"Polaroid retirees will get $47 each.

The meager amount ''just adds insult to injury,' said Paul Hegarty of Arlington, who worked at Polaroid for 40 years. ''It's like picking off an old scab.'

How it happened demonstrates the oddities of Bankruptcy Court. Polaroid, which declared bankruptcy in October 2001, was able to renegotiate its debts with creditors while reneging on commitments it had made to retirees, including promised health and life insurance benefits.

Chairman Jacques A. Nasser, who joined Polaroid in November 2002, will receive $12.8 million for his shares. J. Michael Pocock, who became chief executive about two years ago, will receive $8.5 million."

"It's such a shame, because we got killed," said Peter Bass, a 72-year-old Lexington resident who retired 13 years ago after 35 years at Polaroid. Bass, who used his $47 to take his wife out for pizza, said he's considering searching for work to make ends meet – as are many other Polaroid retirees.

"A lot of them are hurting," he said.

Retirees receive pension payments from a federal agency that took over the company's underfunded plan. Colcord declined to comment on retiree issues.