Pickens Holds 4% of Polaroid: A lawyer...

Pickens Holds 4% of Polaroid: A lawyer for Polaroid Corp., which is facing a takeover bid from an investment group, said Texas oilman T. Boone Pickens Jr. holds 4% of the company’s stock. Lawyer Frederick Schwarz told a Delaware chancery court hearing that the speculator held 2.9 million Polaroid shares. He also disclosed that arbitragers held 13 million Polaroid shares, or 18.2% of the company. Polaroid is the target of a $45-a-share, $2.95-billion takeover offer by Roy E. Disney’s Burbank-based Shamrock Holdings Inc. The hearing is on Shamrock’s motion to block Polaroid’s $300-million preferred stock issue to Corporate Partners LP. Shamrock said the sale puts a large proportion of the stock of Polaroid in friendly hands in an attempt to thwart its takeover offer.