At this year's 2012 Academy Awards, nine-time host Billy Crystal quipped that all the stars were gathered at the "chapter 11" theatre for the awards ceremony. He later welcomed the audience of celebrities to the "Your Name Here" theatre. These jokes hint at an actual bankruptcy finalized last week. A judge recently authorized Eastman Kodak Co. to take its name off of the famed theatre in Hollywood when they filed a chapter 11. The decision was granted by a U.S. Bankruptcy Court in Manhattan. Kodak had to relinquish its 20-year title on the Kodak Theatre- leaving the building nameless. Throughout the ceremony, cameramen and reporters used the term "the theatre" to allude to the venue, and steered clear of dropping Kodak's name.

The Eastman Kodak company has owned the glamorous theatre on Hollywood Boulevard for a long time, and it has been the permanent home to the Academy Awards ceremony since 2002. Eastman Kodak, founded 131 years ago, flourished during the camera bug that swept America. Unfortunately, these cameras have dwindled as film canisters become obsolete and people turn to high end digital models. On the movie side, seven of the nine nominees for best picture were shot on Kodak film. Still, the art of digital editing and projection techniques have caused Kodak financial downfall.

According to many inside Hollywood men and women, film reels will soon be a thing of the past, as the theaters turn to digital projectors instead. At their high point, Kodak and other film companies supplied a grand total of 12 billion feet of film processing annually. This number is dwindling, and the companies now only produce a total of 8 billion feet. Instead of shipping roles of film to theaters worldwide, many entities are simply mailing digital discs of the movies adaptable for the big screen. According to the HIS Screen Digest, the 35-millimeter is coming to the end of its life. In four years, they suppose that there will be no film printing business.

While many movie-makers have always used Kodak film, they are now finding it in their best interests to use digital cameras instead. Instead of the vintage notion of a "cutting-room floor," film companies can now download their footage onto a computer and use software to edit. There are still a few directors and producers out there that believe 35 millimeter film is the timeless way to make a movie. One director states that these movies always look gorgeous. Still, while the vision of a 35 millimeter film is powerful, many believe that it's much more convenient to use computers and technology to make things look their best.

The lack of business is leading to Kodak's decline. The company made $1.57 billion in the first half of 2008, and only $763 million in the same period during 2011. This has led to their $6.7 billion debt, a cost they want to repay by filing bankruptcy. Kodak believes that their future now lies in commercial printing. The movie industry, which provided a quarter of their revenue, will not supply a profit unless they can keep up with the improving technology. At one point, the Oscars gave Kodak the marketing boost they needed to have a successful year, but this year they couldn't even afford that. The $3.7 million fee for the naming rights was voided when Kodak essentially took their name off of the building. For a decade, this iconic Kodak theatre in the center of Hollywood has been the showroom for a star studded audience at the Oscars. For now, the famed theatre will be referred to as the "Hollywood and Highland Center" until another claimant purchases the property.