Over the weekend, media outlets began confirming the decision by Judge Allan L. Gropper – the bankruptcy court judge overseeing Kodak’s sell-off its digital imaging patents – to approve Kodak’s sale of intellectual property to the likes of Apple, Google, and Microsoft, among others.
The authorized sale pertains to a collection of 1,100 patents related to the capture and display of digital images once critical to the company that is continuing to work its way through a convoluted bankruptcy.
Despite reports last December that an Apple-led consortium put in a winning bid of $525 million for rights to the patent licenses, new details have exhibited that the actual sale price is a tad higher at $527 million.
Judge Gropper called the final price “disappointing,” although Kodak will likely benefit from any infusion of cash capable of helping move the company forward and out of bankruptcy.
Kodak lawyer Michael H. Torkin was quoted by the Wall Street Journal as saying: “The amount in the transactions, which are complicated and integrated, are the highest and best value available to the debtors.”
Kodak allegedly needed a minimum of $500 million from the sale to help with its $830 million loan package that it previously obtained.