A year ago, we questioned Eastman Kodak’s solvency, and discovered a strange world of what Donald Rumsfeld might have called “dead-enders” who believed in a pot of gold at the end of the Kodachrome rainbow despite all evidence to the contrary. One rallying cry amongst these folks was huge, multi-billion dollar patent sale that was imminent. Well, apparently,… Read More »
Eastman Kodak(EKDKQ), in bankruptcy with its shares destined to be worthless, is finally starting to make the moves that might have helped it avert this fate had failed CEO Antonio Perez undertaken them sooner. The company announced today that “it plans to phase out its dedicated capture devices business“. Perhaps part of its failure lies in its insistence… Read More »
We’ve been warning for weeks that Eastman Kodak(EK) shares were too dangerous to own. Kodak finally made it official late last night and filed a voluntary Chapter 11 business reorganization. Citigroup will provide $950 million in debtor-in-possession financing. As we had stated, the company’s liabilities were to great, its ability to monetize intellectual and real property too slow,… Read More »
Eastman Kodak(EK) surged 35% today, building on yesterday’s gains. Investors were reacting positively to two pieces of news released by the company. On Tuesday morning the company announced it was restructuring from three reporting segments to two. Under the new structure, Kodak has reduced its number of segments from three to two – the Commercial Segment and the… Read More »
Sears Holdings(SHLD) can’t seem to catch a break. After weeks of falling, Sears stock rallied 8% today on no news. Shareholders should cut their rejoicing short after tonight’s report from Bloomberg that CIT(CIT) will no longer finance vendors for their sales to Sears. CIT would not confirm reports, but Sears spokeswoman Kimberly Freely confirmed the action in an… Read More »
We’ve written extensively about the once-great Eastman Kodak’s(EK) slide to bankruptcy, but what might be the result of a Kodak bankruptcy? What might Kodak, and the city of Rochester look like in 5 years. Perhaps some answers can be found in the story of another prominent manufacturing company synonymous with an upstate New York city, Oneida, Ltd. Oneida… Read More »
Kudos to the Wall Street Journal for scooping the story that Eastman Kodak(EK) is preparing a bankruptcy filing and may file by month’s end. The company is still exploring a patent sale to stave off bankruptcy, but it will be difficult to get an adequate price in this distressed situation. The company is said to be in negotiations… Read More »
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 »