Lenders Say They Were Taken For $223M

     CHICAGO (CN) – Thomas Petters defrauded lenders of $223 million while the FBI was investigating him for a string of frauds he has conducted since the 1990s, Ritchie Capital Management and other lenders claim in Cook County Court. They also sued Petters Group Worldwide and Petters Co.




     Petters, of Wayzata, Minn., “has substantial ownership interests in numerous businesses, including Polaroid Corporation, Sun Country Airlines and magazine publisher Great Waters Media,” the complaint states.
     These plaintiffs claim Petters owes them these amounts:
     Ritchie Special Credit Investments Ltd. – $120.4 million
     Rhone Holdings II Ltd. – $55.3 million
     Yorkville Investment I LLC – $34.9 million
     Ritchie Capital Structure Arbitrage Trading Ltd. – $12.4 million
     Plaintiffs are represented by Thomas Cauley Jr. with Sidley Austin.

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