BMO Bank NA urged a Minnesota bankruptcy court to grant it a $3 million administrative claim against the Petters Co. liquidating trust, calling a trustee’s challenge to recover litigation appeal costs “disheartening.”
BMO has a priority right to recover the bond premiums it was required to pay while it successfully appealed a $564 million trial court verdict over its role in Thomas Petters’ $3.65 billion Ponzi scheme, the bank said in a Nov. 28 filing with the US Bankruptcy Court for the District of Minnesota.
Pushing back against a challenge raised last month by the PCI liquidating trustee, BMO said ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.