Hedge Fund Barred From Suing Petters-Owned Co.

Dec 16 2008 | 3:55am ET

Acorn Capital Group’s bid to pursue a lawsuit against Polaroid Corp. has been turned down by a Minneapolis judge.

U.S. District Judge Ann Montgomery denied the request by the Greenwich, Conn.-based hedge fund and two other companies. Lawsuits against Polaroid, one of the many companies caught up in the Tom Petters fraud case, have been frozen while court-appointed receivers have sought to sift through the dozens of companies owned or controlled by Petters, a Minnesota businessman and hedge fund manager who has been charged with running a $3.5 billion Ponzi scheme.

The judge said it is too early to lift the temporary hold, and that she didn’t believe Acorn would be significantly harmed if it wasn’t allowed to proceed immediately with its lawsuit.

Acorn says that $25 million of the $300 million it lent Petters went to Polaroid, secured by its inventory and receivables.

RELATED STORIES

Hedge Fund Seeks End To Stay On Petters Lawsuits


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.