Kodak Patent Auction Permitted Despite Apple Complaint
A US bankruptcy court has approved Kodak's bid to auction off more than 1,100 patents despite objections by Apple and FlashPoint, reports AFP.
"The Apple and FlashPoint claims are baseless and Kodak will still seek dismissal on summary judgment in July," Timothy Lynch, Kodak Vice President and Chief Intellectual Property Officer, said.
"Today's ruling provides a court-approved process allowing buyers to acquire the patents free and clear of all ownership allegations, regardless of the status of the dispute with Apple and FlashPoint at the time of closing."
Last month, the company accused Apple of using its cash to interfere with the sale.
"Apple's strategy has been to use its substantial cash position to delay as long as possible the payment of royalties to Kodak" and interfere with the sale, Kodak said. "Apple and FlashPoint are seeking to benefit from Kodak's difficult financial position, which will be exacerbated if the debtors cannot obtain fair value for the patents."
Kodak says buyers will submit confidential bids for the auction which will be held early next month.
Read More [via AppleInsider]