Thursday, 8 October 2015
Last updated 22 min ago
Dec 8 2008 | 1:26am ET
A Connecticut hedge fund is fighting to be allowed to sue Polaroid Corp., one of the many companies caught up in the Tom Petters fraud case.
Greenwich-based Acorn Capital Group has joined a group of companies and investors asking a judge to lift the stay on lawsuits against Polaroid. U.S. District Judge Ann Montgomery put a halt to the avalanche of suits against Petters, a Minnesota businessman and hedge fund manager, and his many business ventures, in an effort to give the court-appointed receivers a breather.
But Acorn and others on Friday asked for the right to pursue their individual disputes with Polaroid. Acorn says that $25 million of the $300 million it lent Petters went to Polaroid, secured by its inventory and receivables.
Petters was arrested in October, accused of orchestrating a $3.5 billion Ponzi scheme.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…