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[filmscanners] Polaroid news
Well, its pretty much official that Polaroid has been bought, although
they probably will not emerge from Chapter 11 until next month. They
also have a new CEO.
The new owners are One Equity, the venture capital division of Bank One.
the New CEO is John Loose, previously with Corning. The purchase was
$255 million plus 35% of the company will be in the hands of unsecured
creditors.
A battle is still looming over pension monies and severance pay. It is
also looking that the stockholders are left with some rather worthless
paper.
On a ironic note, Nikon is opposing the sale. Apparently, Nikon and
Polaroid has a cross licensing agreement signed in 1996, where the two
companies would share technologies developed for cameras. Nikon is now
claiming that was not an asset to be sold to the new owners. The courts
will be left to decide.
Some more hearings will be going on tomorrow to cross some t's and dots
some i's.
How all of this will effect the scanner division is unclear. It seems
that division is still to be auctioned off, but who knows.
Art
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