The Greedsters Sequels: CLAWBACKS HAVE SHARP CLAWS

Wednesday, June 6, 2012

CLAWBACKS HAVE SHARP CLAWS

Star Tribune - Tom Petters ran a $3.65 Billion Ponzi fraud in 2008. He declared bankruptcy and has been convicted in Federal Court and sentenced to 50 years in prison. But - effects of the fraud live on. The law firm of Fredrickson & Byron in Minneapolis on May 31 announced a settlement with the bankruptcy trustee and returned $13.54 million in fees collected for legal work during the Ponzi scheme period. The firm stated its payment was fully covered by a professional insurance policy. The law firm denies any awareness of the Ponzi.

Also, the trustee said on May 31 it collected $1.25 million in settlement with the John T. Petters Foundation, monies contributed to it by Petters and others. On May 30, the trustee had announced collecting $19 million from General Electric Capital Corp with GE professing no knowledge of the Ponzi. These figures swell the Petters clawback total to $299 million. The threat of a court trial showed the sharp claws of the recovery. Settlements must be approved by Judge Gregory Kishel of the Federal Bankruptcy Court.

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