Judge Denies Bid To Block Polaroid Sale
By Greg Tarr -- TWICE, 4/24/2009
Minnetonka, Minn. — Another bid by Patriarch Partners to block the sale of bankrupt Polaroid’s assets to a joint venture between two liquidation firms failed to win a judge’s approval this week, clearing the way for the $88 million transaction to proceed.
Bankruptcy Judge Gregory Kishel declined to stop the sale to a partnership between Hilco Consumer Capital and of Toronto and Gordon Brothers Brands of Boston. The firms had earlier won a court-supervised auction for the company that was once the king of instant photography.
Patriarch had argued that its bid was $488,000 higher than that of Hilco/Gordon Brothers team.
Polaroid’s creditors had sided with Hilco/Gordon Brothers, citing its past experiences managing brand portfolios.
Patriarch had sought to build on the current direction of the company, which under former owner The Petters Group, had branched out into digital electronics and other areas. The company’s 70 remaining employees had rallied behind the Patriarch offer. Patriarch is reportedly planning further appeals.
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