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08-23-2012, 01:43 AM #1
Winners of Kodak Patent Auction Might Be Determined Ahead of Final Hearing
It was recently revealed in court documents which were filed at the end of last week that Kodak’s patent auction will reach a final hearing on August 30th. This points to a possible sale a week earlier than expected, where the company will determine which bidder (if any) has won the rights to the valuable digital imaging portfolio. Kodak is currently trying to sell off a portfolio of 1,100 patents in an effort to pay back over $660 million it owes lenders that furnished the photography pioneer with a loan to keep it afloat during bankruptcy proceedings. The company currently owes another $750 million to secured bondholders, according to the Wall Street Journal.
We previously reported about Apple allegedly creating a consortium with Google and a number of Android licensees to buy the patents, which would help keep the digital imaging properties out of the hands of so-called “patent trolls.” Apple and Google initially led two opposing groups in the battle over Kodak’s patents but came to agree upon this decision instead.
The bidding procedure for the sale allows for Kodak to sell 1,100 patents at stake in pieces or two cancel the auction altogether, however the latter is a situation that seems unlikely given the company’s financial situation. The company, which was once an immovable force in photography, was marginalized by an unwillingness to adapt to the digital revolution. The company currently plans to put whatever money is leftover from the patent sale toward a corporate restructuring that would see the company emerge out of bankruptcy as a printer making, competing against companies such as Hewlett-Packard.
We’ll have to see what happens when the auction takes place.
Source: Wall Street Journal via AppleInsider