Kodak's patent sale plan keeps stalling. On Monday, we learned the company is again pushing back the date to release sale results.
Experts say pushing this announcement back is not uncommon and does not spell bad news. However, since bids are being reported as coming in low, this entire process isn't going according to Kodak's plan. Kodak was supposed to name a winning bidder Monday, but again is pushing back the announcement - this time to next Thursday. Wall Street Journal reporter Dana Mattioli says sources say bids are just now inching up past the $500 million mark, a lot lower than the billions the imaging giant projected.
"When you believe you have an asset that is four to five times what the market believes it is that clearly is a challenge," financial expert Dennis Mullen said.
The newspaper's sources say bidders including Apple and Google are now banning together. More disappointing news for Kodak because there's no bidding war driving up the price. Kodak also says if the price isn't right at the end if negotiations it won't sell.
However, former Kodak VP Larry Matteson says that may not be a good idea because the value may decrease the longer the company holds on to them.