Kodak’s 1,100 patents are now open for sale, as featured in a report by ZDNet, noting that the bankruptcy court judge handing Kodak’s patent sell off had approved of the action.
Last December, a combined consortium led by Apple was reported to have expressed interest over Kodak’s capture and display of digital image patents, with the said group noted to have bid $525 million for the rights to the patent licenses.
However, the last news of the sale indicates that the price of the sale is reportedly higher than $527, while the initial hopes of the sale tagged it to be somewhere around $2 billion, based on patent auction expectations.
Judge Allan Grouper approved of the terms of sale last Friday, though he is reported to have expressed some disappointment over the final price.
Michael Torkin, Kodak lawyer, is quoted to have said that “The amount in the transactions, which are complicated and integrated, are the highest and best value available to the debtors.”
The consortium essentially combines different players in the electronics design and manufacturing, including Apple, Google, Adobe, RIM, Samsung, Fujifilm, Microsoft, Huawei Technologies, HTC, Shutterfly, Amazon and Facebook.
Essentially, Kodak’s bankruptcy status has forced the brand into selling off a number of its core businesses, including the brand’s camera sector, with it the Brownie box camera.
Given that Kodak has been a key player in the imaging industry, with some arguing it to be a pioneer, the brand’s bankruptcy status says a lot about fleeting standards and standings can be, in today’s fast paced digitally-driven times.