Johnny Damon is having a good November. There was that small matter of helping the Yankees win their 27th World Series earlier this month. But more importantly — at least to those legions of us who are not Yankees fans — Damon was a winner at the 5th U.S. Circuit Court of Appeals, which last week denied an attempt by the Stanford International Bank receiver (pdf) to keep investors’ assets frozen. The decision will affect more than 500 investors, including several pro ballplayers managed by superagent Scott Boras.
The investors have been unable to get at money that was in their Stanford accounts when the SEC won a freeze order after discovering Allen Stanford’s alleged fraud. The examiner in the case, Ralph Janvey of Krage & Janvey, tried to extend that freeze order, even against investors who are not accused of any wrongdoing. As we reported earlier this month, the receiver’s position put him at odds with the SEC and inspired one appellate judge to tell his lawyer, Kevin Sadler of Baker Botts, that the Stanford receiver was “nobody.”
