Bids for bankrupt camera maker Eastman Kodak Company’s (PINK:EKDKQ) patents have come in at lower prices than estimated. The bidders for the patents believed to be Apple Inc.(NASDAQ:AAPL) and Google Inc(NASDAQ:GOOG).
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Kodak, which went for bankruptcy protection in January 2012, has put up 1000-plus patents for sale as part of its court-led restructuring and to raise cash to pay off its debts.
The patents for digital imaging innovations have been valued at about $2.6 billion, the company's court filings showed. The bids that have come in for some of its patents have been as low as $150 million.
Incidentally, Apple, one of the reported bidders for the patents, has already filed a suit against Kodak for about ten of the patents, trying to prevent the company from selling them. Kodak has obtained a favourable ruling from the court with regard to two of the disputed patents.
Report by the Wall Street Journal and Financial Times suggest that Apple has teamed up with Intellectual Ventures, a patent holding firm, to bid for Kodak's patents, while Google is working with San Francisco-based RPX, which is a patent aggregator and licensor.
Kodak did not confirm the veracity of the reports, the BBC said in a report.
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"The auction process, including information about bids and the identity of bidders, is confidential pursuant to an order of the Bankruptcy Court," it said in a statement, the BBC said.
"Disclosure of submitted bids or the identity of bidders would violate the court's order and Kodak believes that speculation about the details and potential outcome of the auction is inappropriate."
Kodak will announce the winning bidder by August 13. The patent portfolios on sale include ways to let devices capture, process, edit and transmit images.
The firm has already raised more than $3bn by licensing some of the technologies to Samsung, LG, Motorola, and Nokia.