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U.S. v. PETTERS

Civil No. 08-5348 ADM/JSM.

United States of America, Plaintiff, v. Thomas Joseph Petters; Petters Company, Inc., a/k/a PCI; Petters Group Worldwide, LLC; Deanna Coleman, a/k/a Deanna Munson; Robert White; James Wehmhoff; Larry Reynolds and/or d/b/a Nationwide International Resources, a/k/a NIR; Michael Catain and/or d/b/a Enchanted Family Buying Company; Frank E. Vennes, Jr., and/or d/b/a Metro Gem Finance, Metro Gem, Inc., Grace Offerings of Florida, LLC, Metro Property Financing, LLC, 38 E. Robinson, LLC, 55 E. Pine, LLC, Orlando Rental Pool, LLC, 100 Pine Street Property, LLC, Orange Street Tower, LLC, Cornerstone Rental Pool, LLC, 2 South Orange Avenue, LLC, Hope Commons, LLC, Metro Gold, Inc.; Defendants, Douglas A. Kelley, Receiver, Gary Hansen, Receiver, Barry E. Mukamal, Liquidating Trustee of Palm Beach Finance Partners, L.P. and Palm Beach Finance II, L.P.; Applicant Intervenor.

United States District Court, D. Minnesota.

January 25, 2011.

Attorney(s) appearing for the Case

James L. Volling, Esq. , Faegre & Benson LLP, Minneapolis, MN, on behalf of Defendants Frank E. Vennes Jr.;, Metro Gem Finance; Metro Gem, Inc.; Grace Offerings of Florida, LLC; Metro Property Financing, LLC; 38 E. Robinson, LLC; 55 E. Pine, LLC; Orlando Rental Pool, LLC; 100 Pine Street Property, LLC; Orange Street Tower, LLC; Cornerstone Rental Pool, LLC; 2 South Orange Avenue, LLC; Mandan Properties, LLC; Century Apartments, LLC; Youngstown Holdings, LLC; Metro Development Properties, LLC; Grace Offerings of St. Paul, LLC; Project Riverwatch, LLC; Friends of Hope Academy, LLC; Plando, LLC; Art Group, LLC; and Metro Gold, Inc.

Gary Hansen, Esq. , and Ranelle Leier, Esq. , Oppenheimer Wolff & Donnelly LLP, on behalf of Receiver Gary Hansen.

Gregory G. Brooker, Esq. , and Surya Saxena, Esq. , Assistant United States Attorneys, Minneapolis, MN, on behalf of Plaintiff.

James A. Lodoen, Esq. , and Daryle Uphoff, Esq. , Lindquist & Vennum, PLLP, Minneapolis, MN, and Douglas A. Kelley, Esq., Kelley and Wolter, P.A., Minneapolis, MN, on behalf of Douglas A. Kelley, Chapter 11 Trustee for Petters Company, Inc.

Jonathan Feldman, Esq. , Meland Russin & Budwick, P.A., Miami, FL, and Daniel N. Lovejoy, Esq., Parker Rosen LLC, Minneapolis, MN, on behalf of Barry E. Mukamal, Chapter 11 Trustee for Palm Beach Finance Partners, L.P. and Palm Beach Finance II, L.P.

Carolyn G. Anderson, Esq. , and Brian C. Gudmundson, Esq. , Zimmerman Reed, PLLP, on behalf of AI Plus; Glen and Sue Silker; Silker Investments; Timothy J. Finley; IOC Distribution; Jeffrey Siemon; and Mark T. Wyder Family Trust.

MEMORANDUM OPINION AND ORDER

ANN D. MONTGOMERY, District Judge.

I. INTRODUCTION

On December 17, 2010, the undersigned United States District Judge heard oral argument on the Joint Motion [Docket No. 1652] of the Vennes Defendants1 and Receiver Gary Hansen ("Receiver Hansen") to approve a plan (the "Asset Distribution Plan" or the "Plan") to distribute receivership assets of the Vennes Defendants. The Court also heard...

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