facebook
twitter
rss
account
search
search
 

Kodak failing to find 'pre-auction' bid

June 9, 2012 at 1:35 PM   |   Comments

ROCHESTER, N.Y., June 9 (UPI) -- An opening bid for auction of bankrupt Eastman Kodak patents eluded the Rochester, N.Y., company, sources told The Wall Street Journal.

Kodak is attempting to use an auction of its digital patent portfolio to help it emerge from bankruptcy court. But the firm has yet to find a so-called "stalking horse bidder," which is bid made before an auction starts that at least sets the bar for other bids to follow.

A stalking horse bidder is considered a huge asset for an auction, said James Malackowski, chief executive officer of Ocean Tomo LLC, an brokerage firm that handles intellectual property.

A pre-auction bid "almost universally" pushes prices higher, he said.

Kodak is attempting to repeat the success of Nortel Networks, which raised $4.5 billion auctioning patents while in bankruptcy.

Motorola Mobility Holdings Inc., raised $12.5 billion selling a line-up of patents to Google Inc.

An independent review estimated Kodak's 1,100 patents at a value of $2.6 billion. Nevertheless, after pitching the portfolio to a number of firms, interest in the cache of patents appears weak, the newspaper said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
2
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
3
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
4
EIA: Russia diversifying energy production EIA: Russia diversifying energy production
5
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
Trending News
Video
x
Feedback