Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy.

Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy.

Talk about marking the passage of an era.

"Kodak played a role in pretty much everyone's life in the 20th century because it was the company we entrusted our most treasured possession to — our memories."

It's difficult to believe that Kodak's management, through a combination of caution and poor strategy, failed to adapt to the obvious fact that film business was coming to an end. They didn't make powerful diversification moves while they still had the cash, the prestige and the market value to do it. Now it's much too late. Their stock was trading at $97 per share in 1997. It is now trading at 37 cents.

But then again, newspaper magnates are also in that same boat right now.