Petters Creditor Loses Bid To Oust Trustee

Law360, New York (September 3, 2010, 5:05 PM EDT) -- Hedge fund Ritchie Special Credit Investments Ltd. has failed to undo the appointment of a bankruptcy trustee for affiliates of convicted Ponzi schemer Thomas J. Petters or win the right to intervene in a government seizure action against the fraud artist.

Two separate panels of the U.S. Court of Appeals for the Eighth Circuit issued opinions Thursday affirming rulings by the U.S. District Court for the District of Minnesota in the investment company’s challenges to an asset-freezing injunction and to the appointment of Petters entity trustee...
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