Tuesday, 27 September 2016
Last updated 5 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.