The Pohlad family, owners of the Minnesota Twins and one of the state's wealthiest families, announced that it gained majority ownership of the long-troubled Polaroid corporation in a $70 million deal. A federal bankruptcy judge approved the selling of a partial ownership interest to the Pohlads and an unidentified partner. The Pohlads, through its Marquette Companies, also obtained ownership from earlier investors in Polaroid for control of approximately 65 percent of the company.
For Minnesota consumers and entrepreneurs, Sotheby's is best known for conducting celebrity auctions. However, the 270-year old auction house is engaged in an investor proxy battle over control which will culminate at its May 6 annual meeting. Activist investor and avid art collector Daniel Loeb is seeking a seat on the board and is backing another candidate against the company's two own candidates.