The News: “Patent lawsuits won’t save Kodak from an overhaul, it seems: as predicted, the photography company just announced that it’s filed for bankruptcy. Kodak says it’s voluntarily filed for Chapter 11 reorganization in New York, in order to “bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines.” It’s also tentatively obtained $950 million in debtor-in-possession credit so it can keep operating while it formally goes bankrupt: the company says it expects to keep paying employees, serving customers and honoring obligations for the time being,” according to The Verge.
It’s Cultural Legacy: The company basically revolutionized the notion of taking photographs. They made it part of the American and life experience. Think about that for a moment. Think about how important the notion of photography is in our everyday existence. That’s Kodak.
Or, as Alexis Madrigal recently put it, “Combine Apple’s with-you-everywhere gadgets with Facebook’s new auto-autobiographical tools and these gadgets are like autotune for personal history. You record your off-key voice and when you play it back, every note is perfect. That’s the triumph of Kodakery.”
Kodak was the Facebook and Apple of yesteryear. Crazy.