Cross-Border Insolvencies and Receiverships

The Case

As just one example of its experience in cross-border The Firm represented the Chapter 11 trustee, the Cayman liquidators and the SEC receiver in the InverWorld bankruptcy and receivership proceedings in San Antonio, Texas, one of the largest cases in San Antonio history.  InverWorld was a broker/dealer and investment manager that took in over $300 million from primarily Latin American investors and suffered massive losses.  Neligan LLP was hired by the receiver, the Chapter 11 trustee and the Cayman liquidators to assist with the confirmation of a bankruptcy plan, coordination with the Cayman and UK proceedings, the liquidation of the fund’s assets and the recovery of losses from culpable third parties.  Neligan LLP worked with the Department of Justice and the Criminal Division of the IRS that were simultaneously prosecuting certain of the upper management of the firm.

The firm is currently representing the Receiver and serving as co-counsel to the Official Stanford Investors Committee in a variety of multi-billion dollar litigation matters in the Allen Stanford SEC receivership proceeding attempting to recover losses for the benefit of the Stanford receivership estate and the investors.  Stanford involved one of the largest Ponzi schemes in U.S. history, second only to the Bernie Madoff case, perpetrated on investors throughout the world.