What a change a week can bring about. Tom Petters has been a private company darling in Minnesota, buying out Fingerhut, Polaroid, and Sun Country Airlines. Then in the middle of last week, Federal Agents raided his corporate headquarters in Minnetonka, and removed his computer from his personal residence in Wayzata.
Days later, a search warrant is unsealed revealing Petters in under investigation for potentially $100 Million worth of fraudulent investment activity. The news came out yesterday that Petters will be stepping down from his companies, and that a company has been hired to assemble an interim management solution.