Despite the ongoing legal battles with Google’s subsidiary Motorola, it was reported last week that the search engine giant will team up with Apple to offer a bid for Kodak patents. In relation to this, the patent is said to be worth $500 million.
Grabbing Kodak Patents
With Kodak’s ongoing bankruptcy proceeding, there were claims that Apple and Google have teamed up in order to grab the former photography monolith’s 1,100 patents. It was said that the partnership was a behind placed that was placed earlier last week.
Prior to this, the companies led two separate teams when the bidding started. Apple was in consortium with Microsoft and patent holdings firm Intellectual Ventures, while Google was joined by RPX Corporation and a number of Asian phone makers. There were even speculations that HTC and Samsung were part of the search engine giant’s team.
When the imaging patent auction started in August, Kodak estimated the value of its portfolio between $2.2 billion and $2.6 billion. However, the first round of bidding reported that its value ranges from $150 million to $250 million. Moreover, the company’s $793 million loan agreement states that the winning bid for the portfolio must not be lower than $500 million.
On the other hand, Kodak previously filed a patent lawsuit against Apple and HTC, as well as an ITC case against Apple and Research in Motion in hopes to stay afloat. However, the iPhone maker sued the photography company after claiming ownership of ten patents related to the QuickTake camera.
The said patents turn out to be a cooperative project between the two companies. In relation to this, the court ordered Apple to halt its current and future litigation so that Kodak could commence bankruptcy procedures.
Kodak: Confident that Minimum would be Reached
Last month, there were claims that both Apple and Google were still interested with Kodak’s patent portfolio, while it was said that the photography company is “confident” that minimum would be reached.
Although the deal still requires court approval, Kodak has now more time to work on the financing offer from JPMorgan Chase & Co., UBS, GSO Capital Partners, and Centerbridge Partners.
In relation to this, the court granted the photography company’s request to extend its deadline in order to retain exclusive control of their bankruptcy case. This is hope of selling off their patent portfolio to a list of potential buyers.