Kodak's patent auction extended

Kodak's patent auction extended

Summary: The auction of 1,100 patents, hosted by Kodak, has been extended further due to continued talks with bidders.

TOPICS: Patents

Photography and print corporation Kodak extended its patent auction this week, stating the winner would not be announced as it was still in talks with bidding parties.

kodak patent auction extended

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.

Topic: Patents

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  • If Those Patents Are So Valuable ...

    ... wonder why Kodak has been unable to make money from them.

    Could it be it takes more than ideas to make workable products?

    But no, that's tantamount to suggesting that patents are worthless. And we mustn't think that, must we?

    Oh, and what happened to St*v* Sh*w, ZDNet's resident Intellectual Property maximalist? After a few rants claiming to be smarter than his readers (and then ignoring their responses), he seems to have gone quiet. Run out of ideas, has he?
    • What's The Matter?

      Are you unhappy with the information presented by a beautiful medical anthropologist? :)