More digital death

Josh Voorhees has an article at Slate about the death of Kodak:

Eastman Kodak made it official and filed for bankruptcy court protection from creditors.
Bloomberg reports that the iconic Rochester, New York-based company, which dominated the film market for much of the past century but was unable to continue its market success when consumers replaced their traditional cameras with digital ones, listed its assets of $5.1 billion and $6.8 billion in the Chapter 11 paperwork it filed in federal bankruptcy court.
The New York Times had more: "The American icon had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the company — which since 2004 has reported only one full year of profits — ultimately ran short of cash."
The 131-year-old company said that it will continue operating normally during bankruptcy, thanks in large part to nearly $1 billion in Citigroup financing, and that it will continue selling its portfolio of more than a thousand digital imaging patents to raise cash.

Rico says that anyone who could do the math on digital photography (and when was the last time you bought a hardcopy print?) would have expected this...