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Mike Hofer, a Fargo businessman, has a $36 million lawsuit filed against him as part of Tom Petters' $3.65 billion fraud.

Fargo businessman targeted in lawsuits to recover money in Petters fraud case

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Mike Mullin, president of St. Cloud (Minn.) Cathedral High School, received a letter earlier this year asking the school to return a $252,000 gift it received four years ago from convicted businessman Tom Petters.

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If the bankruptcy trustee who made the request wants the money, Mullin suggested that he take the school's elevator. After all, he noted, that's where the money was spent.

"It's a hard asset rather than a liquid one," Mullin said.

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