01/Sep/2014 - Last News Update: 08:02

Kodak files motion to auction digital imaging patents

Category: Business

Published: 12th Jun 2012 20:03:47

Eastman Kodak has sought permission to auction off more than 1,100 of its patents in an effort to save the firm.

The photography pioneer filed for bankruptcy protection in January. It stopped making digital cameras shortly afterwards.

The firm said it hoped to announce the winning bidder by 13 August.

Recent lawsuits have driven up patent prices, but a ruling last month against one of Kodak's key innovations may cause uncertainty about its portfolio.

Kodak, which now specialises in printing equipment, said that 20 parties had already shown interest in the sale.

A press release noted that it only planned to announce the winning bidder and the amount they had paid, so as not to expose the losing parties.

"The bidding procedures are designed to allow bidders to give us their best offers without fear of showing their cards to competitors," said the firm's chief intellectual property officer, Timothy Lynch.

"In filing these proposed procedures in advance of the June 30 deadline in our lending agreement, we are moving ahead as quickly as possible with the process of monetising our digital imaging patent portfolio."

The motion was filed with the US Bankruptcy Court for the Southern District of New York. If the court approves it, the 133-year-old firm aims to split its intellectual properties into two bundles.

One portfolio will include about 700 patents covering image capture, processing and transmission technologies for digital cameras and other devices.

The other batch will include tools for image manipulation, tagging and network-based services.

Kodak said it had generated more than $3bn (£1.9bn) from licensing its innovations over the past decade.

However, some potential buyers may be wary after the US International Trade Commission issued a ruling in May saying that one of the company's "preview image" patents was invalid because of its "obviousness".

Samsung and LG had already paid $964m to use the technology and Kodak was attempting to force Apple and Research In Motion to follow.

Kodak said that it intended to appeal against the decision.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2012. Kodak files motion to auction digital imaging patents [Online] (Updated 12th Jun 2012)
Available at: http://www.ukwirednews.com/news/1434204/Kodak-files-motion-to-auction-digital-imaging-patents [Accessed 1st Sep 2014]

News In Other Categories

  • Airport expansion critical for UK, says CBI

    A single, larger hub airport where passengers can transfer to a range of destinations - is "critical" to the UK's long-term economic growth, says the CBI.
  • Pupils begin 'tough' new national curriculum

    Millions of children in England will begin a "tough" new national curriculum when they return to school this week.
  • Bradford Bulls sign Salford Red Devils winger Danny Williams

    Bradford Bulls have signed Salford Red Devils winger Danny Williams on a two-year deal.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
  • Dylan Thomas's Under Milk Wood recording revisited

    Under Milk Wood is an acknowledged radio classic. Dylan Thomas's dramatic masterpiece was first broadcast in January 1954 and almost nobody involved is left alive. But to mark the poet's centenary the original sound effects man has been persuaded to return to rattle the teacups one last time.
  • NI Assembly hopeful of Ormiston House sale

    The Stormont Assembly is hopeful it has found a buyer for Ormiston House, a building in Belfast that was costing the taxpayer almost £3,000 a week.