As Polaroid Remains in Limbo, an Elegy for Instant Photography

Beleaguered Polaroid, which filed for Chapter 11 bankruptcy last December, is finding that selling its assets is anything but instant. Its latest proposed sale—for $56.3 million to two liquidation firms—was nixed in bankruptcy court yesterday after a rival bidder filed papers requesting that the auction be reopened—again. Private equity firm Patriarch Partners, which was previously chosen to buy Polaroid before a snafu derailed the deal last month, requested the chance to up its offer, which it argues is better because it’s not a brand-devaluing liquidation scheme that would fire Polaroid employees and halt innovation at the 72-year-old company.