Eastman Kodak Files for Bankruptcy Protection
This has been a long time coming. First rumored in the fourth quarter the rumor picked up as the third board member in two weeks left the company. Typically a sign of impending doom when upper management are jumping ship.
Rumors abounded that the company was preparing for bankruptcy as it is trying desperately to sell it’s patent portfolio.
One has to assume that with the sale of the patent portfolio the company will require massive layoffs to transform itself into a shell of its prior self. The key is that the company is looking to sell it’s massive portfolio, but retain rights to its patents from whoever may step in to buy it.
We first mentioned the company may be close to ending its life in the fourth quarter report we put together.