Kodak says a bankruptcy court has approved an auction of its imaging patent portfolios over the objections of Apple and FlashPoint Technologies, giving the photography pioneer clarity on ownership claims.
The company announced a year ago it was looking to turn 1,100 digital imaging patents into ready money. The patents then represented about 10 percent of Kodak's total portfolio.
Analyst George Conboy with Brighton Securities says the sale of its patents is essential for the company to meet obligations and eventually emerge from Chapter 11 bankruptcy.
Kodak says the auction is expected to be held in early August. It says it will still seek dismissal of what it calls the “baseless'' Apple and FlashPoint claims this month.