The People reported that the bids received for Kodak's portfolio of 1,100 digital patents thus far were significantly below $500 million, as consortiums that include Apple Inc. and Google Inc. declined to engage in the sort of spirited bidding that drove up prices in an auction of Nortel Networks Inc. patents a year ago. The Eastman Kodak Co.’s patent auction which was much hyped failed to draw expected interest. On August 8th, the former photography giant held its patent auction, with results to be announced August 13th.
Kodak has been hoping to get $2.6 billion from two different patent packages. While bidding has reportedly been sluggish, two major groups are expected to bid against each other. The main reason for such low interest is stated to the fact that Kodak adapted much slowly to the changing trends and technology in professional photography. Unable to find a way to monetize digital photography, Kodak eventually went into bankruptcy, with its only profitable property being its patent portfolio. And now, the company is in such straits that it must sell its only money-maker to pay off creditors.
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