<PAGE> 1
FORM 4
U.S SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may
continue. See Instruction 1(b).
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Pollack Lester
(Last) (First) (Middle)
30 Rockefeller Plaza
(Street)
New York New York 10020
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Polaroid Corporation (PRD)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
6/96
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
_X__ Director ____ 10% Owner
____ Officer (give title below) ____ Other (specify below)
___________________________________________________________
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FORM 4 (continued)
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
1. Title of Security (Instr. 3)
____________________________________________________________
____________________________________________________________
____________________________________________________________
2. Transaction Date (Month/Day/Year)
____________________________________________________________
____________________________________________________________
____________________________________________________________
3. Transaction Code (Instr. 8)
Code V
_____________________ ________________________
_____________________ ________________________
_____________________ ________________________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
_______________ _______________ _______________
_______________ _______________ _______________
_______________ _______________ _______________
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
_________________________________________________________
_________________________________________________________
_________________________________________________________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
_________________________________________________________
_________________________________________________________
_________________________________________________________
7. Nature of Indirect Beneficial Ownership (Instr. 4)
_________________________________________________________
_________________________________________________________
_________________________________________________________
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly
(Print or Type Responses) (Over)
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Conversion or 3. Transaction Date 4. Transaction 5. Number of Derivative 6. Date Exercisable
Security Exercise Price Code Securities Acquired and Expiration Date
(Instr. 3) of Derivative (Month/Day/Year) (A) or Disposed of (D)
Security (Instr. 8) (Month/Day/Year)
(Instr. 3, 4, and 5)
Code V (A) (D) Date Exer- Expiration
cisable Date
<S> <C> <C> <C> <C> <C> <C>
Options $43.76 4/24/91 4/24/01
Options $42.63 7/25/96 7/26/05
Conversion Receipts (1) 6/3/96(2) S(2) 18,149,000
("CRs")
CRs (1) 6/3/96(2) S(2) 8,131,000
CRs (1) 6/3/96(2) S(2) 13,720,000
<CAPTION>
1. Title of 7. Title and Amount of 8. Price of 9. Number of Derivative 10. Ownership 11. Nature of Indirect
Derivative Underlying Securities Derivative Securities Bene- Form of Beneficial Ownership
Security Security ficially Owned Derivative (Instrument 4)
(Instr. 3) (Instr. 3 and 4) at End of Month Security:
(Instr. 5) Direct (D)
(Instr. 4) or In-
direct (I)
(Instr. 4)
Title Amount or
Number of
Shares
<S> <C> <C> <C> <C> <C> <C>
Options Common Stock 3,000 3,000 D
Options Common Stock 2,000 2,000 D
Conversion Receipts Common Stock 3,635,350 (2) -0- I(3) Corporate
("CRs") Partners,
L.P.
CRs Common Stock 250,184 (2) -0- I(3) Corporate
Offshore
Partners,
L.P.
CRs Common Stock 422,153 (2) -0- I(3) State
Board of
Admin. of
Florida
</TABLE>
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Explanation of Responses:
(1) 30.7692 shares of Common Stock per $1,000 principal of Convertible
Subordinated Debentures, subject to certain anti-dilution adjustments.
(2) On November 25, 1992, Corporate Partners, L.P., Corporate Offshore
Partners, L.P. and State Board of Administration of Florida (collectively,
the "Purchasers") deposited $140,000,000 aggregate principal amount of
Polaroid Corporation ("Polaroid") 8% Convertible Subordinated Debentures Due
2001 into a trust pursuant to a Trust Agreement, dated as of November 20,
1992 (the "Trust Agreement") in exchange for an aggregate of $140 million
face amount of Stripped Debt Receipts ("SDRs") and 140 million Conversion
Receipts ("CRs") issued pursuant to the Trust Agreement. Pursuant to a
Contribution Agreement, dated as of November 24, 1992 (the "Contribution
Agreement"), among each of the Purchasers and Sub Debt Partners Corp. (the
"Tax Partner"), the Purchasers contributed an aggregate of $500,000 aggregate
face amount of SDRs and 500,000 CRs to the Tax Partner in exchange for shares
of capital stock of the Tax Partner. The Purchasers and Polaroid entered
into a Purchase Agreement, effective June 3, 1996, under which the Purchasers
sold to Polaroid (i) the respective number of CRs held by the Purchasers at a
purchase price of $0.384615 per CR, and (ii) the respective number of shares
of the Tax Partner held by the Purchasers at a purchase price equivalent to
$692.3125 per Share, plus accrued interest on the SDRs held by the Tax
Partner. The sale of the CRs and the shares of the Tax Partner closed on
June 6, 1996 and June 19, 1996, respectively.
(3) Mr. Pollack is Chairman, Treasurer and a director of LFCP Corp., a
corporation owned by Lazard Freres & Co. LLC (of which Mr. Pollack is a
managing director), which is the general partner of Corporate Advisors,
L.P., which is the general partner of two limited partnerships (Corporate
Partners, L.P. and Corporate Offshore Partners, L.P.) which are record
owners of Polaroid securities. Corporate Advisors, L.P. also serves as
investment manager over account assets held in a certain custody account
for the State Board of Administration of Florida, which also is a record
owner of Polaroid securities. Mr. Pollack disclaims the beneficial
ownership of the securities reported above.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Lester Pollack 7/10/96
___________________________________ _________________________
**Signature of Reporting Person Date
Lester Pollack
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
