The Petters Co. liquidating trust, created after the company’s 2008 collapse into a massive Ponzi scheme, is challenging BMO Bank’s bid for a $3.1 million administrative expense claim that the trust says was filed more than nine years late.
A bankruptcy plan set a May 23, 2016 deadline for administrative claims, which BMO missed by “deliberately” choosing not to file, the liquidating trustee said in a Nov. 25 filing in the US Bankruptcy Court for the District of Minnesota.
BMO’s Oct. 31 claim violates the plan and unfairly prejudices the trust, which has distributed $348 million to creditors as of ...