Hedge Fund Investors harmed
| Lancelot files Bankruptcy Chapter 7 with (19) cases ( here ) Thanks to tipster - a meeting of the minds on R E Fund Investors Ritchie Dreier Etc (here ) |
| Legal challenge to Appointment of Receiver The abuse of discretion by the Federal Court's Montgomery, giving Douglas Kelly the power to Receive the Petter's estates has sent a wave of anxiety to all parties harmed by the Petters debacle. Judge Montgomery "seized" the day quite literally and turned a TRO petition of the Federal Government prosecutions - into a gestapo type tactic to gobble up the Petters Empire - abusing the "innocent until proven guilty" doctrine that is a sine qua non of Federal System of Justice. Despite the obvious problems Her Honor and Douglas Kelly would have - if Petters was found to be - not guilty! The big problem brought to bear upon the ordeal is that rush to judgment and execution (of the entities) is also intensely convoluted by the erroneous (unprecedented) filing of bankruptcies and liquidation of assets without a proper (Public) protocol process. The American Bar Association has stated that - the appointment of a Federal Receiver is made moot; once a bankruptcy case begins. It is only a matter of time before experienced counsels gather together and petition to have the Receiver halted, restrained or totally Removed. The question is - whether or not - the creditors will do it in a unified manner? Or will separate battles transpire? Will "they" challenge the appointment of a Receiver? The Receiver was a Temporary Restraining Order ("TRO") fiduciary to protect the estate from vanishing assets. The rush to sell assets, close retail venues, without proper protocols, as required by the Bankruptcy Code brings much into question??????? |
| Domino Effect of Petters debacle Neil Greenberg of ancillary Fund AGILE SKY gave this report to vested parties ( here ) making investors anxious & nervous Many investors are asking similar questions "How did our monies get MISmanaged into this"? Speculation that Hedge Fund managers were taking points to invest - abound! Skybell Partners had several funds that invested with Lancelot's efforts in Petters. Agile Sky, Eden Rock and Nightwatch - and others Some Funds had more than 25% exposure in Lancelot. Purportedly - some of the Hedge Funds stipulated that if lack of due-dilligence can be documented then liable insurance companies are also at risk |
| This is the List of the purported investors, hedge funds, banks, etc., that we have been made aware of - claiming (or named) as a party that has been reportedly harmed or experienced material adversity due to the Petters Fraud saga; It you do not see a particular name - please advise us!
Apriven related entities did petition the MN Courts by a separate causes of action (Minn Dist Court 08- 05373) In mentioning Petters, Apriven noted Coleman as (a/k/a Deanna Munson),.along with Bob White, Larry Reynolds and various John/Jane Doe(s) 1 to 10 (no mention of Catain) The Apriven companies stated they are owed $45 million, $1.5 and $3.6 million. They Seek a Jury Trial Don't we All --- (hopefully televised) |
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| Special Section Lancelot ETC ( here ) |
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| Bloomberg NEWS is reports Barclays Bank Plc is suing Ritchie Capital and its Principal - Thane Ritchie - for failing to disclose the losses incurred of Petters ( here ) we Thank the anonymous tipster keep the good info coming!!!! |
| Receiver pushes stymies Creditors Apriven Creditor petitions Petters Bankruptcy Cases for Rule 2004 Examination ( here ) - Due in no small part to the fact Federal Receiver - Dept of Justice and Deanna Coleman denied Creditor right to review Books n Records and Receiver's counsel seeks to assauge Creditor's request stating that Petters only has $9000 in bank account that $45 million was wired into ( here ) and ( here ) |
| In an effort to answer the question of which Palm Beach entity is owned by whom = the MN Dist Ct had this filing of Palm Beach v Palm Beach (here) |
| Interlachen v Petters original document ( here ) |
| ILL Bankruptcy Court approves Order that Trustee in Lancelot Bankruptcy can depose Petters, SunCountry, Fingerhut, Polaroid, Vennes, Catain etc Under Federal Rule Bankruptcy Procedure 2004 ( here ) |
| Research Asst Grace strikes gold - Palm Beach - Vennes - Reynolds - Petters - Gottex - Stewardship - Mancestor and more see ( here ) |
| News - new entity - PETRA (T) Fixed Income Fund LLP of CO puts in Notice of Appearance Petters case ( here ) |
| Meanwhile the battle of Palm Beach v Palm Beach begins (here) |
| N E W S - Speculation on prosecution of ancillary Hedge Funds for Honest Services Fraud (to understand (here) Due to tips from employees and others, we learned that Palm Beach Links Capital (PBL Capital) was the main ingredient to the Petters Fraud. We reported earlier (see below and Investors button) that Frank Vennes along with Bruce Prevost, David Harrold and PBL's Steve Cammack formed the Palm Beach entity strictly for Petters. Since then PBL Capital has yanked down its website (here) |
| NEWS = MN Ct grants Receiver's Motion to modify (expand) Powers ( here ) & LG moves to Clarify (here) (here) & (here) JP Morgan puts in a Notice to Appear (here) as Secured Creditor BATTLE to Remove Receiver looms large as Ritchie Capital seeks to depose Doug Kelley with a Motion to Compel discovery (here) Doug Kelley refused to answer Ritchie Interog's (here)- Ritchie Cap Objects to Lindquist & Vennum (here) DK Objects to Motion to Compel (here) as attorney puts in NOA (here) Court approves sales (here)(here) While the local press refuses to address the appalling way the MN Federal power mongers have seized the Petters empire and victims assets for themselves - others across the country are getting success against cronyism and corruption (here) (here) and (here) |
| NEWS BREAK - Attorney sues ancillary fund(s) under ERISA for failure to discover Ponzi scheme (here) Law.com New player appears in Petters bankruptcy cases--- Aaron Chang International (here) MN firm McGladrey & Pullen are being sued or failure to perform concerning Petters and Madoff (here) & (here) Wall Street Journal Law Blog paltry on Petters (here) NEWS - Stewardship puts in appearance (here) as we get confirmation SEC is investigating PBL Meanwhile Court schedules Petters Arguments for March 18th (here) and DK Receiver gives DK Trustee goods (here) Larry Reynolds asks again for attorney fees (here) Catain free (here) and Ritchie Capital Appeals DK being Trustee (here) & (here) |
| Dear Ole Richard Hettler (who was defrauded by Petters long ago) puts in his Objection to Polaroid sale (here) |
| Forbes story on Prevost and Harrold setting up Palm Beach for retailers (here) We have good authority the 2002 set up of the retail fund was specifically for Petters only ? The Palm Beach quagmire has many issues (here) - Specious fact that Receiver DK's former firm (Fulbright & Jaworski) is the one representing "the" other Palm Beach entities (here). As noted by Forbes the Prevost and Harrold issues loom large - whilst the Palm Beach Links (PBL Capital) removed its website once we began to report on their apparent criminal efforts and failures to disclose. Cammack's Finova items, Bill Cawley etc, etc., researcher Grace gives a good issue on the various entities quagmire picture ( here ) |
| The skuttlebutt has it that Vennes is about to hang out everyone to dry; including family and friends he talked into this debacle - many are asking the question why is his son's email account being subpoenaed (here). Vennes wife name purchased a house for $250K in 2002 and then a $750,000 loan by Private Bank was taken out in both Vennes and his wife's name in 2004 Technically, Vennes's mother-in-law is forbidden from working out a deal - due to Receiver - for the House that Vennes talked her into moving into (as a purported gift from her son) Vennes and his brother Greg sue others while claiming Metro Gem returns 3 to 5% Per Month (here) - Vennes is leading everyone to the slaughter vainly hoping to be Free and he should be ashamed! Meanwhile Vennes has rang up several million dollars in Criminal and other attorney fees (here)&(here) Wonder WHY?!?!?!? |
| NEWS - Motion to Intervene by JP Morgan Chase (here) Memorandum of Law by JP Morgan Chase details Law against Receiver over-reaching (here) JP Morgan Chase list of Exhibits concerning Motion to Intervene & Void Receiver (here) From the Judge handing out illicit cards of Judicial Immunity (here) & (here) compounded with DK keeping things close to his breast while acting like a king - thanks for JP |
| NEWS - Ark Royal Asset Management shuts down due to Petters (here) The big push begins as FBI arraignment of Car Dealer for fraud on Inventory (here) Patriarch Partners DROPS their Appeal of Polaroid Sale (here) Tom Petters (here) Objects to Magistrate Report & Recommendations (here) Appendix to Petters Objections contains Exhibit of PassPort & Loans (here) Judge Orders approving Sale of Catain's Costa Rica Villa and MN homes (here) & (here) Polaroid seeks regular right for exclusivity Reorganization Plan (here) fees in Vennes cases (here) Ritchie and Acorn Appeals and battles v Petters continue - items for Appeals (here) There are 2 docket records Under SEAL in Petters Criminal Trial with NO explanation ????????? |