Sun Country seeks loan from a Petters company

  • Article by: LIZ FEDOR , Star Tribune
  • Updated: November 25, 2008 - 8:48 PM
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  • Comments

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  • 1 - 7 of 7
charleybrownNov. 26, 08 7:09 AM

the airbus deal is really something and i hope they get this loan. This is the hardest part knowing some of us are suffering so much when others remain in the little "rich" worlds, just hoping maybe they'll not get caught.

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laserhaasNov. 26, 08 9:06 AM

The question is not _ whether or not - SunCountry is permitted to Borrow - the Question is that the Lender (related to Petters Aviation) should NOT be permitted to lend money to a failing entity. It simply cannot be allowed to have positive cash (belonging to the investors harmed) to be utilized..... www.petters-fraud.com -- as it is ACORN is seeking to seize Polaroid and Fingerhut says Petters has nothing to do with Fingerhut -- so how are those defrauded supposed to be Paid?

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reelingNov. 26, 0810:26 AM

Shocking that a judge would even consider this loan. Talk about a second kick in the teeth to the defrauded.

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charleybrownNov. 26, 0810:40 AM

actually after reading laser and reeling...i agree. does not make sense they could even sort out monies. It is what it is and failing entity is exactly right, unfortunately, the hardest part is of all his big purchases, this one he used the most for "favor" from the public. The "hero" so to speak, even some employees still feel that way about him, like the stockholm syndrome. pretty sick and sad what's happened. The most important thing is they dont' leave any stone unturned.

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laserhaasNov. 26, 0812:31 PM

You nailed it Correct CharleyBrown - no stone unturned - problem is - who will the Pubic and cases get to dig that can be believed?

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BumpmanNov. 26, 08 3:37 PM

I agree with charleybrown in as much that it is going to be a chore to sort out the monies from the different entities that Petters "owned". But on a positive note for Sun Country, there is nothing tangible at Sun Country to sell off and recoup lost cash for the Petters debtors. It is a paper airline; everything on the property is leased, with the exception of a few ground support vehicles that wouldn't fill a thimble towards what Petters lost. I believe that Stan Gadek can take that loan money from Elite and repay it in spades come next April. It would be a very positive thing to see Sun Country survive, not only for the employees that are still there and waiting to come back, but for the Twin Cities as well. As for Petters himself, I hope they lock him and put him in a place where they have to pipe sunlight to him. He's a slimeball salesman that ruined thousands of lives. He needs to go away.

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laserhaasNov. 26, 08 4:10 PM

As is stipulated, another group is willing to lend SunCountry the money (most likely based on Ticket Receivable) and SunCountry will continue to do biz. All that will get sold (if it has value) is Petters Aviation interest therein. The battles have begun, with the recent Acorn informing the Receiver and Court it intends to grab Polaroid. Soon, some smart counsel will place Petters (due to his personal guarantees) into involuntary bankruptcy - making the Receiver moot and bringing forth everything Petters owns to Public review --- we get many reports that there are many Petters items not yet mentioned. Soon we will have a contributing researcher and put up her page!

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