Polaroid for sale: Bidding starts at $42 million

Categories: Tom Petters
polaroid logo.jpg
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.

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