Polaroid in bankruptcy protection

[T_i_B]

Source: BBC

Camera-maker Polaroid has filed for US Chapter 11 bankruptcy protection amid allegations of fraud by the founder of its parent group.

Polaroid has been owned by Petters Group Worldwide since 2005, which was established by Tom Petters.

Mr Petters is now "under investigation for alleged acts of fraud that have compromised the financial condition of Polaroid," the firm said. Authorities believe that Tom Petters, the founder of Peters Group, was running a £3bn fraud scheme.

Polaroid is best know for inventing instant photography. But it stopped making the instant cameras about two years ago due to falling sales in the face of the growing popularity of digital cameras.


Read more: http://news.bbc.co.uk/2/hi/business/7791150.stm

[david_vincent]

1. Only $4.2 billion? What a piker n/t

[BootinUp]

4. lol nt

[Indenturedebtor]

2. Heh I was one of the hosts of a party for Petters group when I sold advertising

Yet another example of how the government doesn't need to regulate the best among us. Tut tut.

[benld74]

3. SMILE!!

[trof]

5. A whole technology that came and went during my lifetime.

I remember the first 'magical' Polaroid Land cameras and the little chemical squeegee you had to swipe on them to develop the photo.
And you had to mount them before they curled up.