Court Ruling; Polaroid Sale Must Proceed

Strib:

The auction-like sale of Polaroid Corp. can proceed as scheduled next week after U.S. Bankruptcy Judge Gregory Kishel ruled Thursday that it's too late for the company's creditors to question company executives about the pending transaction and other financial matters.

Kishel approved a motion by Polaroid's attorneys to quash recent subpoenas for the depositions of CEO Mary Jeffries and former corporate counsel David Baer, noting that lenders Acorn Capital Group and Ritchie Capital Management have had more than two months to initiate discovery proceedings.

"Time is money," Kishel said, rejecting the notion that the sale could be delayed. "There is an ongoing drain on resources that dictates that the sale be done quickly."