Petters Trustee Reaches $93M Clawback Deal With Fund
Law360, New York (December 1, 2014, 7:51 PM EST) -- The trustee for companies owned by convicted Ponzi schemer Thomas Petters has reached a $93 million clawback deal with a fund that received payouts before the scheme collapsed.
Trustee Douglas Kelley, the lawyer in charge of the bankruptcy process, told a Minnesota bankruptcy court last week he'd reached a deal under which Epsilon Global Active Value Fund II would pay $92.7 million and settle all of Kelley's claims on it. The money represents what EGAVF got from Epsilon Global Master Fund II LP, which has already reached its own settlement.
"The settlement amount represents the approximate amount of net income received...
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