Petters's Bentleys can run, can't hide


You know you are rich when someone has the job of tracking down all of your cars, homes and possessions all over the country and it's not an easy job. 

As Tom Petters sits in jail awaiting charges and a trial for an alleged $3 billion Ponzi scheme against investors, receiver Doug Kelley is tracking down possessions to save assets for company creditors tied to the alleged scheme. 

Poor guy. As people across the state lose their jobs and everything they own and these guys only get to keep one home? Hurts our hearts.
From the Star Tribune:
"We've drained swimming pools and lifted boats out of the water to preserve assets for sale. We've been chasing cars -- Bentleys, Ferraris -- in various parts of the country. My job is to look for hints of any places where money might have been hidden," Kelley said. He said he has obtained financial statements from Petters and several associates named as defendants in the receivership, which is a civil action, and is conducting title searches to uncover their real estate holdings. "They get one house to live in, not three or four," Kelley said.
In other Petters news, Sun Country "is seeking court approval to obtain short-term financing from a Petters Aviation company to help the carrier pay its bills until next spring," according to the Star Tribune. Yesterday we reported their debt at $108 million.