Minn. Judge Turns Down Bid To Scrap Petters Receivership

Law360, New York (September 27, 2017, 8:41 PM EDT) -- A Minnesota federal judge on Wednesday denied a bid by Ritchie Capital Management and other intervenors to terminate the receivership over the assets of fraudster Thomas Petters, saying that scrapping the receivership now would threaten efforts to recover funds for all of the other victims and creditors who were caught up in Petters’ $3.7 billion Ponzi scheme.

The Ritchie parties, who have said they loaned close to $200 million to Petters and his companies, have argued that their right to recovery is being unfairly obstructed by the continued existence of the receivership nearly nine years after it was established by the...

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Minnesota

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Fraud

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Date Filed

October 2, 2008

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