Clearer picture of Polaroid's future may take a while to develop

Polaroid needs to reconnect with its "history of innovation in photography," says the chief executive of Patriarch Partners, the private equity firm that bought the company yesterday for $59.1 million.

That could be a tall order. After all, Polaroid has already been pushed to the brink once because it couldn't keep up with the latest technology. The company declared bankruptcy in 2001 as the rising popularity -- and falling price -- of digital photography crushed demand for its iconic instant cameras. Now, bankrupt again thanks to legal problems at its parent company, it must attempt another comeback.