The news has gone from bad to worse. The bad news: Kodak, the company that fueled the growth of the photography industry is selling its patents. Not the patents for intellectual property related to film photography, but its more than 1,000 patents for capturing, storing, organizing and sharing digital images, according to the Wall Street Journal. And the really bad news? Kodak has filed for bankruptcy. Yes, Kodak was that hard up for cash and did not find it. Its leaders failed one of the most important tests of strategic leadership – building a balanced portfolio of business models.  Kodak invested in new business models too late. As film stopped delivering the riches, the printer/cartridge business model demanded too much cash for too many quarters, creating an unsustainable situation. A company can be viewed as a portfolio of different business models, each using…