Eastman Kodak Co. will have to wait a little longer for a photo finish to its patent auction. The company extended the auction Monday “in light of continuing discussions with bidders,” according to an official statement.
Kodak, which filed for Chapter 11 bankruptcy protection in January, hopes to use money from the sale to repay investors. But the Wall Street Journal reported last week that opening offers for the company’s 1,100 digital patents fell well below Kodak’s original assessment of $2.6 billion. Apple Inc., Google Inc. and Microsoft Inc. were all among the bidders, according to the WSJ.
As if its financial woes weren’t enough—the company has lost upwards of $600 million this year—Kodak is also fighting legal battles with Apple, Samsung and Blackberry developer Research in Motion Ltd. (RIM). Just last month, the U.S. International Trade Commission upheld a judge’s ruling that Apple and RIM had not violated a Kodak patent on digital image-preview technology, as the patent was invalid. The decision was a blow to the photo company, which had hoped to collect more than $1 billion in royalties on the patent from Apple alone.
Read more at Thomson Reuters.
For more InsideCounsel coverage of Kodak, see: