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ST. PAUL, Minn. — Polaroid Corp., the bankrupt pioneer of instant photography, drew a top bid of $88.1 million from the private-equity firm Patriarch Partners LLC in a court auction, a person close to the proceedings said.
Patriarch, the owner of about 50 companies, made the best offer Thursday in bidding supervised by U.S. Bankruptcy Judge Gregory Kishel in St. Paul. Two earlier winning bids, including one by Patriarch, failed to win court approval. Court approval of the latest bid is pending.
