Andre Yoskowitz
1 Oct 2011 22:41
The photography pioneer nears bankruptcy.
Eastman Kodak, which released the world's first consumer camera in 1888, stands as close to bankruptcy as possible, and now has a market value of just $230 million.
In 1997, the company had a market value of $31 billion, before the revolution of digital photography began. The company has not had a profit since early 2007 and its stock market shares now trade for under $1.
The most valuable part of the company is now its digital imaging patents, which have a value of $2 billion.
While Kodak says it has no intention of filing for bankruptcy, the stock has fallen to a price not seen since the 1970s as investors assume the worse.
Potential buyers of the $2 billion patent portfolio have been scared away as they could be sued by Kodak creditors if the company goes bankrupt. Most experts believe Kodak should just go bankrupt and then sell the patents to pay off creditors.
(Pic via Reuters)