By: Charlie Osborne
Source: www.zdnet.com
Category: Patent News
| Patent News |
Reuters reports that Kodak's auction is "ongoing", but no more details were available due to confidentiality agreements. Regulatory filings and financial projects are also expected to be submitted this week, revealing the monetary state of the ailing firm.
The company has lost over $600 million so far this year.
Kodak filed for bankruptcy in January. A hearing in July resulted in a U.S. judge, Allan Gropper, granting the previous photographer pioneer permission to sell any of over 1,1000 patents that the firm owns in order to salvage some of the firm.
If the patents sell for a good price, then it may allow Kodak the opportunity to fund a restructuring and downsizing effort rather than close completely, as well as pay back investors.
However, the auction did not go ahead without earning criticism from other corporations. As news of the sale spread, technology giant Apple attempted to claim ownership of a number of patents that were based on products developed when the two firms worked together to produce the QuickTake digital camera. The appeal was denied as Apple "waited too long" to file for ownership.
“If Apple’s claims proceed despite their unreasonably delayed commencement, Kodak might have to go back to the drawing board for ways to fund its case," the judge reviewing the case said.
The auction began last Wednesday. Many of the patents up for sale are focused on digital imagery, and include processes in shrinking, manipulating, sharing and editing images. The auction has been split in to two lots; one set containing 700 patents and the other 400. The winner of the auction was due to be announced on Monday.
Kodak hopes to be out of bankruptcy by 2013.
Source: http://www.zdnet.com/kodaks-patent-auction-extended-7000002603/
