RITCHIE CAPITAL MANAGEMENT, LLC v. STOEBNER

No. 14-1154.

779 F.3d 857 (2015)

RITCHIE CAPITAL MANAGEMENT, LLC, as administrative and collateral agent; Ritchie Special Credit Investments, Ltd.; Rhone Holdings II, Ltd.; Yorkville Investments I, L.L.C.; Ritchie Capital Structure Arbitrage Trading, Ltd., Appellants v. John R. STOEBNER, Trustee, Appellee. JPMorgan Chase Bank, N.A., Amicus Curiae. Douglas A. Kelley, as Chapter 11 Trustee; The Official Committee of Unsecured Creditors of Petters Company, Inc. and Petters Group Worldwide, LLC; National Association of Bankruptcy Trustees, Amici on Behalf of Appellee(s).

United States Court of Appeals, Eighth Circuit.

Filed: March 10, 2015.


Attorney(s) appearing for the Case

Thomas K. Cauley, Jr. , argued, Brian A. McAleenan , Michael J. La Mare , Chicago, IL, James M. Jorissen , Minneapolis, MN, on the brief, for Appellant.

Terrence J. Fleming , argued, George Singer , Sandra S. Smalley-Fleming , Mark S. Enslin , on the brief, Minneapolis, MN, for Appellee.

Kevin Martin Decker , Benjamin Everett Gurstelle , John R. McDonald , Minneapolis, MN, James J. White , Ann Arbor, MI, David J. Woll , Isaac Rethy , New York, N.Y., for Amicus brief of JPMorgan Chase Bank, NA.

Steven E. Wolter , Minneapolis, MN, David Runck , Connie A. Lahn , Eden Prairie , MN, for Amicus brief of Douglas Kelley, as Chapter 11 Trustee and the Official Committee of Unsecured Creditors of Petters Company, Inc., and Petters Group Worldwide, LLC.

Ronald R. Peterson , Chicago, IL, for Amicus brief of the National Association of Bankruptcy Trustees.

Before RILEY, Chief Judge, WOLLMAN and BYE, Circuit Judges.


This case marks yet another dispute stemming from Tom Petters's multi-billion dollar fraud. The bankruptcy trustee for Polaroid Corporation (Polaroid) — a Petters company — succeeded in the bankruptcy court1 in avoiding as fraudulent the transfer...

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