Online pic service Shutterfly has emerged as the only bidder for the customer report and images of Kodak Gallery online photo services concern , the companies pronounce Wednesday .
Eastman Kodak , whichfiled in Januaryfor bankruptcy protection , get into into an accord with Shutterfly in March for the cut-rate sale of certain assets of its online photograph religious service byplay for $ 23.8 million .
The term of the agreement include the transfer of picture gallery customer account and images in the U.S. and Canada to Shutterfly in Redwood City , California . A Kodak spokesmanclarified in Marchthat the gallery website , name , and intellectual property were not part of the deal .
Kodak and Shutterfly contrive to shut the acquisition soon after have the final approval from the bankruptcy court in New York . Shutterfly will then work with Kodak to transfer the customers and images onto the Shutterfly platform .
The March arrangement with Shutterfly was described as a “ haunt Equus caballus ” dictation that set the minimal Leontyne Price for other bids for the line in a court - supervised auction sale .
Kodak , which look challenge in making the transition to digital technology , has since July been “ research strategic choice ” including the sales event of its digital imaging patent portfolios . It said it had over 1100 U.S. patent that are cardinal to the digital imaging industry .
Other technology party have raised funds through sales of patents . Bankrupt Nortel Networks raise $ 4.5 billion through the sale of letters patent and patent app to a syndicate consisting of Apple , EMC , Ericsson , Microsoft , Research In Motion and Sony . AOL allege in the first place this month that it has enter into a unequivocal letters patent sales event and licensing arrangement with Microsoft , that would bring it over $ 1 billion in Johnny Cash . Microsoft state it had struck a deal with Facebook to deal it 650 of the AOL patent and patent applications .
In a filing on Wednesday to the U.S. Bankruptcy Court for the Southern District of New York , Kodak has inform of the cancelation of the auction bridge of the Kodak Gallery assets , which was schedule for Thursday , as no other compete tender were received by the bid deadline of April 20 .
