Cornerstone agrees to pay back $50K to Hanover trustee; new accounting places total losses from alleged Ponzi scheme north of $20M
Investors in defunct Hanover Corp. will get their day in court
[First published in The City Paper]
Picking over the ruins of Terry Kretz's Hanover Corp., bankruptcy trustee seeks to recover $176,000 from Madison's Cornerstone Church -- a little under 1 percent of the more than $18 million that investors put into the company
Hanover Corp. used its links with a Nashville church to raise more than $18 million from about 150 small-time investors, promising a 24 percent annual return. Now the company is foundering amid bankruptcy filings and a lawsuit that calls it a Ponzi scheme.
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