The Petters-related lawsuits
- October 26, 2008 - 8:54 PM
SIZING UP THE PETTERS-RELATED LAWSUITS
At least 30 lawsuits have been filed around the country against Tom Petters, his companies and business associates claiming that he owes plaintiffs more than $3.5 billion.
Bankruptcy documents covering 10 of Petters' business entities list a variety of unsecured debts to the companies' largest creditors. The debts range from $144,000 in rent to landlord Welsch Baker Road LLC to more than $1.5 billion owed to the Lancelot Investors Fund of Northbrook, Ill. The Minneapolis law firm of Fredrikson & Byron claims it's owed $171,341 for outstanding legal fees.
Here are some of the top creditors and the amounts owed, according to court documents:
1. Lancelot Investors Fund LP, $1.53 billion
2. Palm Beach Finance Partners LP, $1.06 billion
3. Acorn Capital Group LLC, $276.7 million
4. Metro Gem Inc., $165.5 million**Metro Gem owner Frank Vennes Jr. has been identified in federal court documents as a "facilitator" in the alleged Petters scheme, but he has not been charged with any crimes.
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