Polaroid, the pioneer of instant photography, must try again to auction off its assets

Polaroid, the pioneer of instant photography, must try again to auction off its assets after failing to win the approval of Judge Gregory F. Kishel of United States Bankruptcy Court for a $56.3 million sale. Last week, the private equity firm Patriarch Partners won an auction for the assets with a bid of $59.1 million. Judge Kishel reopened the auction this week, citing complaints over the procedures. Patriarch lost, and Polaroid sought court approval to sell itself to a joint venture of two liquidation companies, Hilco Consumer Capital and Gordon Brothers Brands. But Patriarch filed papers saying the auction was flawed and should be reopened so it could increase its bid to $55.7 million in cash and 15 percent equity in the new company valued at $9.75 million, a spokesman said. The judge said he would supervise another auction in his courtroom on Thursday.