Petters' Polaroid gets the OK to be put up for sale

  • Article by: DAVID PHELPS , Star Tribune
  • Updated: February 19, 2009 - 8:53 PM

U.S. Bankruptcy Judge Gregory Kishel has given go-ahead approval for the sale of Polaroid Group, one of the few assets of Petters Group Worldwide with tangible value, with bids to open at $42 million.

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thepointFeb. 19, 09 1:22 PM

with so many attorneys involved in the dealings of the Petters case, whether there will be anything more left for creditors than coupons for lunch at Taco Bell...and that may be pushing it. I remember once being a plaintiff in a class action suit against General Mills. The attorneys got tens of millions, the citizen plaintiffs received a handful of coupons for 50 cents off a box of cereal. And justice for all! I'm still waiting for some more information from some enterprizing reporter at the Strib on how the small Wayzata bank channeled billions for one Petter's henchmen with nary a note of concern.

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luckysmomFeb. 19, 09 1:46 PM

At least we know someone will get paid. When all is said and done and locked up and liquidated, wait to see who is left standing. The victims have no hope for recovery and the perps will be waiting in line for their thawed assets when Mr. P is finally and mercifully gone. The bottom-feeders are the only winners in this whole, ugly mess and you can bet they will hang on until the last dollar has been claimed.

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ndokkenFeb. 19, 09 2:32 PM

oh--how such good news! I heard there are some cheap expensive properties for sale on Lake Minnetonka.

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iceholeFeb. 19, 09 3:07 PM

Selling Polaroid is equivalent to Ford trying to sell an Edsel or a Pinto again. Amen to the comments regarding attorneys, they are the ones who will try to make the sale occur, and they are the only ones to benefit from the proceedings and attempted sale.

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DeanEPetersoFeb. 19, 09 8:59 PM

Anyone know how the govt. is allowed to do this? So far we know everyone is most likely guilty in this process but until the courts say so everyone is innocent.

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MarkYountFeb. 19, 09 9:59 PM

$42M....HA!....4.2 would be a victory....

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Truckman182Feb. 19, 0910:28 PM

How much per hour is Doug Kelly making as the receiver? I bet he and the attorneys are making a bundle.

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fantailmediaFeb. 19, 0910:37 PM

Polaroid was ruined as a company by a leveraged buyout (well before the scam artist Petters got it), which crippled their ability to innovate. However, the name is still an iconic brand, and the current version has some value (and interesting new products). $42 million might be a decent deal, for someone with some VISION to re-start a classic American brand, in the new, digital century.

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bikemilesFeb. 19, 0910:42 PM

Works pretty well. TV and monitor in the same line of sight.

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pastemployeeFeb. 22, 09 1:40 PM

Ok. Slam away cause I am expecting it from someone hostile. I am a past employee of a Tom Petters store. I think you would be suprised to hear that the "villian" you are all out to get was MUCH loved by his employees. He was kind and generous. He talked to and shook hands with ALL from cashiers to janitors. He listened to you when you talked. He gave generously of his time and money. He was real and not pompus. I for one was deeply saddened by his downfall and more than a bit distressed by the speed of which he was deemed guilty without benefit of a trial. The way everyone jumped on the bandwagon to beat this man down is frightening. He hasn't been convicted only accused, but everyone has already assumed his guilt and has started taking everything from him. My opinion.

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