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Receiver in Petters case reports on progress
MINNEAPOLIS (AP) — The attorney appointed to control the bankrupt Petters Group Worldwide says a team of accountants, lawyers and investigators is busy looking for assets.
Receiver Doug Kelley made the statements Tuesday in his first report to unsecured creditors.
He says preserving assets is at the forefront. But, he says, many of the underlying companies aren’t operating at a profit, so it will be hard to go forward with them.
Petters Group filed for bankruptcy after its founder, Tom Petters, was accused of operating an investment scheme that totaled over $3 billion.
Petters is in custody on federal charges of mail and wire fraud, money laundering and obstruction of justice. He has maintained his innocence.
Information from: Star Tribune, http://www.startribune.com