Business

STILL NOT FOCUSED

The effort to sell Polaroid hasn’t developed instantly.

The bankrupt camera maker was auctioned off last week for $59.1 million to Patriarch Partners, but yesterday a federal judge reopened the bidding after creditors and potential acquirers complained about the process.

The judge’s move clears the way for fresh bids today from Patriarch, as well as Hilco Consumer Capital and Gordon Brothers Group, whose $61.5 million offer was turned down despite the fact it was higher than the winning bid.

Hilco and Gordon Brothers — which this year have partnered to revive brands including Sharper Image, Ellen Tracy and Linens ‘n Things — are looking to expand the Polaroid brand with an array of new products under a global licensing network.

Gordon Brothers — a Boston-based firm led by restructuring guru Stephen Miller — also owns the Bombay furniture brand.

Last week, however, Polaroid CEO Mary Jeffries had praised Patriarch Partners after it was named as the winning bidder. Patriarch, which owns AriZona iced tea and mapmaker Rand McNally, “has the vision and the resources” to turn around Polaroid, Jeffries said.

Sources said Polaroid agreed to place an improper cap on equity bids after Patriarch — which was named the winning bidder last Thursday — threatened to walk away if it didn’t do so.

Meanwhile, sources say Patriarch complains that Polaroid switched the rules on equity bids, having barred them initially.

The cap on equity bids was said to thwart the bid by Hilco and Gordon Brothers, which were offering less cash but more equity than Patriarch.

Polaroid went bankrupt in December amid the escalating legal problems of owner Tom Petters — a Minnesota businessman accused last fall of operating a $3.5 billion Ponzi scheme.

Petters, who bought Polaroid for $426 million, denied the charges and is scheduled for a June trial.

james.covert@nypost.com