Kodak accepts $527M bid for digital imaging patents

Mike Mireles at IP Finance explained the details behind the proposed Kodak patent sale.

“After an auction with four bidders, the bankrupt Kodak accepted a bid and sold its two portfolios of [approximately 1,100] digital imaging related patents for $527 million to Intellectual Ventures Fund 83 LLC,” a fund representing interests of HTC, Google, Amazon, RIM, Huawei, FUGIFILM, Shutterfly, Apple and Samsung.

The complicated transaction included: “a sale of the patent assets, a license of the patents, the assumption of patent cross license agreements with Fujifilm and the settlement of claims involving some of the patents.” Assuming approval by the bankruptcy court, Kodak will retain a license to use the digital imaging portfolio patents in its future businesses, including those that are still for sale (film and document imaging).