Stanford Investment Freeze Brings Odd Request
A Dallas judge is astonished by an artist's request to release the hold on 100 bars of solid gold tied up in the Stanford investment fraud investigation, not for financial reasons, but for art's sake.
According to Times Online, a controversial UK artist, Chris Burden planned an exhibition at Gagosian Gallery in California that would require 100 gold bars. The exhibition is called "One Kilo, One Ton" and is based on the "duality...of weights and measures" and "the layers of meaning embedded in the known hierarchy of materials."
In January, Burden and the Gagosian Gallery purchased the gold, through Stanford Coins & Bullion, from Dillon Gage Group, a rare coins and metal dealer unrelated to Stanford or any of his businesses. The parties agreed that Burden and the Gagosian would wire the payment for $3.3 million worth of gold to Stanford Coins & Bullion who would then transfer the money to Dillon Gage Group. From there the gold would be shipped to the gallery in time for Burden's exhibition on Saturday, March 7th.
Following the raid of Stanford's firms for his alleged $8 billion investment fraud, all assets and transactions related to Stanford, both business and personal, were frozen. This includes the gold bar transaction.
The Gagosian argued they were "unfairly caught up in the litigation" and that their transaction had nothing to do with investing, certificates of deposit or anything in question regarding the Stanford case.
Unfortunately, for Burden and the Gagosian, the freeze was not overturned and the exhibition has been postponed until further notice. Luckily, receiver Ralph Janvey, is working diligently to release accounts that are not in question and the freeze is set to be lifted in March 12th.
Chris Burden, 62, is well known for his controversial works including: shooting himself in the arm and being crucified atop a Volkswagen Beetle.
Securities Attorney
The freeze of Stanford's assets has affected many innocent people in various ways. If you have lost investments or access to funds due to the Stanford investment fraud, contact an experienced securities attorney at Arnold & Itkin LLP for a free consultation.
