Stuck in limbo, for now, is Polaroid's collection of photos taken by some of the biggest names in 20th-century art.
Late one night last November, Doug Kelley sat in his family room in Bloomington, sifting through a stack of the day's legal work. Kelley is the court-appointed receiver in the Tom Petters case, a surrogate CEO running what's left of the jailed businessman's companies and squeezing out cash for the investors Petters allegedly bilked of $3.5 billion.
In the stack of legal papers was a bid for the assets of Polaroid, which Petters had bought four years earlier for $426 million and moved to Minnetonka. A small line item in the bid caught his eye: The Polaroid Art collection. $10 million.
"I said, 'Well, what's this?'" Kelley recalled in an intervie...
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