Kodak's Creditors React to Patent Sale
By: Tina Shively
Updated: December 19, 2012
Kodak owes it's creditors hundreds of millions of dollars. One of them is Optimation.
The machining and assembly systems company is owed $2.3 million.
Internal memos from Kodak reveal the $525 million price tag for their patents will primarily go towards repaying their bankruptcy loan, and to support their commercial imaging businesses. Despite that, Optimation's President hopes to receive some money soon.
He only expects cents on the dollar. The payback is part of what he sees as the best case scenario for the company moving forward.
President Bill Pollock said "It would be nice for us if Apple or Microsoft or Google or whoever is buying patents to have a presence in Rochester. Then we can help them build factories to utilize some of the patents. That would be the happy ending to the story, we just don't know if that's going to happen or not."
Pollock says regardless, his company is doing well. They've acquired another company, Kingsbury; out of bankruptcy court.They also hired 75 new people in the last year.
Kodak made up 50 percent of Optimation's business when their relationship started decades ago. Today it makes up only 5 percent.
The machining and assembly systems company is owed $2.3 million.
Internal memos from Kodak reveal the $525 million price tag for their patents will primarily go towards repaying their bankruptcy loan, and to support their commercial imaging businesses. Despite that, Optimation's President hopes to receive some money soon.
He only expects cents on the dollar. The payback is part of what he sees as the best case scenario for the company moving forward.
President Bill Pollock said "It would be nice for us if Apple or Microsoft or Google or whoever is buying patents to have a presence in Rochester. Then we can help them build factories to utilize some of the patents. That would be the happy ending to the story, we just don't know if that's going to happen or not."
Pollock says regardless, his company is doing well. They've acquired another company, Kingsbury; out of bankruptcy court.They also hired 75 new people in the last year.
Kodak made up 50 percent of Optimation's business when their relationship started decades ago. Today it makes up only 5 percent.
