You may remember that Frank Vennes filed the motion for his "work-out" plan the day after the November election. Naturally, there was hardly any news about it. Yesterday, Judge Montgomery ruled on the motion.
The Strib:
Investors with Frank Vennes, the unindicted co-conspirator of former Wayzata businessman Tom Petters, will get 35 to 74 cents on the dollar for their losses in the state's largest fraud, according to a court order filed Tuesday.
Three banks whose loans were secured by assets of Vennes will receive 65 percent to 74 percent of their losses, or $11.4 million.
Investors with personal guarantees by Vennes will receive half of their losses, while those without personal guarantees will recover about 35 percent of their losses. This group will receive $16.4 million.
And Mr. Vennes didn't do too bad either... from Judge Montgomery's decision:
Mr. Vennes will receive from the Liquidating Trustee reasonable living expenses for one year totaling $62,400, which sum is consistent with the living expenses provided during the § 1345 Vennes receivership in this matter. Upon request, Mr. Vennes will assist in the efforts of the Liquidating Trustee in the sales or other dispositions of assets and the carrying out of the Asset Distribution Plan. Reasonable expenses incurred by Mr. Vennes in such efforts at the request of, and previously approved by, the Liquidating Trustee will be reimbursed to him.
Read more about Frank Vennes at Karl Bremer's Ripple in Stillwater blog.
UPDATE: Good links to stuff about Bachmann's SOTUS response at Crooks and Liars... including this hilarious video of Bachmann primping and preening before her speech:
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