Nearly $34 million is to be repaid by GE Capital, Fredrikson & Byron and the John T. Petters Foundation, the StarTribune (Minneapolis) reported yesterday. Court approval of three "false profit" and fraudulent-transfer settlements were granted Wednesday, providing the Petters corporate bankruptcy estate with nearly $34 million, bringing to $300 million the amount recovered since the business enterprises of the convicted Wayzata businessman were placed in bankruptcy in late 2008. But the bankruptcy proceeding that stems from the $3.65 billion Ponzi scheme is nowhere near the finish line. Trustee Doug Kelley said that it will be "at least" two more years before all the claims in the case are resolved, including 130 more clawback claims that potentially total $1.5 billion.
