It’s been a terrible last couple of years for Kodak, as everyone watched the company spiral itself all the way into bankruptcy (chapter 11). The grim reality of bankruptcy brings liquidation of assets, a process Kodak has been looking forward to for a while now. The troubled picture company has been trying to off its valuable digital imaging patents to the highest bidder in hopes to get its restructuring plans underway. This plan has been on hold because of major opposition from none other than Apple.
Well, the delaying is no more, as the court has finally given the green light to allowing Kodak to sell its more than 1,100 patents; a trove of licenses that have generated more than $3 billion since 2001. Moreover, Kodak plans to put these patents up for sell early next month.
In response to the court’s decision, Timothy Lynch, Kodak’s vice president and chief intellectual property officer, said “We are gratified that the Court has enabled us to move ahead with our patent auction in a timely manner and with clarity on ownership for the winning buyer.”
Once Kodak gets out of the digital imaging business, the company plans to focus on printing only. Man, remember when Kodak was the measuring stick for companies to model themselves after? How time flies.