Hedge Fund Sues Petters Over Polaroid Interests

Law360, New York (February 2, 2012, 8:19 PM EST) -- A hedge fund sued Ponzi schemer Thomas Petters in Minnesota on Thursday for allegedly cheating it out of Polaroid Corp. security interests owed to the fund in exchange for $150 million it loaned to the company's Petters-owned parent, which went bankrupt.

Illinois-based Ritchie Capital Management LLC accuses Petters and others of engaging in racketeering and fraud to deprive the fund out of the security interests in Polaroid, which the defendants claimed was worth between $779 million and $2 billion in February 2008. Polaroid filed for Chapter...
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