Practical Photography

Polaroid Corp. have filed for bankruptcy protection for the second time in seven years, this is reportedly due to an alleged $2 billion fraud at their parent company Petters Group Worldwide LLC.

Thomas Petters, founder of the Petters Group was arrested Oct. 3 on charges of mail fraud, wire fraud and money laundering, there is no news on how these charges are going.

Petters Group, which acquired Polaroid in 2005, has claims against Polaroid totaling $213.5 million. Polaroid are disputing the claims and have not estimated the total assets or debt incurred this year.