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million. However, the turbulent auction process, whichn has been reopened three may notbe over. Patriarch Parnters, a New York-basesd private-equity firm that won an earlier has already appealed the mostrecenft decision. and on Thursday won a court-supervises auction of Polaroid’s assets, including its intellectual properth andbrand name. Polaroid Corp. was ownec by Minnetonka-based . Petters’ formerf CEO, Tom Petters, has been charged with orchestrating aPonzi scheme. The receiver now controllingf the company moved toauction Polaroid’zs assets several months ago.
Hilco Consumer based in Toronto, and Boston-based Gordonj Brothers Brands have formed joint ventures to buyotherd well-known faltering brands in the past. Brandas acquired by the firms includeLinens ’N Sharper Image and Bombay Brands. Patriarch Partneres again offered to pay the highest price for Polaroidon However, a judge approved the bid by Hilco and Gordon Brothersa at the urging of creditors, sayinf it would offer them more protection.
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