Most Recent Articles

It's All in the Family for Traxi's Robert Iommazzo Crain's Executive Moves: Robert Iommazzo
For-Profit Buyers Drive Recent Spate Of Health-Care Deals Strategic Alternatives for Distressed Businesses, 2010 Edition Traxi Advises PPM Technologies in the sale of substantially all of its assets Why Today’s Lenders Need a Solid Borrower Plan Where Distress Goes, Lawsuits May Follow Blowing The Whistle Traxi Modification Capital Fund Vanishing Subprime Tranche Warfare Who Can you Trust? Be Prepared Should be Borrowers New Motto. The Real Estate Drag on GE For Commercial Real Estate, Hard Times Have Just Begun

Corporate Restructuring & Bankruptcy

For-Profit Buyers Drive Recent Spate Of Health-Care Deals Blowing The Whistle Who Can you Trust? Traxi Serves as Exclusive Investment Banker and Bankruptcy Advisor Traxi Hustles Distressed Market Boscov's bidding war could include family GM’s Bankruptcy Stapleton’s Insights. Listen now. Ex-US Trustee Joins Traxi Is EnCap project still viable? KPMG Faulted on Handling of Polaroid Financial Reports

Real Estate Investment Banking

Where Distress Goes, Lawsuits May Follow Be Prepared Should be Borrowers New Motto The Real Estate Drag on GE Paul Fried is the man to count on in cash crisis For Commercial Real Estate, Hard Times Have Just Begun Wall Street Tumult Casts Pall on Manhattan Real Estate Vulture Funds Plan to Buy Assets Ahead of Bailout Casualties of the Gold Rush Profile Paul Fried: The man with the capital plan Hot Topics in Bankruptcy Homebuilders in Chapter 11 Bloomberg - Traxi Bankruptcy Seminar Excerpts

Asset Management

Unlikely Companies Dissolved Release Sought of Polaroid Report

News

The New York Times

Release Sought of Polaroid Report

August 22, 2003


The court-appointed examiner who has been investigating the accounting practices of the Polaroid Corporation has asked a bankruptcy judge to clear the way for public release of the report.

An emergency motion filed late Tuesday by the examiner, Perry M. Mandarino, asks Chief Judge Peter J. Walsh of the United States Bankruptcy Court to reject a bid by KPMG to keep ''critical'' information in his report on accounting irregularities at Polaroid confidential.

Mr. Mandarino's filing said he was ready to file his report with the court ''within the next few days.'' KPMG's documents are integral parts of that report, and the accounting firm is disputing the examiner's right to make them public.

The emergency motion asks Judge Walsh to overrule KPMG's objections, which were made in the form of a letter to the examiner's lawyers.

According to Mr. Mandarino, the long-awaited report quotes heavily from documents produced by Polaroid's former accounting advisers and incorporates some documents as exhibits. KPMG work papers are the basis for several findings and conclusions, the examiner says, and if he is not allowed to use them, his work will produce a watered-down version of the events that led to Polaroid's failure.

In a letter sent to Mr. Mandarino's lawyers last Thursday, KPMG cited confidentiality concerns over work papers it turned over to the examiner under an earlier order from the bankruptcy court and asked that some documents be kept under seal.

© Traxi LLC, All Rights Reserved | web siteSM design GetNetSmartSM