bankruptcy

The 404 1,167: Where we tell him about the Twinkie (podcast)

Leaked from today's 404 episode:

- Hostess liquidates assets, Twinkies no more.

- Anti-stress stations in Italy let people pop bubble wrap.

- Homeless dude arrested for public charging.

- Nintendo ships incomplete Wii U, missing TVii service and more.

- NY good Samaritan treated like thief by cops, he says, sues for $1 million.

Bathroom break video: That's a big Twinkie… Read more

Government-funded battery maker A123 files for bankruptcy

A123 Systems, a lithium-ion battery maker that has received hundreds of millions in government support, filed for bankruptcy protection today.

The move makes A123 the latest government-backed energy company to file for Chapter 11. Many of these companies have struggled to make money as demand slows for their products. A123 received more than $250 million in state and federal funding to help it run its operations providing batteries for electric cars and other products. But it has also faced many problems, including defective products.

A123 today said Johnson Controls will help finance the filing by buying A123's automotive business … Read more

End of an era: Kodak to sell its film business

Kodak is selling the business that made it famous.

The company revealed yesterday that it's selling its traditional print film business as part of an auction to raise cash.

The sale extends to Kodak's entire personalized imaging and document division, which includes kiosks that develop photos, photo paper and still camera film products, and even equipment that snaps souvenir photos at theme parks.

Before the digital age, Kodak held the market on consumer photography and was virtually synonymous with the word "film."

The auction is part of the company's aim to segue from consumer products … Read more

Cloud gaming company OnLive shutting down -- report

Update: Late Friday, OnLive confirmed the sale of its assets to an unnamed suitor, who will continue to offer its cloud gaming service. Read the story, "So OnLive isn't dead -- it just sold all its assets to a new owner," here.

Cloud gaming company OnLive appears to be in turmoil, having possibly fired all of its employees and prepping for a bankruptcy filing, according to rumors reported by Kotaku.

The gaming blog cited a tweet from InXile Entertainment CEO Brian Fargo, who reported getting an email from a just-fired employee who relayed the company was dead. … Read more

Bids come in low for Kodak's digital-imaging patents

Opening bids for Kodak's digital-imaging patent portfolio from two competing investor groups backed separately by Google and Apple came in far below the $2.6 billion that the troubled company says it is worth.

The photography pioneer received bids from the two groups in the $150 million and $250 million range, people familiar with the auction process told The Wall Street Journal.

Kodak representatives declined to comment on the reported bid range, citing a court confidentiality order.

"The auction process, including information about bids and the identity of bidders, is confidential pursuant to an order of the Bankruptcy … Read more

Judge: Apple snoozed on claiming Kodak patents

A U.S. bankruptcy judge has denied Apple's claim on two Kodak patents, saying the company waited too long to make ownership claims, Bloomberg reported.

Judge Allan Gropper's ruling called Apple's claims "unreasonably delayed," and said trying to figure out the ownership claims now could set Kodak back in its bankruptcy case.

The ruling settles two of the 10 claims Apple had on Kodak's patents. Gropper also denied a summary judgement request from Kodak for the other eight claims.

Kodak, which filed for bankruptcy protection in January, is attempting to auction 1,100 patents … Read more

Apple loses bid to transfer Kodak patent lawsuit to different court

A federal judge has denied Apple's request to transfer its patent dispute with Kodak out of bankruptcy court, a move that could have disrupted the troubled photography company's plans to auction its digital-imaging patent portfolio.

U.S. District Judge George Daniels denied Apple's request for a change of venue to his court today, deferring to the judge presiding over Kodak's bankruptcy proceedings, according to a Reuters report. Judge Allan Gropper should have "an opportunity to render a decision on the motion and to have an opportunity to control and move forward the process," Daniels … Read more

Kodak given all-clear to sell its patents

Former photo giant Kodak has won a judge's approval to sell off a patents portfolio in a last-ditch revenue grab, which would see the company attempt to restructure in the face of bankruptcy.

U.S. Bankruptcy Judge Allan Gropper said in a hearing on Monday he will approve an order that would allow the Rochester, NY.-based company to sell more than 1,100 digital imaging patents, despite vocal objections to the sale from both Apple and spun-off company FlashPoint Technology.

Kodak, which filed for bankruptcy protection in January, is on a mission to sell its vast patent portfolios … Read more

LightSquared reportedly reaches agreement on bankruptcy loan

LightSquared has reached an agreement over a bankruptcy loan from a group of lenders and intends to continue to fight for millions more, the Dow Jones news service reported.

After declaring bankruptcy last month, the company negotiated with a group of hedge funds holding more than $1 billion of LightSquared's debt. The lenders want "severe restrictions" placed on $190 million of cash LightSquared would like to use to hold itself up during bankruptcy, according to Dow Jones.

LightSquared intended to be a neutral wholesale provider of 4G LTE service, giving companies an alternative partner for super-fast wireless … Read more