Twins Owner Buys Polaroid, Of All Things
The owner of the Minnesota Twins has bought the iconic Polaroid company – for just a bit less than they paid Ervin Santana to pitch for the team the next four years:
MINNEAPOLIS (AP) — Minnesota’s Pohlad family has acquired majority ownership of Polaroid in a $70 million deal.
Minnetonka-based Polaroid is best known for making instant cameras but the name can be found on a variety of electronic goods, including tablets, cameras and flat-screen TVs. The company filed for bankruptcy protection in 2008 and most of its assets were sold to private investors the following year but the bankruptcy estate still had a partial ownership stake in the company.
Last week, a federal bankruptcy judge approved selling that ownership stake to the Pohlads and an undisclosed partner, the Star Tribune reported. The Pohlad-owned Marquette Cos. also acquired ownership from previous investors in Polaroid to gain control of about 65% of the company.
For perspective sake, the Twins gave Santana four years and $55 million earlier this month.