Court-Appointed Receiver Opposes "Workout Plan" of Frank Vennes Jr.

Karl Bremer reported at his Ripple in Stillwater blog on the "workout plan" of Frank Vennes Jr. which would he hoped would put the Petters Ponzi mess behind him. Bachmann's pardon pal submitted his plan to the court the day after the election.

Receiver Gary Hanson filed his opposition to the Vennes plan on Thursday saying the Vennes plan would put creditors at a disadvantage - distributing assets without the same rights and protection the creditors would have in a bankruptcy setting. The Receiver also criticized the plan for a variety of other reasons.

It will be interesting to see how the court will rule on the Vennes plan.