IEEE Spectrum February, 2014 - 61

superconsorTium

KoDAK'S orIgINAl AUCtIoN
for its 1700 imaging and
printing patents attracted over
20 possible bidders. however,
the strongest purchasers
formed two consortia, led by
patent aggregators Intellectual
ventures and rpX. Neither
consortium's bid was high
enough to allow Kodak to
escape Chapter 11 bankruptcy.
Along with three smaller
companies, the consortia then
merged into a superconsortium
whose members dominate the
digital world in the 21st century.
Its final bid was successful.

Combined market capitalization value: more than us $1.5 trillion
intellectual
Ventures consortium

funding from banks and investment funds,
on the condition that its patents raised at
least $500 million. But that figure was still
higher than both previous bids combined.
The new, more powerful superconsortium
was hardly going to make a worse deal than
before. Its members offered an alternative.
They would help Kodak cross the magic
$500 million barrier, but only in return for
the company's family silver: the tens of thousands of Kodak patents that had previously

rpX consortium

not been on the table. Kodak would also
have to agree to drop all legal cases against
consortium members and vice versa.
Kodak was up against a wall, its single
possible buyer a consortium that included
almost everyone who might want what it
was selling. Inevitably, a deal was struck. In
mid-December, Kodak sold its imaging and
printing portfolio and a license to all of its
remaining patents to the superconsortium
for a total of $527 million. The portfolio itself

earned the company just $94 million-about
4 percent of 284 Partners' initial valuation. Although the financial breakdown of the deal is
subject to a nondisclosure agreement, the 12
superconsortium members each received licenses to more than 20 000 Kodak patents for
an average of $44 million. That's less than onetenth of what Samsung paid to license just two
Kodak patents, including 218, back in 2009.
"Things never play out the way you expect
them to," says Kodak's Lynch. "The rights

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Table of Contents for the Digital Edition of IEEE Spectrum February, 2014

IEEE Spectrum February, 2014 - Cover1
IEEE Spectrum February, 2014 - Cover2
IEEE Spectrum February, 2014 - 1
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IEEE Spectrum February, 2014 - 72
IEEE Spectrum February, 2014 - Cover3
IEEE Spectrum February, 2014 - Cover4
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