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Polaroid Sells Assets In Drawn-Out Auction Process

Law360 (April 17, 2009, 12:00 AM EDT) -- A joint venture formed by Hilco Consumer Capital LP and Gordon Brothers Brands LLC has won approval to purchase most of bankrupt Polaroid Corp.'s assets, beating out private equity firm Patriarch Partners LLC in an unusual auction process that involved several twists and turns.

At an auction Thursday before Judge Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota, Patriarch and the Hilco-Gordon Brothers joint venture went through about 20 rounds of bidding, according to attorneys who were in the courtroom for...
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