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...
To view the full article, register now.




Case Information

Case Title

Ritchie Capital Management, L.L.C. et al v. Coleman et al

Case Number




Nature of Suit

Racketeer/Corrupt Organization


Ann D. Montgomery

Date Filed

February 2, 2012

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.