Clearing out the inbox.
People are still trying to figure out why federal agents raided the worldwide headquarters of Petters Group earlier this week. Tom Petters has his hands in many different business, but a look at a statement released by Fingerhut yesterday indicates the involvement of Petters in the operations there has been somewhat diluted:
Minneapolis — Fingerhut Direct Marketing, Inc., a leading direct-to-consumer marketing company, today announced its business operations continue as usual and are not affected by the investigation of Petters Group Worldwide by law enforcement agencies.
Fingerhut is an independent, standalone company in which Petters Group Worldwide is a passive minority stockholder. Petters Group has no involvement in the day-to-day management of the company.
Fingerhut’s financial strength is excellent, having recently completed a new round of equity financing of more than $50 million of additional capital from controlling investors Bain Capital and Battery Ventures.
Fingerhut Direct Marketing, Inc. is an online and catalog retailer of general merchandise featuring more than 500 national brands and nearly 25,000 items. The Fingerhut brand has been in existence for more than 50 years and has enhanced the lives of millions of customers through its commitment to high quality merchandise, convenient and flexible credit terms and extraordinary levels of customer service. FDM Inc. is headquartered in Eden Prairie, Minn.
Bain Capital. Controlling investors. Sound familiar at all? It’s the company founded by Mitt Romney.
Update On the bigger issue, a warrant has been unsealed that provides a glimpse into what the feds think they’ve got on Petters.