As the auction for bankrupt Eastman Kodak
Company(PINK:EKDKQ)’ patents draws to a close, the company has managed to get
in bids worth less than $500 million, the Wall Street Journal reported on
Friday quoting sources.
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Interest has been lukewarm for the 1100 digital
patents that are up for sale, as the company plans to pay off its debt with the
proceeds of the auction. The patents have been estimated at a value of $2.6
billion. Kodak declared itself bankrupt in January this year and is currently
under a court-led restructuring plan.
Bidders for the patents included Apple
Inc.(NASDAQ:AAPL), Google Inc(NASDAQ:GOOG) and Microsoft
Corporation(NASDAQ:MSFT) all of whom put in bids much less than the reserve
price, the Journal said.
"Our patent auction is a complex and dynamic
process, and is very much ongoing," Kodak spokeswoman Stefanie Goodsell
told Reuters.
"We and all participants are still bound by the
court order on confidentiality and cannot comment prior to an outcome."
The bidding process will continue over the weekend and
on Monday at 2100 hours GMT, the bids would be submitted to the court by
Kodak's lawyers.
Of the 1100 patents that are up for sale, Apple has
laid claim to ten and has sued Kodak trying to prevent it from selling them.
The camera maker got a partial reprieve when the court struck down Apple's plea
in respect of two of the patents.
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Apple can however appeal the decision and move the
case out of the bankruptcy court to a district court, where it hopes to get a
fairer hearing based on merits of the case concerning its ownership and
innovativeness.
Shares in Kodak fell nearly 6 percent to close at 32
cents on the pink sheets segment.
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