Advertisement

Shamrock Sues Polaroid: A group led by...

Shamrock Sues Polaroid: A group led by Roy E. Disney’s Shamrock Holdings sued Polaroid Corp. in U.S. District Court in Delaware to stop the company from repurchasing 16 million, or about 22%, of its shares. Shamrock, a Burbank investment firm that is offering $3 billion for Polaroid, alleged that Polaroid made misleading projections about its future performance in SEC documents and failed to disclose that the buyback was launched to make it easier to fend off Shamrock’s hostile bid. The instant photography company called the lawsuit “another self-serving attempt by Shamrock” to buy Polaroid cheaply.


Advertisement