Lately, it seems like this blog is becoming all Eastman Kodak(EK) all the time. Odd for a stock we don’t even own. Some Kodak bulls have commented that we interpret every piece of Kodak news negatively, so we felt we should comment that today’s announcement that Kodak has received a continued listing standards notice from the NYSE is… Read More »
A comment on a recent post asked whether we’d considered the value of Eastman Kodak’s(EK) real estate. It’s not something we’d given much thought to, but we’re friendly folk and so we proceeded to do a bit of digging. Our first stop was Kodak’s most recent 10K. While some companies provide detail on their real estate holdings, Kodak… Read More »
Laura Tyson, who had been a Director at Eastman Kodak(EK) since 1997, resigned on December 29, the company reported in a filing with the SEC. Tyson is the third Kodak director to resign in the last week, and, as with the previous two, Kodak’s terse statement gave no reason or explanation. We await the spin form the Kodak… Read More »
Recently, we’ve taken a dim view of Eastman Kodak’s(EK) prospects. As we wrote here and here, we believe the company is most likely past the point where a turnaround outside of bankruptcy is possible. A commenter assuming various names, most recently “Truthseeker”, has expressed his criticism in a most disdainful and discourteous manner. While we object strenuously to… Read More »
Earlier this week, Sears Holdings(SHLD) announced plans to shutter 100-120 stores. Today, the company released a pdf listing 79 stores to be closed, with more to be announced. I’ve converted this to a spreadsheet and mapped them View Sears Holdings 12/29/2011 Closings in a full screen map Of the stores closing 38 are Kmarts, and 14 are Sears… Read More »
A little over two years ago, on September 29, 2009, Kolhberg, Kravis Roberts purchased $300 million in Senior Secured Notes from Eastman Kodak(EK) and was granted 40 million warrants at $5.50 per share. As part of the investment, KKR exercised its right to nominate two directors, Herald Chen and Adam Clammer. Today, Kodak announced that Mr. Chen and… Read More »
It looks like Edward Lampert has lost another round in his great experiment with retail. Neither of the two major brands that comprise Sears Holdings(SHLD) were in good shape when he purchased them. He famously purchased Kmart in bankruptcy, buying debt for pennies on the dollar and emerging from bankruptcy with a controlling stake(despite the small distraction of… Read More »
Eastman Kodak(EK) was once synonymous with photography and imaging. Today, like the abandoned subwayin its home town of Rochester, it stands as a hulking relic testifying to the lost hopes and dreams of a bygone era. Kodak’s moments are now but a series of shadowy images of past glory wafting away. This afternoon, the company issued two press… Read More »
The past few years, have shown, in incident after incident, that the SEC is overloaded, understaffed, and unable to effectively carry out its mission to police the securities markets. So Congress, that august body which cannot agree on anything, agreed to give the SEC an additional mandate unrelated to its core mission: to ensure that public companies properly… Read More »
I first became interested in Daily Journal Corporation(DJCO) while reading Janet Lowe’s excellent Chralie Munger biography, Damn Right. I have owned it in the past though not currently. It consists of a declining but still profitable niche newspaper publisher, and with Berkshire Hathaway’s recent acquisition of Wesco, is the only company managed solely by Charlie Munger. Beginning during… Read More »