Polaroid for sale: Bidding starts at $42 million
A U.S. bankruptcy judge approved the sale of Polaroid Group, one of the remaining valuable assets left with Petters Group Worldwide. Starting bid: $42 million. It's quite a steal!
Put in your bid by March 26 for the auction on March 30.
Tom Petters, who is currently in jail awaiting trial for allegedly running a multi-billion Ponzi scheme, paid $426 million for Polaroid in 2005.
The judge approved the auction despite objections of two Petters creditors, Richie Capital Management and Acorn Capital Group.
More from the Star Tribune:
"This allows the process to move forward. It's a big deal in that regard," said Steve Wolter, an attorney working with court-appointed receiver Doug Kelley.
The starting bid is $42 million, the "stalking horse" amount offered by a Delaware firm called PHC Acquisitions.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss City Pages' biggest stories.