The dross always floats to the top in IT companies - A tall Scandinavian
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Polaroid goes bankrupt
ICONIC INVENTOR of the instant snap, Polaroid could be about to go the way of Woolworths and shuffle off its financial coil and join the choir invisibule.
The outfit has filed for bankruptcy protection after a fraud probe into its parent company, Petters Group Worldwide.
Petters has owned Polaroid since 2005 but there is a developing scandal at the outfit. The founder of Petters Group and some of his chums are currently under investigation for alleged acts of fraud.
It seems that these have so compromised the financial condition of Polaroid and other entities owned by Petters Group, that the outfit needed bankruptcy protection. Polaroid and its leaders are not being investigated.
Apparently punters will not noticed the difference between the bankrupt Polaroid and the one which made a lot of cash in the 1970s.
Polaroid chief executive Mary Jeffries said it expected to continue operations as normal during the reorganisation and is planning for new product launches in 2009.
Polaroid said it had shedloads of cash reserves to finance the reorganisation under Chapter 11, which protects a company from its creditors while it restructures under court supervision.
It is the second time that Polaroid has filed for bankruptcy protection. The last time was in 2001.
Polaroid stopped making instant film cameras in February and now produces LCD televisions and digital cameras. µ
L'Inq
AP
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Hi, here's a story about Polaroid's first bankruptcy and its response to the digital threat:
http://www.slideshare.net/Christiansandstrom/disruptive-innovation-and-the-bankruptcy-of-polaroid-presentation
Best, Christian
liquidation may need to be shaken out to accelerate drying time.
like its products, this bankruptcy developed in 60 seconds...
Merry Christmas everybbody
Polaroid gets rid of its signature instant film, and then it goes bankrupt. Coincidence?
Everyone who invested in Petters should have realized he was not legal. He was "investing" in electronics by supposedly buying them before they went to retail stores. That does not sounds like a sound financial investment when electronics are constantly depreciating and being outdated.
I hope that 'Ahh' was meant to be ironic:
Everyone knows that 'Ahh' of any description is copyright of Bisto.
I stand corrected.
I hope the Sun Microsystems comment was meant to be ironic. Everyone knows that tinted glasses of any description are copyrighted Unilever.
http://www.unilever.ie/ourbrands/homecare/Sun.asp
I hope the sun glasses comment was meant to be ironic.
Everyone knows that tinted glasses of any description are copyrighted by Sun Microsystems.
Don't they also produce sun glasses?