Thursday, April 28, 2005
Good, I was worried about them.
Nice to know they won't have to skip any champagne and lobster breakfasts.
Polaroid Shareholders Approve SaleI'm sure Nasser is thinking to himself, "Only $12.8 million? What kind of frickin' ripoff is this?"
Polaroid shareholders on Wednesday approved the company's $426 million sale to a Minnesota-based consumer products company, 3 1/2 years after the instant photography pioneer declared bankruptcy, blaming consumers' shift to digital photography.
The sale to Minnetonka-based Petters Group Worldwide follows protracted negotiations to resolve Polaroid's $1 billion debt and failed legal efforts by retirees to reinstate medical and life insurance benefits canceled when the Chapter 11 case was filed in Delaware.
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 resident who retired 13 years ago after 35 years at Polaroid. Bass, who used his $47 to take his wife out for pizza, said he's considering searching for work to make ends meet — as are many other Polaroid retirees.
"A lot of them are hurting," he said.
Retirees receive pension payments from a federal agency that took over the company's underfunded plan. Colcord declined to comment on retiree issues.
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.
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