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Article: Investor: Petters pressed for quick deals; An Interlachen Capital investment manager says the Wayzata businessman also thwarted efforts to investigate inventories.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- October 31, 2009
CopyrightCOPYRIGHT 2009 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: DAVID PHELPS; STAFF WRITER
A partner in a Minneapolis investment firm testified Friday in the federal fraud trial of Wayzata businessman Tom Petters that the high-energy wheeler-dealer and his team moved at a fast pace and were always looking for investors.
"There was always an urgency; there was always a tight time frame to complete a deal," said Gregg Colburn, a partner in the Interlachen Capital Group, which claimed losses of $60 million when Petters Co. Inc. went out of business last year.
Colburn said Lance Breiland, a former Fredrikson & Byron attorney who was general counsel at Interlachen, started talking with Petters about some ...