By David Ponce
Once again proving that lawyers will likely never run out of work, news surfaces that Apple may be suing already bankrupt Kodak. It was not one month ago that Kodak was announcing it was placing itself under Chapter 11 bankruptcy protection, though it was continuing operations somewhat normally through a $950million round of financing through Citigroup. As part of its restructuring efforts, Kodak announced it was leaving the digital camera market and would focus on monetizing its trove of patents. It’s over some of these that Apple is now itching to sue. The Cupertino company claims that it it is the rightful owner of some digital camera-related patents that Kodak had claimed for itself, and which it had used as collateral for that very $950million financing. Apple is now asking the bankruptcy judge for permission to go forward with the suit, though it is not obligated to do so.
It really looks like Apple may be kicking a dead horse, though with $5.1billion in listed assets (and an unfortunate $6.8billion in debt), Kodak’s carcass is far from cold.
[ Bloomberg Article ] VIA [ UberGizmo ]
