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Ronald R. Peterson, As Chapter 7 Trustee For the Estates of Lancelot v. Mcgladrey & Pullen, Llp, et al

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ARGUED SEPTEMBER 8, 2011

Before EASTERBROOK, Chief Judge, and BAUER and SYKES, Circuit Judges.

In 2002 Gregory Bell estab- lished five mutual funds, known as the Lancelot or Colossus group. We call them “the Funds.” They raised about $2.5 billion, which they reinvested in businesses such as Thousand Lakes, LLC, that claimed to act as commercial factors. (For simplicity we use Thousand Lakes as the only exemplar.) The Funds told their investors that Thousand Lakes loaned money to oper- ating businesses on the security of their inventories.

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