>Stanford Receiver Asks to Sell Stake in Houston Hotel Project

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>July 23 (Bloomberg) — The court-appointed receiver for R. Allen Stanford’s businesses asked a federal judge for emergency approval to sell the accused swindler’s share of a Houston hotel project to avoid capital calls or a default.
Ralph Janvey, receiver for Stanford’s businesses, asked to sell Stanford’s interest in Midway CC Hotel Partners, which is nearing completion on a luxury hotel in CityCenter, in Houston’s Memorial area. Janvey said that unless he accepts a $2.7 million offer from another limited partner in the project by July 31, Stanford’s 72 percent ownership stake will shrink to 60 percent.

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