Petters Group Worldwide: Difference between revisions
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Note of Federal Receiver and Bankruptcy Trustee Douglas Kelley |
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'''Petters Group Worldwide''' is a diversified company based in [[Minnetonka, Minnesota]]. |
'''Petters Group Worldwide''' is a diversified company based in [[Minnetonka, Minnesota]]. It currently has 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe.<ref name=KSTP092408>Nicole Muehlhausen, [http://kstp.com/article/stories/s592708.shtml?cat=63 BIO: Tom Petters], KSTP.com, September 24, 2008, Accessed October 8, 2008.</ref> Among its assets are [[Sun Country Airlines]], [[Petters Warehouse Direct]], and the remnants of [[Polaroid Corporation|Polaroid]]. Petters Group Worldwide had $2.3 billion in revenue in 2007.<ref name=ST100608>Liz Fedor, [http://www.startribune.com/business/30525884.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUI Sun Country files for bankruptcy], ''Star Tribune'', October 6, 2008, Accessed October 8, 2008.</ref> |
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On September 24, 2008, its headquarters and the homes of its top executives and some associated businesses were raided by the [[FBI]]. [[Wiretap]]s based on information gleaned from a confidential co-[[Conspiracy (crime)|conspirator]] are alleged to detail the existence of a $2 billion investment fraud. The allegations include creating phony purchase orders from [[Sam's Club]] and [[BJ's]] to create the appearance of tremendous sales of merchandise. CEO [[Tom Petters]] is the central figure in the investigation.<ref>[http://stmedia.startribune.com/documents/Petters0926.pdf Affidavit from investigator]</ref> A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country. <ref>http://www.startribune.com/business/30563724.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUX</ref> |
On September 24, 2008, its headquarters and the homes of its top executives and some associated businesses were raided by the [[FBI]]. [[Wiretap]]s based on information gleaned from a confidential co-[[Conspiracy (crime)|conspirator]] are alleged to detail the existence of a $2 billion investment fraud. The allegations include creating phony purchase orders from [[Sam's Club]] and [[BJ's]] to create the appearance of tremendous sales of merchandise. CEO [[Tom Petters]] is the central figure in the investigation.<ref>[http://stmedia.startribune.com/documents/Petters0926.pdf Affidavit from investigator]</ref> A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country. <ref>http://www.startribune.com/business/30563724.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUX</ref> |
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[[Category:Companies based in Minnetonka, Minnesota]] |
[[Category:Companies based in Minnetonka, Minnesota]] |
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Petters Group Worldwide is being handled by Douglas Kelley - a former US Attorney in MN, who was hired by PGW after the FBI raided Petters offices. |
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Subsequent to the Doug Kelley announcing that the companies staying alive come before any creditors wishes - (''the MN Star Tribune reported'') _ a MN Magistrate Justice appointed Doug Kelley as a Federal Receiver - who also has become the Bankruptcy Trustee (for companies he placed into bankruptcy). |
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[[User:Laserhaas|Laserhaas]] ([[User talk:Laserhaas|talk]]) 23:14, 12 June 2009 (UTC) |
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Revision as of 04:14, 13 June 2009
Petters Group Worldwide is a diversified company based in Minnetonka, Minnesota. It currently has 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe.[1] Among its assets are Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid. Petters Group Worldwide had $2.3 billion in revenue in 2007.[2]
On September 24, 2008, its headquarters and the homes of its top executives and some associated businesses were raided by the FBI. Wiretaps based on information gleaned from a confidential co-conspirator are alleged to detail the existence of a $2 billion investment fraud. The allegations include creating phony purchase orders from Sam's Club and BJ's to create the appearance of tremendous sales of merchandise. CEO Tom Petters is the central figure in the investigation.[3] A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country. [4]
References
- ^ Nicole Muehlhausen, BIO: Tom Petters, KSTP.com, September 24, 2008, Accessed October 8, 2008.
- ^ Liz Fedor, Sun Country files for bankruptcy, Star Tribune, October 6, 2008, Accessed October 8, 2008.
- ^ Affidavit from investigator
- ^ http://www.startribune.com/business/30563724.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUX