Kodak’s Auction For 1,100 Patents Gets Approved
Bankrupt photography company Kodak said that a U.S. bankruptcy court has approved their bid to auction off over 1,100 patents despite objections from Apple and FlashPoint over a small number of them. Bids for the patents will be confidential for the auction, which is expected to happen early next month.
“The Apple and FlashPoint claims are baseless and Kodak will still seek dismissal on summary judgment in July,” stated Kodak VP and Chief I.P. Officer Timothy Lynch. ”Today’s ruling provides a court-approved process allowing buyers to acquire the patents free and clear of all ownership allegations, regardless of the status of the dispute with Apple and FlashPoint at the time of closing.”
Kodak filed for bankruptcy in January. Kodak hopes that by filing a Chapter 11 bankruptcy, it will give them time to reorganize their business and avoid being shut down entirely.
The auction will bundle around 700 patents that cover image capture, processing, and transmission for digital cameras and other devices including smartphones and tablets that come with cameras.
The other patent portfolio will have 400 patents and cover tools for image analysis, manipulation, tagging, and network-based services.