Panel: Court Didn't Abuse Discretion In Denying Request To Modify Order

HOUSTON - A federal district court did not abuse its discretion when it denied a party's motion to modify or lift the receivership order for Stanford International Bank Ltd. because it properly determined that "payment of the letter of credit 'will not divest the Receivership Estate of property since neither the letter of credit nor its proceeds are property of the Receivership Estate under the Receivership Order,'" a Fifth Circuit U.S. Court of Appeals panel ruled March 8 (Securities and Exchange Commission v. Ralph S. Janvey, No 11-10355, 5th Cir.).

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