{"id":8766,"date":"2008-10-03T00:00:00","date_gmt":"2008-10-03T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-sues-petters","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2008\/hedge-fund-sues-petters.html","title":{"rendered":"Hedge fund sues Petters"},"content":{"rendered":"<p>Bizjournals.com &#8211; A Minneapolis hedge fund has sued Petters Group Worldwide, alleging it was defrauded out of $60 million in a deal involving &ldquo;imaginary televisions.&rdquo;<\/p>\n<p>Interlachen Harriet Investments, a Cayman Islands-based unit of Minneapolis-based Interlachen Capital Group, filed the suit Wednesday, saying that it gave $60 million to Petters Co. Inc. to purchase electronic merchandise such as televisions. PCI, a unit of Petters Group Worldwide, was to resell the televisions at a profit. Interlachen alleges that PCI never purchased any merchandise, and used the investment to fund former CEO Tom Petters&rsquo; other business ventures, pay down debt and for personal use.<\/p>\n<p>The suit is similar to federal allegations made last week that Petters and several associates bought and sold nonexistent goods with investors&rsquo; money for more than a decade by creating the image of a successful retail business.<\/p>\n<p><strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.bizjournals.com\/twincities\/stories\/2008\/09\/29\/daily28.html\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bizjournals.com &#8211; A Minneapolis hedge fund has sued Petters Group Worldwide, alleging it was defrauded out of $60 million in a deal involving &ldquo;imaginary televisions.&rdquo; Interlachen Harriet Investments, a Cayman Islands-based unit of Minneapolis-based Interlachen Capital Group, filed the suit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3001,2557,346,571,350,1051,3002,83,149,2969,47],"class_list":["post-8766","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-answering-questions","tag-bankruptcy","tag-board-of-directors","tag-cash-flow","tag-dillard","tag-liquidation","tag-management-group","tag-medallion","tag-proceeds","tag-publishing-company","tag-third-party"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8766"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8766\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}