Some Creditors Cry Foul As Bankrupt Polaroid Sold

Law360 (April 3, 2009, 12:00 AM EDT) -- New York-based private equity firm Patriarch Partners LLC has purchased bankrupt camera pioneer Polaroid Corp. for about $60 million at auction, in spite of some objections from creditors, with whom Polaroid has been embroiled in a trademark spat.

Polaroid announced the auction Friday in a status report filed in the U.S. Bankruptcy Court for the District of Minnesota, a move that was tailed by a flurry of objections from creditors and business partners. The sale will be vetted by the court at a hearing scheduled for...
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