From what I am getting, the packaging, distribution, and marketing of Kodak still film is what's for sale. EK will still coat the film and slit it into rolls or sheets under contract from (the hypothetical) Eastman Photo. Eastman Photo will then roll the film onto spools, put them in boxes, and ship the boxes to wholesalers and retailers. That way, EK will make its money all at once, whereas Eastman Photo will be making income in smaller increments. It is for this reason that I think Kodak's sale of their film division is strictly cash flow related; Even if they don't sell it for that much, Perez & Co. can show investors what massive cash flow they have, even if some of it is an intermittent flow.