What galls jailed billionaire Allen Stanford even more than having to sit through the court-ordered sell-off of his entire hard-earned real estate portfolio? It’s that it’s all happening in a down market! Stanford’s lawyers have been arguing in court that liquidating the accused huckster’s properties while real-estate prices are depressed isn’t such a smart idea. A good $9 million of the $12.2 million the folks behind the Black Forest Cafe are paying to buy the clunkily ornate former Stanford Financial Group headquarters building at 5050 Westheimer across from the Galleria, for example, will go to pay off the property’s mortgage and back interest. What’s the guy gonna have left to live on once he’s acquitted of all those ridiculous Ponzi scheme charges? But an attorney for the receiver managing the sales says he’s just trying to save money for the estate. Next Stanford property on the block: The former Stanford Aviation hangar (above) at 100 Jim Davidson Dr. near Sugar Land Regional Airport, at an auction this week.
- Selling a ‘Fraud’ Portfolio [WSJ]
- Allen Stanford coverage [Swamplot]
- Also previously on Swamplot: The Black Forest Mix
Photo: Loopnet
Poor Allen. He and Bernie both should die in prison. White collar crime is still crime.
Nothing like Guilty until proven Innocent.
Right. Steal my money and hope for higher returns. Are you a moron?
doug
uh YEAH! @ markd. He’s egregiously guilty.
No Doug, I am not a moron.
But you must be a complete idiot if you take the government’s word about anything… especially a case like this where the government seems to be pretty Fucking greedy to try and liquidate the guy’s assets before due process is served.
I guess you’re one of those commies?
If you are interested to learn more about the inner workings of federal prosecution of high profile business executives visit the Houston Clear Thinkers blog and review the postings under Legal – Criminalizing Business.
Not being in a position within a corporate structure where I fear federal prosecution for business proactices; I had never given cases such as the Enron or Stanford prosecution much thought. After reading the informative postings related to the cases mentioned above, and others, I am disturbed by the questionable practices of some federal prosecutors.
markd. Yep, commie. Two purple hearts, silver star, and minus one leg (VN).
Please know the facts before you jump off. He is a crook and the gov’t stopped him before he stold the farm (almost). His assets? Try my assets—–He took what he could and now he will pay–for the rest of his life!!
Get the facts–please