Firegeezer.com sent us a link to an article which will cause photographers to pause and reflect on the past. The article states among other things that:
NEW YORK (CNNMoney) — Shares of Eastman Kodak dropped almost 60% Friday, with trading halted several times amid rumors that the camera maker has hired a law firm for advice on a major restructuring or bankruptcy filing.
The Wall Street Journal said Friday that Kodak had hired law firm Jones Day for restructuring. Bloomberg said the company hasn’t officially hired a firm yet, but that bankruptcy is among the options being considered.
Kodak: Death of an American icon?
IPAM said in its letter to Kodak’s board that the company’s “long-term performance is simply unacceptable, and as such it has not earned the right to remain an independent company.” It urged Kodak to find a buyer that “has resources to commercialize the company’s intellectual property more efficiently.”
Kodak has been increasingly relying on licensing for revenue. In July, The company also announced it’s exploring the sale of more than 1,100 patents tied to digital imaging. Analysts say that deal could generate as much as $3 billion.
Find the complete article HERE.
