Stardate 20010711.0536 (On Screen): Polaroid is in deep trouble and is considering bankrupcy, including convincing its creditors to accept a partial writedown of its debt. As the old phrase goes, if you owe a thousand dollars to a bank and can't pay, you have a problem. But if you owe ten million dollars to a bank and can't pay, the bank has a problem. With Polaroid owing its creditors a third of a billion dollars, it's not surprising that they are "optimistic" of getting an agreement.
It won't make any difference in the long run. Polaroid is as obsolete as kerosene lamps. They've been blindsided by the invention of the CCD-based camera and there is nothing important that Polaroid cameras can do which digital cameras won't ultimately be able to do better. The battle isn't over yet but Polaroid is in full-scale retreat. For sixty years it's built its business around a technological edge, and now that's gone like evaporated dry ice. They didn't see the change coming and didn't begin to invest in digital technology soon enough, and in any case in the digital camera business they have no advantage. I think the company is doomed. Those who live by the niche will die with the niche. (discuss)
