Sale Procedure Allows Private Bids
Bidding Techniques Registered Prior to Schedule
Eastman Kodak Company today filed a action looking for acceptance of bidding process procedures for the immediate bankruptcy public auction of its Electronic Catch and Kodak Picture resolution Systems and Solutions (KISS) Certain Investment stock portfolios, composed more than 1,100 patents that are important to the capture, adjustment, and giving of digital pictures.
"The suggested framework of the public auction is designed to the unique features of the assets"
Kodak's action describes a purchase procedure that is open to all certified visitors topic to the guidelines of the bidding process procedures. No disclosure of the not effective visitors will be made to other visitors or the public. Only the effective prospective buyer and the amount of the effective bid will be declared openly at the end of the public auction.
"The suggested framework of the public auction is designed to the unique features of the resources," said Jimmy M. Lynch, Kodak Vice Chief executive and Primary Perceptive Property Official. "The bidding process procedures are designed to allow visitors to give us their best offers without worry of displaying their cards to competition. In processing these suggested measures in advance of the May 30 timeline in our loaning contract, we are moving forward as quickly as possible with the procedure of earning cash our digital imaging patent collection."
Over the past 12 months, Kodak's financial consultant, Lazard, has performed an comprehensive marketing process for these resources. To date, 20 events have finalized secrecy contracts and have been offered entry to an electronic data room.
Lynch mentioned that the two stock portfolios being marketed have different features and may interest different customers. The Electronic Catch Portfolio contains over 700 patents, protecting key factors of image capture, handling, and indication systems that are crucial to the design and operate of camcorders and multi-function gadgets, such as camera-enabled smartphones on the market and pills. The KISS Portfolio contains over 400 patents that cover systems such as image research, adjustment and labeling, and network-based services, such as image storage, accessibility, and satisfaction. Since 2001, Kodak has produced more than $3 million from certification its digital imaging collection to industry commanders, such as New samsung, LG, Samsung, and Htc, and is currently looking for patent lawsuit against infringers that include Apple, RIM, and HTC.
Kodak desires the action to accept bidding process procedures to be observed by the Court on September 2, the public auction to be organised in early Aug, and the effective prospective buyer to be declared by Aug 13.