Petters asks employees to 'move forward' after raid

6:31 AM, Sep 26, 2008   |    comments
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Twin Cities businessman Tom Petters was back in town Thursday, trying to ease his employees' concerns. They went back to work, a day after federal agents raided Petters worldwide headquarters in Minnetonka. Company spokesperson Andrea Miller says Petters met with his staff, apologized for the interruption yesterday and any stress it caused. An attorney explained to the group how the federal investigation process works, saying it could take months. Meantime, the search warrant remains sealed in United States District Court and federal authorities won't say yet what they were looking for or why. Agents searched company headquarters and Petters' Wayzata home Wednesday, removing boxes and computer equipment. Miller says the investigation centers on a financial arm of the company called Petters Company Inc. and has nothing to do with bigger holdings like Sun Country Airlines and Fingerhut. So what does a large federal investigation mean for a high profile company and its high profile owner? While we don't know what the federal investigation is all about, University of St. Thomas business professor David Brennan says many groups have a stake in this. "Certainly it's customers that have purchased product or services yet to be delivered. I think has got to be a concern. I think if you're an employee, that has to be a concern. What's going on? If you're a financial institution and you have provided funds, that is certainly a major consideration as well," says Brennan. Also on Thursday at Petters headquarters, there was a meeting of the executive management team according to spokesperson Andrea Miller. In addition, she says lawyers were provided with a rough list of what federal agents took from the building.

By Trisha Volpe, KARE 11 News

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(Copyright 2008 by The Associated Press and KARE. All Rights Reserved.)

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