Updated: 06/25/2009 8:27 AM KSTP.com | 
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By: Becky Nahm
NJ: No Liquor for Redstone Unless Petters is Out
Indicted businessman Tom Petters plans to sell his shares in the restaurant chain Redstone Grill to ensure the company can renew its liquor license.
The state of New Jersey has said it will revoke Redstone Grill's liquor license unless the restaurant ceases to have Petters as a stockholder by July 15.
The court-appointed receiver in charge of Tom Petters' assets, Douglas E. Kelley, is asking the court to allow for the sale of Petter's 1,325,000 shares.
In an affidavit, Kelley says, "Redstone Grill reasonably believes that loss of its New Jersey liquor license will lead to the closure of its New Jersey restaurant, the closure of its other restaurants, and the loss of employment for substantially all of Redstone Grill's employees."
Kelley says attorneys have negotiated a purchase and option agreement that would allow him, as the receiver, to sell Petters interest in Redstone Grill to a subsidiary of the company.
Meanwhile, Petters' southeast Florida home could soon be off the market.
A potential buyer is offering nearly $9.5 million dollars for the six-bedroom, furnished home. Petters bought the house for $8.75 million dollars in 2004.
The court still needs to approve the deal.
Petters is accused of bilking investors by running a multi-billion dollar Ponzi scheme. Since his arrest in September, Petters has maintained his innocence.
Petters' jury trial is set to begin Sept. 14 with jury selection beginning Sept. 8.
COURT DOCUMENTS:
View the release request
Read Petters motion to be freed
Read Petters detention documents
Read the affidavit
Petters Group Worldwide bankruptcy documents
Intervention in Petters case denied
BACKGROUND ON THE STORY:
Biography of Tom Petters
Petters to be arraigned on updated indictment
Attorneys in Petters case in paper blizzard battle
JUDGE: Petters' statements, evidence allowed in trial
Govt. moves to block attempt to unfreeze Petters' assets
In the market for a boat? Tom Petters is selling his
Did Tom Petters confess guilt? 
Tom Petters' associate freed from home detention
Petters associate asks to be removed from home monitoring
Judge denies Petters's change of venue request
Federal prosecutors respond to Petters' request to move trial
Petters associate to be 'immediately' released from jail
Petters requests change of venue for trial
Petters co-defendant asks for frivolous monthly increases
Petters associate asks for jail release
Judge revokes bail for Petters associate
Petters associate to be searched again for assets
Motion filed to send Petters associate to jail
OFFICIAL: Petters hiding money from court
Petters makes third request for release
FEDS: Petters' associate knew of scheme
Attorneys say Petters not a flight risk
Petters' attorney: 'There's been rush to judgment'
Petters associate transported to Sherburne Co. Jail
Petters Group Worldwide files for Ch. 11
Petters ordered held, 3 associates plead guilty
Excelsior man charged in Petters matter
Petters charged with fraud, will be held in jail
Court documents unsealed in Petters case
Petters resigns
Petters meets with employees after raid
Warrant alleges $100M fraud by Petters
HOW THE CASE AFFECTS OTHERS:
Sun Country Could Lose 2 Planes in Petters Legal Mess
Bid of $85.9M accepted for Polaroid assets
Petters case leaves Rochester bank out $7.1M
Non-profits, charity groups sue Petters, associates
Top Minn. politicians return Petters donations
Hedge fund sues Petters, alleging swindle
How bad is it? Sun Country says they're $4M in debt
Sun Country files for bankruptcy protection
Sun Country warns of possible shutdown
Sun Country defers half of paychecks
Interview with Sun Country's CEO
