Polaroid Corporation

Client

Polaroid Corporation, the originator and formerly the world’s largest producer of instant photo films and cameras.

Challenge

The Company needed to make a smooth transition to a non-operating post-confirmation status and manage the liquidation of stock in New Polaroid received in the sale of Polaroid’s business to One Equity Partners.

Solution

A Bridge professional served as Plan Administrator, assisted by other Bridge professionals. The team aggressively implemented an efficient claims resolution process reducing claims from over $5 billion to $1 billion, utilized Bridge’s proprietary preference software to evaluate potential causes of actions and analyzed other potential causes of action. Bridge managed a multi-faceted litigation strategy targeted at increasing return to the general unsecured creditors.

Results

The Bridge team efficiently and effectively managed the wind down of the estate including the sale and redemption of the stock received by the estate in New Polaroid and the prosecution of preference actions. Bridge recovered in excess of $4.0 million in insider preferences for the estate before contingent fees. Bridge completed 4 distributions of the publicly traded stock to over 1,000 stakeholders, as well as multiple cash distributions. As a result, the projected distribution per $1 claim after the sale of substantial assets has increased from an original projection of $.10 to $.14.