I ordered a part from Polaroid on March 3, 2009. The present company has proof that I paid for part and service, as do I. Since Polaroid was boughtout, how do I get my money returned to me?
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Read More Answered By: Thomas Zimmerman |
This company filed under Chapter 11 last year. The case is In re: Polaroid Corp, U.S. Bankruptcy Court, District of Minnesota, No. 08-46617. Chapter 11 means that they intend to rehabilitate and continue business or they will liquidate in an orderly manner. It appears that they intend to continue to do business. If a Plan of Reorganization has been published, you should be able to find it on line. Either way, people who do business with a company in Chapter 11 have protection. Creditors prior to filing usually are not so fortunate. If Polaroid was "bought out" that usually means that the assets, including patents, equipment, accounts, etc. were sold to a third party. The sale or the distribution of the proceeds of sale must satisfy the court regarding post petition debt or obligation. Unless your order gets lost in the shuffle, or the part is not available, you should be satisfied. If the case was converted to a Chapter 7 and the assets sold by the Trustee, you must file a Proof of Claim to recover. If the matter involved a large enough amount, you could file an Adversary Proceeding, a suit within the bankruptcy proceeding, to force recognition and secure satisfaction. |
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