On Monday the Bankruptcy Judge gave his approval for bonuses to go to 12 of Kodak’s top executives if the company exits from bankruptcy. The plan could pay up to $17 million including up to $4.4 million to CEO Antonio Perez. Those payment amounts depend on how much money creditors are paid.
The opening bids for 1100 Kodak digital imaging patents opened on Monday. Kodak had expected those patents to sell for approximately $2.6 billion. The bidding is a closed process but rumors were that opening bids were below $500 million. Bidding continues through the weekend with Kodak and bidders communicating by phone. As in any auction there is no telling how on how high or low the winning bid will be. The winning bid is slated to be selected on Monday. As that Kodak borrowed $950 million to pay off creditors, they will were hoping for a large bid on the patents to put them back on the positive side.
Kodak stock price started the week at 59 cents per share and ended the week at 32 cents. This is probably related to the low opening bids on the patents.