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52-680: Allen Stanford traced his company to the insurance company founded in 1932 in Mexia, Texas , by his grandfather, Lodis B. Stanford. However, there was no direct connection between the insurance company and Allen Stanford's banking business, which he started on the British Overseas Territory of Montserrat in the West Indies in the 1980s. Allen Stanford's move into banking utilised funds he had made in real estate in Houston in

104-459: A boat used to transport them across the lake, which was also occupied by three officers, capsized less than 100 feet from shore. Two police officers and one probation officer who had been in the boat were tried for the offense of criminally negligent homicide, but all were acquitted by a jury in Dallas. Mexia also made news when its former resident Anna Nicole Smith died, and when Allen Stanford

156-409: A creditor can enforce security against a company's assets in an effort to obtain repayment of the secured debt. It used to be the most popular method of enforcement by secured creditors , but recent legislative reform in many jurisdictions has reduced its significance considerably in certain countries. Administrative receivership differs from simple receivership in that an administrative receiver

208-427: A household in the city was $ 22,785, and the median income for a family was $ 29,375. Males had a median income of $ 26,479 versus $ 18,138 for females. The per capita income for the city was $ 12,235. About 20.8% of families and 22.1% of the population were below the poverty line , including 28.5% of those under age 18 and 15.2% of those age 65 or over. Mexia was founded as a town in the 19th century. Inhabitants occupied

260-541: A prisoner of war camp for members of Field Marshal Erwin Rommel 's Afrika Korps during World War II . Mexia is also home to the Mexia Public Schools Museum, one of a few museums dedicated to the historical and social significance of a Texas public school system. Late model Anna Nicole Smith attended Mexia Public Schools. Mexia hosts a large Juneteenth celebration every year. According to

312-583: A receivership scheme for the administration, by the insurance commissioner, of insurance companies found to be insolvent as set forth in the NAIC's Insurer Receivership Model Act." Some organizations have come into existence on the state level to alter the proceedings. An example is the California Receivers Forum, which is a non-profit organization "formed by interested receivers, attorneys, accountants, and property managers, with support from

364-404: A remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights . Receiverships can be broadly divided into two types: Receiverships relating to insolvency are subdivided into two further categories: administrative/equity receivership, where

416-901: A significant presence in golf , polo , tennis , cricket and sailing , sports which were popular among Stanford's wealthy clients. Stanford Financial Group was the title sponsor for such sporting events as the Stanford U.S. Open Polo Championship, the Stanford USPA Silver Cup, the Stanford Antigua Sailing Week, the PGA Tour Stanford St. Jude Championship, and the Stanford International Pro-Am. Stanford also sponsored professional golfers Vijay Singh , Camilo Villegas and David Toms as well as Morgan Pressel on

468-406: A situation likely to remain common for some years. Enforcement is also a significant aspect of the situations where administrative receivership is still permitted; for example, the ability to take control of the entirety of the assets is important in structuring insolvency-remote special purpose companies that issue securities or operate infrastructure projects. In common law jurisdictions outside of

520-440: A very powerful remedy, but it came to be considered unsatisfactory in that it was entirely a creature of the contract between the creditor and the borrower. There was no general ability on the part of the borrower or any other party to review the actions of the receiver (who would generally be acting on behalf of the borrower under the security document) or seek the supervision of the court. A general review of UK insolvency law in

572-552: Is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent . The receivership remedy is an equitable remedy that emerged in the English chancery courts , where receivers were appointed to protect real property. Receiverships are also

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624-411: Is an accountant with considerable experience of insolvency matters. The common law has long recognised the concept of a receiver. Following development of the floating charge , creditors were effectively able to take security over a company's entire business by means of a floating charge over the undertaking. Security documents generally contained very wide powers of appointment such that on default

676-442: Is appointed over all of the assets and undertakings of the company. This means that an administrative receiver can normally only be appointed by the holder of a floating charge . Because of this unusual role, insolvency legislation usually grants wider powers to administrative receivers, but also controls the exercise of those powers to try to mitigate potential prejudice to unsecured creditors . Typically, an administrative receiver

728-403: Is now the townsite. The town was laid out in 1870 by a trustee of the Houston and Texas Central Townsite Company, which offered lots for sale in 1871, as the Houston and Texas Central Railway was completed between Hearne and Groesbeck. The Mexia post office began operation in 1872, and the community was incorporated with a mayoral form of government in 1873 by an act of the legislature. J.C. Yarbro

780-593: Is zoned to schools in the Mexia Independent School District . Schools include: Pre-integration: Post-Secondary Education: The climate in this area is characterized by hot, humid summers and generally mild to cool winters. According to the Köppen Climate Classification system, Mexia has a humid subtropical climate , abbreviated "Cfa" on climate maps. Receiver (legal) In law , receivership

832-588: The Enterprise Act 2002 . The administration regime was changed to make it more attractive, but also barred the right to appoint administrative receivers in any security created after 15 September 2003 (subject to certain specific exceptions). Any attempt to do so takes effect as a power to appoint an administrator. Administrative receivership still forms part of modern insolvency practice. Companies that get into financial difficulty today may well have security packages that were created before 15 September 2003,

884-595: The Federal Housing Finance Agency (FHFA) for government-sponsored enterprises (GSEs) such as Fannie Mae , Freddie Mac , and the 11 Federal Home Loan Banks . Most individual states also have granted receivership authority to their own bank regulatory agencies and insurance regulators. State Insurance Departments are accredited by the National Association of Insurance Commissioners (NAIC)—which states, "State law should set forth

936-539: The Los Angeles Superior Court , to address the needs and concerns of receivers, to facilitate communication between the receivership community and the courts, and to assist in raising the level of professionalism of receivers..." The California Receivers Forum reports five local affiliates in the state: Bay Area, Central California, LA/Orange County, Sacramento Valley and San Diego. Court-appointed receivers are "the most powerful and independent of

988-613: The United States Census Bureau , the city has a total area of 5.2 square miles (13 km ), all land. As of the 2020 United States census , there were 6,893 people, 2,487 households, and 1,586 families residing in the city. As of the census of 2008, there were 6,552 people, 2,427 households, and 1,660 families residing in the city. The population density was 1,273.9 inhabitants per square mile (491.9/km ). There were 2,750 housing units at an average density of 533.8 per square mile (206.1/km ). The racial makeup of

1040-842: The 1980s began with the Cork Report and culminated in the Insolvency Act 1986 . It put forward two major reforms. First, it put the receiver and manager on a statutory footing: a receiver appointed to all or substantially all of a company's property was now an administrative receiver and subject to some statutory responsibilities. Second, it introduced an " administration order " as an equivalent process to administrative receivership – but available to any company by court order independent of any particular security arrangement. The UK Parliament expected that companies and creditors would use administration in preference to administrative receivership. Crucially, however, Parliament had conceded in

1092-558: The 2009 event, it was to be sponsored by Stanford Financial Group. As one of the founding partners, Stanford Financial Group was also involved in Tiger Woods 's annual golf tournament, the AT&;T National . During the week of February 13, 2009, Stanford issued a letter to clients saying: "Regulatory officers have visited our offices and have stated that these are routine examinations". On February 17, 2009, U.S. federal agents entered

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1144-484: The 5th U.S. Circuit Court of Appeals overturned a federal judge's ruling from the previous year that threw out three class action lawsuits that are trying to use state laws to recover investor losses resulting from Stanford's scheme. The ruling allows lawsuits by investors who lost millions in the Stanford Ponzi scheme to go forward against several third parties. In February 2023, TD Bank of Canada agreed to pay

1196-610: The Federal government to freeze the assets of Allen Stanford, Stanford International Bank, Stanford Group Co., and Stanford Capital Management. In addition, Stanford International Bank placed a 60-day moratorium on early redemptions of its CDs. On February 18 and 19, 2009, Ecuador and Peru suspended the operations of local Stanford units, and, in Venezuela and Panama , the governments seized local units of Stanford Bank. Mexico 's financial regulators announced on February 19 that it

1248-610: The Fort Parker settlement near the Navasota river. The area is near where the rolling hills of the great plains begin. The hills provided grazing land for the buffalo herds, which plains Indians depended upon for sustenance. Many hunting artifacts from Native American people have been found in the creek beds and draws around Mexia. The Comanche tribe came into conflict with the white settlers in this area. The abduction of Cynthia Ann Parker took place at Fort Parker. Comanches raided

1300-667: The Group's fraud was revealed, the PGA announced that they would be dropping their affiliation with the company and that for 2009 the event would be called the St. Jude's Classic. Stanford Financial Group was the lead financier for the 2007 film The Ultimate Gift ,. According to the Association for Healthcare Philanthropy, the story of The Ultimate Gift promoted philanthropy in not-for-profit health care institutions. The group established

1352-497: The Insolvency Act that administrative receivership should have priority – that is, a secured creditor with a floating charge could defeat any attempt to commence an administration by appointing an administrative receiver. As a result, administration was not as popular as lawmakers had envisaged, and secured creditors habitually appointed administrative receivers to enforce security rights. Parliament took more drastic action in

1404-829: The LPGA Tour. In tennis, the company was a sponsor of the Sony Ericsson Open . Stanford also sponsored the Champions Series Tennis Tournaments featuring Jim Courier , John McEnroe and Pete Sampras . The Stanford Financial Tour Championship , previously known as the LPGA Playoffs at The ADT and the ADT Championship, was the season-ending golf tournament on the US-based LPGA Tour . Beginning with

1456-658: The Ponzi scheme fraud, once details can be worked out. On November 13, 2009, the US District Court ordered brokerage accounts to be transferred to Dominick & Dominick LLC . The transfer became effective on January 20, 2010. In 2011, an auction of Stanford's goods was held in Houston. Stanford was headquartered in the Galleria Tower II in Uptown Houston , Texas , U.S. Previously the company

1508-652: The SEC said. United States District Judge David Godbey froze all of the Stanford personal and corporate assets. Godbey gave them to Ralph Janvey, a Dallas receiver; Janvey will retain control until the SEC suit is resolved. A British receiver took the Antigua-based Stanford International Bank. On July 1, 2009, James M. Davis , the CFO of the company, agreed to change course from his not guilty plea and plead guilty to three charges related to

1560-686: The Trinity and Brazos Valley Railway built track between Hillsboro and Houston, making Mexia a commercial crossroads for area farmers. In 1912 the Mexia Gas and Oil Company drilled ten dry holes, but in the eleventh attempt discovered a large natural gas deposit. The Mexia oilfield was discovered in 1920, by Colonel Albert E. Humphreys and his geologist F. Julius Fohs . Oil production peaked in November 1921 at 53,000 BOPD . The population of Mexia increased from 3,482 to nearly 35,000. The rapid growth

1612-510: The United Kingdom, administrative receivership remains popular. A number of offshore jurisdictions market transaction structures to banks on the basis that they still retain the freedom to appoint administrative receivers in those jurisdictions. Because of their unique role, insolvency legislation usually confers wide powers on administrative receivers under applicable insolvency law, which is usually concurrent with powers granted under

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1664-546: The city was 55.90% White , 31.68% African American , 0.23% Native American , 0.20% Asian , 10.67% from other races , and 1.33% from two or more races. Hispanic or Latino of any race were 17.90% of the population. There were 2,427 households, out of which 36.2% had children under the age of 18 living with them, 44.7% were married couples living together, 19.7% had a female householder with no husband present, and 31.6% were non-families. 28.1% of all households were made up of individuals, and 15.0% had someone living alone who

1716-560: The community's principal employers. The population was reported as 6,618 in the early 1950s, 5,943 in the early 1970s, 7,172 in the late 1980s, and 6,933 in 1990. In 2000 the population was listed as 6,563. Mexia made national news in 1981, when three young black men drowned in Lake Mexia after being taken into custody by law enforcement officers for possession of marijuana during the annual Juneteenth celebration. Carl Baker, 19; Anthony Freeman, 18; and Steven Booker, 19; drowned after

1768-558: The company was fraught with nepotism; former executive Charles Satterfield told Bloomberg News that whenever someone asked questions, a common response was "I'm not going to question my brother-in-law." Stanford Financial Group comprised several affiliated companies: In 2007, Stanford Financial Group assumed title sponsorship of the Stanford St. Jude Championship , a top PGA Tour event to benefit St. Jude Children's Research Hospital of Memphis, Tennessee . On March 20, 2009, after

1820-520: The company's Houston and Memphis offices. Law enforcement officials placed signs on the office doors stating that the company was temporarily closed: "The company is still in operation but under the management of a receiver ". The Securities Exchange Commission 's (SEC) charged Allen Stanford, Pendergest-Holt and Davis with fraud in connection with Stanford Financial Group's US$ 8 billion certificate of deposit (CD) investment scheme that offered "improbable and unsubstantiated high interest rates". This led

1872-401: The creditor could take over the business immediately and without the input of any court. A receiver appointed to the entire business became known as a receiver and manager . The receiver and manager would typically have extensive powers over the business, including the power to sell it at a time and on terms that suited the appointing creditor. The ability to appoint a receiver and manager was

1924-693: The document(s) underlying his appointment" – i.e., a statute , financing agreement, or court order . The receiver may: Several regulatory entities have been granted power by the Congress to place banking and financial institutions into receivership like the Office of the Comptroller of the Currency for failing nationally chartered commercial banks ; the Office of Thrift Supervision for failing savings and loan associations (thrift institutions); and

1976-538: The early 1980s. In 2008, Stanford Financial Group announced it would open a new global management complex in St. Croix, U.S. Virgin Islands , to include the base for the corporate support functions such as business technology, compliance, finance, human resources, investment strategy and legal, as well as the chairman's office. Completion was planned for July 2009 but did not occur due to the company's dissolution. The company

2028-704: The fact that outsiders tend to mispronounce the name as / ˈ m ɛ k s i ə / ( MEK -see-ə ), is "A great place to live, no matter how you pronounce it." Named after General José Antonio Mexía , a Mexican hero for the Republic of Texas Army during the Texas Revolution , the town was founded near his estate. Nearby attractions include Fort Parker Historical recreation, the Confederate Reunion grounds, and Mexia State Supported Living Center (formerly Mexia State School), which began as

2080-527: The fort and took the nine-year-old Parker girl. She lived among the Comanche people into adulthood and was the mother of Quanah Parker , the last Comanche war chief. Mexia is at the intersection of US Highway 84 and State highways 14 and 171, twelve miles northeast of Groesbeck in northeastern Limestone County. It was named for the Mexía family, who in 1833 received an eleven-league land grant that included what

2132-424: The judicially appointed managers." Unlike special masters and monitors, "the receiver completely displaces the defendants: the receiver makes large and small decisions, spends the organization's funds, and controls hiring and firing determinations." Examples of court-appointed receivers include: Administrative receivership is a procedure in the United Kingdom and certain other common law jurisdictions whereby

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2184-554: The mid-1920s. The prosperity generated by the boom continued until the 1930s, when the Great Depression forced many people to leave in search of work. The number of residents stabilized at 6,500 in the early 1930s, but the number of businesses fell from 280 to 190. In 1942 a camp for prisoners of war was established at Mexia; the facility was converted in 1947 for use as the Mexia State School, which became one of

2236-509: The receiver $ 1.2 billion to settle claims related to Stanford. Four other banks agreed to pay a total of $ 400 million; the five banks provided services to Stanford Financial during the two decades that it operated. Mexia, Texas Mexia ( / m ə ˈ h eɪ ə / mə- HAY -ə ) is a city in Limestone County , Texas , United States. The population was 6,893 at the 2020 census. The city's motto, based on

2288-434: The receiver is granted wide management powers over all or most of the property of a business, and other receiverships (sometimes misleadingly called fixed charge receiverships ) where the receiver has limited control over specific property, with no broader powers beyond managing or selling the individual asset. Receivers are appointed by either a government regulator, privately, or a court. The receiver's powers "flow from

2340-450: Was 65 years of age or older. The average household size was 2.63 and the average family size was 3.21. In the city, the population was spread out, with 30.1% under the age of 18, 10.0% from 18 to 24, 25.0% from 25 to 44, 18.5% from 45 to 64, and 16.4% who were 65 years of age or older. The median age was 33 years. For every 100 females, there were 84.5 males. For every 100 females age 18 and over, there were 77.5 males. The median income for

2392-723: Was arrested on allegations of fraud in 2009. The city of Mexia, the confusion over its correct pronunciation and the city motto are all the subject of an Act 1 Aria in Mark-Anthony Turnage 's Opera Anna Nicole staged by the Royal Opera House , Covent Garden, London . Various imagined residents such as the Town Mayor and head of the Chamber of Commerce also feature alongside of the Operas namesake. Mexia

2444-456: Was bound by a web of personal and family ties. Stanford's chief financial officer and second-in-command, James M. Davis , was his roommate at Baylor University . The chief investment officer , Laura Pendergest-Holt , grew up attending a church in Baldwyn, Mississippi , where Davis was a Sunday school teacher. Many top officials were related to each other. This led former employees to claim

2496-486: Was excessive for local authorities, and for a short time in 1922 Mexia was under martial law. That year, production for the Mexia field was 35 million barrels produced. Cumulative production of the field totaled 108 million barrels by the mid-1980s. In 1924 Mexia residents passed a new city charter that changed the local government to a city manager system. After the initial oil boom, the population of Mexia declined to 10,000 by

2548-522: Was headquartered in 5050 Westheimer Road , a three-story, 71,000 square feet (6,600 m) building across from The Galleria . Jennifer Dawson of the Houston Business Journal described the facility as "high-end office digs." By 2007 Stanford's headquarters moved to Galleria Tower II. On May 18, 2010, the receiver entered into a stalking horse contract for the sale of 5050 Westheimer Road. During that month Black Forest Ventures LLC

2600-637: Was investigating the local affiliate of Stanford bank for possible violation of banking laws. On February 27, 2009, Stanford official Laura Pendergest-Holt was arrested by Federal agents in connection with the alleged fraud. On that day the SEC said that Stanford and his accomplices operated a "massive Ponzi scheme", misappropriated billions of dollars of investors' money and falsified the Stanford International Bank's records to hide their fraud. "Stanford International Bank's financial statements, including its investment income, are fictional,"

2652-635: Was the designated bidder to defeat at the auction, with a minimum bid being $ 12.5 million. The auction was scheduled to be held on Thursday June 24, 2010 at the offices of Baker Botts, L.L.P. in One Shell Plaza in Downtown Houston . The auction was canceled due to a lack of bids, and Black Forest's stipulated that it would acquire the building for $ 12.2 million. Black Forest bought the 5050 Westheimer building in July 2010. On March 19, 2012,

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2704-598: Was the first mayor. The city's first newspaper, the Ledger, was established in Fairfield in 1869 and moved to Mexia in 1872. By 1880 Mexia also had four schools, three churches, and a variety of businesses to serve its 1,800 residents; by 1885 the town had a gas works, an opera house, two banks, two sawmills, and 2,000 residents. The Mexia Democrat was established in 1887 and the Weekly News in 1898. Between 1904 and 1906

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