Hedge Fund Rebuffed In Polaroid Owner Fraud Case

Law360, New York (May 1, 2009, 12:00 AM EDT) -- A federal district judge has denied Ritchie Management LLC's request to intervene in a $3 billion investment fraud case against bankrupt Polaroid Corp.'s owner, Petters Group Worldwide LLC, letting stand an injunction freezing the company's assets.

On Wednesday, U.S. District Judge Ann Montgomery rejected Ritchie's attempt to become involved and vacate the restraining order against PGW, dismissing the hedge fund's argument that the government had not provided enough proof to seize the assets of PGW and its wholly-owned subsidiary.

“Based on the foregoing, and all the...
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