Thursday P.M. Report

Cross-examination of Tom Petters begins: Assistant U.S. Attorney Joe Dixon began his cross examination of Tom Petters Thursday morning, grilling him about his claim that he knew nothing of the fraud at Petters Co. Inc., a company he owned and led as CEO. Dixon began his examination by pointing out that Petters was owner and CEO of PCI and asked him to confirm he was the “heart and soul” of the company. Read full story

Hecker found in contempt of court: A U.S. bankruptcy judge held Denny Hecker in contempt of court Wednesday morning for failing to turn over financial documents requested by the trustee, according to media reports. Read full story

Donaldson earnings decline but beat expectations: Shares of Donaldson Co. Inc. soared more than 8 percent Thursday, after the company announced fiscal first-quarter results that beat Wall Street’s expectations and raised its annual earnings guidance. The company late Wednesday reported earnings of $34.6 million, or 44 cents per share. Read full story

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