Sun Country Airlines - Tom Petters - FRAUD ARTICLE

[satpak77]

http://www.startribune.com/business...yqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUF

Twin Cities businessman Tom Petters, thrust into the spotlight earlier this week when his business and home were swarmed by federal agents, is the central figure in what authorities suspect is a multi-billion dollar fraud scheme that lured investors with empty promises, according to documents unsealed Friday in federal court.


In a sworn statement used to obtain nine search warrants, authorities said Petters used the capital raised through his equity company, Petters Co. Inc. (PCI), "for his other business ventures and to support his extravagant lifestyle."


Petters is chief executive of Petters Group Worldwide, with holdings that include Sun Country Airlines, Petters Warehouse Direct and Polaroid.

 

[767/757]

Take some time and read through the first of nine affidavits released.....

http://tiny.pl/86cn

 

[satpak77]

The news article that stated Petters' company owned Sun Country got my attention. Don't know how much it will affect the day-to-day ops of Sun Country, if any. The baggage handler tossing bags at Sun Country is far removed from Petters, as are the rest of the employees.

Posted it for reading pleasure, nothing else.

 

[767/757]

I did not mean to focus this toward you - everyone should take a look at the affidavit - a lot of information.

Cheers,

 

[satpak77]

no thats cool, I knew what you were saying

see ya

 

[dashtrash]

The baggage handler tossing bags at Sun Country is far removed from Petters, as are the rest of the employees.

quote]

Menzies was throwing the bags the last time I was in MSP.

 

[123]

Sun Country workers face temporary 50% pay cut

The airline is squeezed for cash but says it will reimburse deferred wages with interest in 2009.

Low on cash as it enters one of the slowest travel seasons of the year, Sun Country Airlines told workers on Monday it would cut their pay in half beginning next week and reimburse them in 2009.

But the carrier's two large unions -- representing pilots and flight attendants -- haven't endorsed that plan.

full news article

 

[hockeypilot44]

What are the chances of paying their employees 50 percent now, then closing the doors before 2009? Squeeze every last penny out of your employees before shutting down.

 

[a320drivr]

I really hope you guys dont show up for work with that kind of deal.

 

[Fubijaakr]

How can Sun Country unilaterally impose that kind of pay cut? Besides being unethical, it doesn't make any legal contractual sense.

If they get away with it, we are ALL at risk.