In the case that gets more bizarre everyday, The Star Tribune is reporting that Tom Petters may have admitted his guilt when questioned by FBI agents and Nevada Gaming Agents while at the Bellagio in Las Vegas. This occurred while the raid on Petters Minnetonka facility was being executed by the feds.

As part of a pre-trial motion, both the prosecution and the defense are arguing over the phrase "I will bite the bullet if I have to," something Petters muttered when confronted and questioned by Federal Agents. Petters defense team claims that he was not mirandized, and therefore anything he said was not admissible in court.

The other aspect of the case right now is that Petters attorneys have not been compensated for some time, and have accrued legal fees of about $300,000. The team of Engh and co-counsel Jon Hopeman, indicate they may have to withdraw from the case if they do not receive payment.

Read more than you care to know in the Strib here: Petters' statement comes back to bite