Hedge Fund Seeks End To Stay On Petters Lawsuits

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.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of