receiver in the second trimester of 2010, with the purpose of making the recovery of our assets more expeditious and less costly. Under these terms, the new Antigua Liquidators will continue playing a cat and mouse game with our patrimony on a never ending legal carousel.

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COALICION VICTIMAS DE STANFORD AMERICA LATINA (COVISAL)

In reference to the second point, COVISAL considers the power bestowed by the Judge to the new Antigua Liquidators to mortgage the victims patrimony. It will give a green light to the continued wasting of the victims meager patrimony in useless legal disputes. To read the document: Order (Appointment of New Liquidators). Case No. ANUHCV 2009/0149. Dated: May 12, 2011 Eastern Caribbean Supreme Court in the High Court of Justice of Antigua and Barbuda; you can access it through the following link: http://www.grantthornton.co.uk/pdf/110512_Court%20Order_Appointment_of_New_Liqs_of_SI B.pdf In addition, COVISAL warns, It is useless that Stanford victims be a part of a Creditors Committee announced by the new Liquidators, who were named under the IBC Act which does not include the establishment of any Creditors Committee. COVISAL asks: Under this status of illegality, what is the benefit for us to be incorporated in a Creditors Committee that is not recognized by the Court? Could it be that the new Liquidators are looking for support from the Stanford victims to continue making the same arbitrary acts as the outgoing Liquidators? Finally, Escalona remarked, I take this opportunity to make available to all of our readers the Class Action Lawsuit against BDO USA, LLP and BDO International Ltd., translated to Spanish by COVISAL. This lawsuit was filed on May 26, 2011 in the US Court for the Northern District of Texas, Dallas division, on behalf of all Stanford victims We invite you to read this dramatic document that reveals the high degree of complicity of the Governments of Antigua and the United States in the perpetration of the Stanford Ponzi scheme and explains, among other things, why SIBL was only an empty shell and where our savings ended up. Links to access this class action, Case No. 3:11-cv-01115-B. Document 1. Filed: 05/26/11: In English: http://es.scribd.com/doc/57256940/

In Spanish: http://es.scribd.com/doc/59069524/ Contact: Jaime R. Escalona http://es.scribd.com/doc/52189704 http://es.scribd.com/jaenrodes Twitter: @COVISAL jaenrodes@gmail.com Caracas: (58 412) 617 2438 TEXAS: (512) 377 9255 ###

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