Bankrupt camera-maker Eastman Kodak Company (PINK:EKDKQ) on Wednesday got a court ruling in its favour in a patents ownership legal suit where it has sued Apple Inc.(NASDAQ:AAPL) for allegedly obstructing the sale of two of its ten patents.
Apple has laid claim to the patents, which Kodak plans to sell as part of its restructuring following its being declared bankrupt in January. U.S. Bankruptcy Judge Allan Gropper in Manhattan ruled in favour of Kodak on the patents, saying Apple maker waited too long to assert its claims.
“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 wrote, after Kodak asked for summary judgement.
Kodak is selling more than 1000 patents in an auction scheduled for Aug 8.
Apple spokeswoman Kristin Huguet declined to comment about the decision, Bloomberg reported.
Apple has filed counterclaims against Kodak, saying it is claiming Apple’s technology as its own.
Shares of Eastman Kodak continued to gain in the opening session on Thursday and rose 6.50% to $0.425 after soaring 25% in the prior session.