Shares of Eastman Kodak Company (PINK: EKDKQ) is up sharply in early trading today. At last check, EKDKQ shares were trading 2.80% higher at $0.257 on volume of 711,203. The stock gained 8.94% in the last three trading sessions.
Earlier this week, Kodak announced that a bankruptcy court judge approved the companyâ€™s patent auction. Kodak, which filed for bankruptcy in January this year, has been looking to sell its portfolio of digital imaging patents as part of its restructuring process.
Apple Inc. (NASDAQ: AAPL) and privately held FlashPoint Technologies Inc. had objected to the patent sale, claiming that they have ownership interest in some of the 1,100 patents Kodak plans to sell. However, the bankruptcy court found that all the patents are property of Kodakâ€™s estate, clearing the way for a patent sale.
Timothy Lynch, Vice President and Chief Intellectual Property Officer at Kodak, said that EKDKQ is gratified the court has allowed it to move ahead with the patent auction in a timely manner and with clarity on ownership of the winning buyer.