Since 2001 when it was founded until now, Ritchie Capital has so many developments been applied on both the management and the businesses they are involving with. And within those years, it’s not an easy period for Ritchie Capital as there always many things happened, and not all of it is considered as good things. There are several records of lawsuits cases built from and against them though. Well, just as many says, these bad situations would teach everyone to be tougher and better than before. And one of these cases it still can be heard about it in many mass media is about he Ritchie Capital Management suing former Petters executives.
As it stated in some reliable information sources over the internet, Ritchie Capital Management is seemingly suing 2 former Petters executives allegedly fraud, in relation with their loan been made to the company, for about $100 million. Marry Jeffries and Camille Chie-Awai, the two executives being charged for this fraud action, are seemingly using the Polaroid Corp’s assets as their back up, and as everything has going unpredicted, in which the Petters company has collapsed as the result last year, in other hand Polaroid sold their assets out for $88 millions. Well, that should be a painful situation for both companies though.
The case is still rounding over the court for now, and this should remind those business watchers about Ritchie Capital that was being sued by Barclays last year, due to the last decision of Ritchie has made in investing their $150 million. Well it’s actually a legal thing to do, if it done not at the supposedly to be winding down period. And these two years seemingly to be the hardest years for Ritchie Capital Management to be through, in order to keep existed on this tough business world today.
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