Asset management company Ritchie Capital has objected in a court filing to a "fire sale" of Polaroid Corp., saying it will result in significantly less recovery proceeds, reports Reuters. The motion was filed under seal last week with the U.S. Bankruptcy Court in Minneapolis, Minn. Some of the information contained in the objection was obtained by Ritchie Capital on a confidential basis, the company said in a statement.

  The auction of Polaroid was expected to be held yesterday, and PHC Acquisitions, an affiliate of Luxembourg, Germany-based private equity firm Genii Capital, is the lead bidder, or "stalking horse," reports Reuters.

  Ritchie Capital believes PCH Acquisitions had "undisclosed conflicts of interest" and there were better value-creating options, including an alternative offer that the asset management company leads.

  Polaroid filed for Chapter 11 bankruptcy protection and ceased film production in December. Petters Group Worldwide paid $426 million in 2005 to acquire the company. PHC Acquisitions offered to buy Polaroid for $42 million plus the assumption of some liabilities, says the article.

Unique Photo Inc., a Fairfield, N.J.-based wholesale distributor of photographic supplies, has received the last shipment of Polaroid film ever made this week, claims the company. The shipment arrived at Unique's warehouse on March 30. Unique Photo has a relationship with Polaroid Corp. dating back to 1947, says the company. Unique Photo says it has several months' worth of Polaroid 600 and Polaroid Spectra films to sell.

  Polaroid filed Chapter 11 bankruptcy and ceased film production in December 2008.

Tampa, Fla.-based Pegasus Imaging Corp. is now doing business as Accusoft Pegasus after recently acquiring Accusoft's imaging business. The two businesses have combined and the new company has emerged with a larger presence, the company says, and the new Accusoft Pegasus name reflects the strength of the combined company as well as its commitment to support both Accusoft and Pegasus customers. A new website also launched at www.accusoft.com.

  Pegasus Imaging acquired Accusoft's imaging business in December 2008. In January 2009, less than one month after buying Accusoft, the company acquired Tasman Software to expand its barcode offerings. Last year, the company positioned itself for this growth by purchasing two buildings in Tampa and renovations are currently underway for office expansion. In late 2007 the company opened an Atlanta, Ga.-based software development center to access a larger pool of software engineers.

Avery Dennison Corp., Pasadena, Calif., named John M. Sallay senior vice president, New Growth Platforms. In this position, Sallay will be a member of the company's corporate leadership team a in the Framingham, Mass. office.

  Sallay's responsibilities will include designing and building an organization to screen, select, fund and deliver on the company's enterprise growth agenda, and support group growth programs. Sallay will lead a team in establishing budget and investment requirements for the company.

  Prior to joining Avery Dennison, Sallay served as senior vice president for strategy at Staples Inc., and was also the chairman and chief executive officer of Manifold Products, a company that develops and launches consumer products based on new technologies.
  Avery Dennison works in pressure-sensitive technology, self-adhesive base materials and self-adhesive consumer and office products.