Kodak may have a fighting chance in an "expensive camera, free film" market. Unfortunately for Kodak, it's becoming a free camera, nonexistent film market. The article argues Kodak's problem is worse than the auto or entertainment industries because their core products are still in demand, they just need to adapt.
Even in hindsight, I'm not sure what they could have done other than using their capital to move into another industry. Digital cameras and picture frames, printers, printing services... they had relative success with many of those technologies and it didn't help. I agree with you, sadly, Kodak is a lost cause.