Picture this: Kodak-the company that invented the first digital camera in 1975 and developed the photo technology inside most cell phones and digital devices-is in the midst of the worst crisis in its 131-year history.

Now, caught between ruin and revival, Eastman Kodak Co. is reaching ever more deeply into its intellectual treasure chest, betting that a big cash infusion from the sale of 1,100 digital imaging inventions will see it through a transition that has raised the specter of bankruptcy.