United States v. Asset Based Resource Group, LLC

Petters Aircraft Leasing, LLC, acquired two airplanes from C.I.T. Leasing Corporation in the summer of 2007. PAL borrowed $21.5 million from Acorn Capital Group, LLC, for the down payments. In October 2008, Douglas Arthur Kelley was appointed receiver of PAL (and other assets of Thomas Joseph Petters). See 18 U.S.C. § 1345. The district court 1 approved a foreclosure agreement between PAL and CIT. The agreement has been carried out; CIT has leased the planes to third parties.

Acorn — through its successor, Asset Based Resource Group, LLC — contends the district court abused its discretion by…