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Although it seemed that Patriarch Partners had won the auction for Polaroid, a judge has ruled that the top two bidders be given a second chance to submit improved bids. This comes after complaints by Polaroid’s creditors that the bidding had been flawed. Polaroid had filed for Chapter 11 bankruptcy in December 2008, and despatched the last shipment of instant film to a New Jersey-based wholesale distributor last month.

Via The Minneapolis Star Tribune