Too bad all the people who know how to run the country are busy driving taxi cabs and cutting hair - George Burns
BANKRUPT IMAGING OUTFIT Kodak has received a bid of more than $500m for 1,100 of its patents.
Kodak, which is languishing in bankruptcy court after years of falling behind its rivals, has been trying to sell 1,100 patents that relate to digital imaging for over 18 months. Now the firm has received a bid of more than $500m from a consortium for its patents.
Kodak had claimed its patents would be worth billions but until now had only received bids around the $250m mark. The firm needs to sell part of its patent portfolio in order to secure loans offered on the premise that its patents can be sold for $500m or more.
While Kodak is trying to sell its patents to generate cash, the firm has been slashing costs by cutting staff and concentrating on high margin businesses. The firm claims it will rake in $2.7bn in 2013 with what is left of the business.
Kodak might have only half-heartedly got into the digital imaging business due to over-reliance on film sales, but the firm did considerable research and development in that field. That the firm couldn't even monetise its patents is a strong indication of how short-sighted the company was about realising the value of digital imaging. µ
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