The U.S. Trustee overseeing Eastman Kodak Co.'s bankruptcy was asked to probe the photography pioneer's patent auction by a New York hedge fund, which said that the "unusually secretive" bidding process was not likely to benefit creditors, Bloomberg News reported yesterday. Esopus Creek Value Series Fund LP, which holds Kodak's 9.75 percent Senior Secured Notes, said press reports about two lead bidders joining forces, Apple Inc. and Google Inc., led the fund "to be concerned as to the integrity of the bidding process," according to a letter from the fund to U.S. Trustee Tracy Hope Davis. Rochester, N.Y.-based Kodak said on Aug. 16 it was continuing an extended auction of its digital-imaging patents and may not sell them if it concludes that creditors will benefit more if it holds them.
