DALLAS (Bloomberg) — Allen Stanford's court-appointed receiver needn't wait for a resolution of fraud charges against the Texas financier before selling properties that are draining cash, his lawyer said.

The money could be used to repay investors allegedly swindled of $7 billion, receiver Ralph Janvey's lawyer Kevin Sadler said in papers filed after hours on Tuesday in Dallas federal court.

"The liquidation of Stanford properties is a foregone conclusion," Sadler said in papers asking US District Judge David Godbey in Dallas for permission to proceed with the sale.

Stanford faces 21 criminal counts that mirror civil fraud claims filed in February by the US Securities and Exchange Commission, accusing the billionaire and five associates of defrauding investors through a Ponzi scheme involving certificates of deposit sold by Antigua-based Stanford International Bank Ltd.

Godbey froze all of Stanford's corporate and personal assets when the SEC sued on February 17. The judge placed the assets under Janvey's control pending the outcome of the case.

Stanford will appear at a Houston federal court hearing today to determine if he may be released on bond or should be jailed until he can be tried on an indictment returned last week by a US grand jury. Stanford's lawyer Dick DeGuerin has repeatedly claimed his client, who has dual US and Antiguan citizenship, isn't a flight risk and has done nothing wrong. Stanford has been in federal custody since his arrest in rural Virginia on June 18.

Janvey told Godbey he's ready to sell Stanford Financial Group Co.'s headquarters building, located in Houston's upscale Galleria district, and a private hangar facility at a suburban Houston airport, where Stanford previously kept six corporate jets, which are also being liquidated. "Together, they are costing the receivership estate more than $139,446 per month to own and maintain," Sadler said in the filing. Janvey has shown both Houston properties to potential buyers and received several offers.

Selling these and other Stanford holdings would eliminate "significant administrative costs, including taxes, insurance and maintenance costs", he said.

Ruth Brewer Schuster, who filed papers yesterday notifying Godbey she is Stanford's new civil attorney, asked the court to block Janvey's sale of any assets before the financier has had the chance to defend himself.

"If at a trial on the merits, the defendants succeed, it will be a pyrrhic victory for the defendants, investors and creditors if the receiver is allowed to continue his bargain basement sale of estate assets," Schuster said yesterday, in a separate filing at the Dallas court.

Janvey's court papers also offered reassurances to Stanford's lien holders, some of whom have complained the proposed real-estate sales will strip them of their rights as secured lenders.

"The receiver has no incentive or intention to sell any properties for less than the value of the debt securing such properties," Sadler said. "The receiver intends to pay the secured creditors out of the sale proceeds at closing."