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.