BOSTON - Polaroid shareholders on Wednesday approved the company's $426 million sale to a Minnesota consumer products company, 3 1/2 years after the instant photography pioneer declared bankruptcy, blaming consumers' shift to digital photography.
The sale of Waltham, Mass.-based Polaroid Holding Corp. was approved at a meeting in New York City, with favorable ballots cast by holders of about 80 percent of the company's shares, said spokesman Skip Colcord.
More than 4,000 retirees last month began receiving checks for $47 - a one-time payment from a trust fund to compensate retirees for legal expenses. "It's such a shame, because we got killed," said Peter Bass, a 72-year-old Lexington, Mass., resident who retired 13 years ago after 35 years at Polaroid.
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Meanwhile, executives who joined the company during bankruptcy stand to receive large payouts from the cash value of their stock and options. For example, Chairman Jacques A. Nasser stands to get $12.8 million; J. Michael Pocock, the CEO and president, is due $8.5 million, Polaroid spokesman Colcord said.http://www.buffalonews.com/editorial/20050428/1052152.asp
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