Judge applies brakes to slew of Petters suits

  • Article by: JENNIFER BJORHUS and DAVID PHELPS , Star Tribune staff writers
  • Updated: October 22, 2008 - 10:44 PM

The process of hacking through the intricate legal chaos of an alleged $3 billion fraud case against Twin Cities entrepreneur Tom Petters has only begun.

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alibi123Oct. 22, 08 9:06 PM

But, if a lawsuit is filed before a company is in bankruptcy and it's claims are proven accurate -- i.e., they win the case, then that becomes a priority creditor. That's just not right...to put the Civil process 'on hold.' I find that offensive!

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whatswitdatOct. 22, 08 9:12 PM

The chum is now in the water..and in the words of Roy Schieder in "Jaws".."I think we need a bigger boat" I guess ole Tom is now learning what it's like to swim with real sharks..greed feeds on greed.

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beepOct. 22, 08 9:23 PM

Really hate to correct you here Jennifer and David, but should Mr. Petters be found guilty of a Ponzi scheme, his is not and certainly has not been the largest in the world. Assuming that his was a Ponzi scheme, it only involved a few billion dollars. And it was gotten by fraud and greed on many of the participants parts. But all privately. No, I fear that the world's largest Ponzi scheme has been and will be Social Security and Medicare. Those two schemes are right now at the level of $56-70,000,000,000,000 (not a mere $3,000,000,000) , and growing by $4,650,000,000,000 each year. And those two Ponzi schemes were and are perpetrated by fraud AND force, the force of law. How many people will go to jail over those Ponzi schemes? Only the ones who refuse to participate. The recent "bailout" is small pocket change in comparison.

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captnobviousOct. 22, 08 9:31 PM

You're really on a role tonight arent you?

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DAROOSTEROct. 22, 08 9:44 PM

Well it had been said many times before. There is a sucker born every minute and many predators waiting to fleece them. Here one and he has been caught. The money is gone and will NOT be recovered.

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wihumeOct. 22, 0811:28 PM

yes i know the easy target would be tom but you have to ask yourself about his legal advisors and the front office but more importantly the private or fund managers that never asked questions in the early years for proof of anything all of a sudden wants to know where tvs are please you have got to be kidding me they knew what they were doing all the way that is because it was fueled by experts tom is not that savvy get real here

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HbillwayOct. 22, 0811:35 PM

What is needed is a line of tailored prison jump suits so poor Tom can look up at the mug shot camera! (I know this has nothing to do with the article.)

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laserhaasOct. 23, 08 1:56 AM

Mr Kelly was (purportedly) granted Judicial immunity by Her Honor - as if such were a discretionary commidity deliverable "ad hoc" - there is NO premise in law to permit the wholesale slaughter that is going on - NONE WHATSOEVER!

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laserhaasOct. 23, 08 2:18 AM

There are 3 types of liquidators in this world, the one who does the job honorably, the one who doesn't and the wannabe who thinks throwing a sign on the door Going out of Business - will work. This is a sham process. Liquidators would have bid BIG money to liquidate Petters stores and the Estate (Bankruptcies) would have had ZERO risk - with a cut and dry process.

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laserhaasOct. 23, 08 2:22 AM

The first thing that "Should" have transpired, is a deposition of those in charge of the monies - To ascertain where it went, by whom, how and when. Then, a listing of all assets. Petters acquired Fingerhut for X million and (purportedly) Bain acquired it for (Y) million (stipulated as $50 million in some Press reports. The sale to Bain - if done in a similar manner as the eToys transactions - is rescindable. Just because Bain has $100 billion plus in assets and a Presidential hopeful in its corner - does not mean the wool can be tossed over everyone's eyes!

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