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Post by newyorkled2008 on Oct 24, 2012 16:53:05 GMT -5
www.kccllc.net/documents/1210202/1210202121024000000000004.pdfFrom pages 24-25 of non-downloaded document<<< The Parties agree that the entire Claim, including unliquidated amounts for future running royalty payments, will be reduced from its asserted amount to a stipulated amount of $40,500,000 and shall be deemed an allowed general unsecured claim against Kodak (the “Stipulated Claim”) >>> From the initial amount of over $58 million plus unliquidated amounts on account of amounts allegedly owed or owing under the Representation Agreement and Settlement Agreement including for running royalties received or to be received by Kodak in the future (the “Claim”).
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Post by newyorkled2008 on Oct 24, 2012 16:57:08 GMT -5
Have just come to realize that possibly the following is a big decrease to originally expected/thought 100s of millions?
<<< Licensees Breach of Contract Litigation. Kodak is a party to breach of contract litigation against Asia Optical Co., Inc, Altek Corp., Kyocera Corporation and Ricoh Company, Ltd., counterparties that licensed Kodak’s intellectual property during the term of the Representation Agreement for which, pursuant to the Settlement Agreement, ATLC would be owed a commission of 15% of the “net proceeds” (as defined in the Representation Agreement) (“Licensee Lawsuits”). ATLC agrees it will be entitled only to a general unsecured claim (a “Licensee Lawsuit General Unsecured Claim”) equal to 10% of the Net Cash Proceeds actually paid to the Debtors as a result of the settlement or final adjudication of the Licensee Lawsuits except as otherwise provided in paragraph 4. “Net Cash Proceeds” shall mean the aggregate of the total cash proceeds actually received by the Debtors or their assignee from a defendant or its affiliates on account of a judgment or settlement in a Licensee Lawsuit, less Kodak’s total out-of-pocket expenses in the applicable Licensee Lawsuit; provided in the event that the Debtors do not receive cash in connection with resolution of a Licensee Lawsuit and receives other consideration, Kodak shall use reasonable efforts to provide ATLC with the cash equivalent value to ATLC as if it had received Net Cash Proceeds. >>>
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Post by joefarina on Oct 24, 2012 17:08:54 GMT -5
just saw where the itc ruled a victory for apple over samsung.....infringing
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Post by newyorkled2008 on Oct 24, 2012 17:17:29 GMT -5
Don't mean to flood this with post after post, BUT,
thought the following important in somewhat summarizing what it's all about:
<<< Under the Proposed Agreement, the Parties stipulate that ATLC holds a $40.5 million general unsecured claim. Additionally, the Proposed Agreement provides for ATLC to receive (x) additional general unsecured claims equal to a percentage of the proceeds, if any, from ongoing breach of contract litigation brought by the Debtors against certain patent license agreement counterparties (the “Licensee Lawsuits”), and (y) to receive a reasonable compensation for the time spent undertaking certain future services that ATLC may provide to the Debtors (the “Services”) in connection with the Licensee Lawsuits. ATLC has agreed to significantly reduced compensation in connection with the Services compared to the amount potentially owed to ATLC by the Debtors for such Services under the Representation Agreement and 2007 Settlement Agreement. >>>
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Post by Admin on Oct 24, 2012 17:39:44 GMT -5
LOL!!!
Excellent NY!!!
There goes arctics threat of hundreds of millions settlement that Kodak has to pay right out the window!!!
Busy thinkin and drinkin!!!
SBG
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Post by newyorkled2008 on Oct 24, 2012 17:42:17 GMT -5
LOL!!! Excellent NY!!! There goes arctics threat of hundreds of millions settlement that Kodak has to pay right out the window!!! Busy thinkin and drinkin!!! SBG Uhuh...I Think. Still would have to re-read through all this. Was going to post the link to Arctic's previous argument about the supposed 100s of millions...but then I thought otherwise. Feel free to post it yourself bud.
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Post by Admin on Oct 24, 2012 17:57:43 GMT -5
Long and short NY, Kodak has to pay like 10% of what arctic said was over 400 million dollar liability!!!
SBG
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Post by cswift71 on Oct 24, 2012 17:58:33 GMT -5
Long and short NY, Kodak has to pay like 10% of what arctic said was over 400 million dollar liability!!! SBG Foxy....wrong? Never!
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Post by forkodak on Oct 24, 2012 18:01:59 GMT -5
Page 39 of doc Hearing Date: November 14, 2012 at 11:00 a.m. (Eastern Time) Objection Deadline: November 7, 2012 at 4:00 p.m. (Eastern Time) page 7 of doc "As a result of these extensive good faith negotiations, the Parties have reached a comprehensive Proposed Agreement resolving all issues between them on the following terms:3 The Claim will be reduced from its asserted amount to a stipulated amount of $40,500,000 and shall be deemed an allowed general unsecured claim against Kodak (the “Stipulated Claim”); ATLC will be entitled to an additional general unsecured claim equal to 10% of the Net Cash Proceeds actually paid by a defendant in the Licensee Lawsuits to the Debtors as a result of the settlement or final adjudication of Licensee Lawsuits (a “Licensee Lawsuit General Unsecured Claim”); provided, that if and only if Kodak submits a written request for Services to ATLC and ATLC performs such Services, in addition to the applicable Licensee Lawsuit General Unsecured Claim, ATLC shall receive payment for time spent undertaking such Services, as an administrative expense, in an amount equal to 5% of the Net Cash Proceeds resulting therefrom (a “Services Payment”). “Net Cash Proceeds” shall mean the aggregate of the total cash proceeds actually received by the Debtors or their assignee from a defendant or its affiliates on account of a judgment or settlement in a Licensee Lawsuit, less Kodak’s total out-of-pocket expenses in the applicable Licensee Lawsuit; provided in the event that the Debtors do not receive cash in connection with resolution of a Licensee Lawsuit and receive other consideration, Kodak shall use reasonable efforts to provide ATLC with the cash equivalent value to ATLC as if it had received Net Cash Proceeds; Mutual release of claims in respect of or in any way related to the 2007 Settlement Agreement, the Representation Agreement and the Lawsuit, including claims and causes of action under chapter 5 of the Bankruptcy Code against ATLC,4 with a carve out for claims arising from obligations created by the Proposed Agreement; Dismissal with prejudice of the Lawsuit by ATLC; and Termination of the Representation Agreement and 2007 Settlement Agreement as of April 30, 2012. same link ... www.kccllc.net/documents/1210202/1210202121024000000000004.pdf
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Post by newyorkled2008 on Oct 24, 2012 18:29:23 GMT -5
Long and short NY, Kodak has to pay like 10% of what arctic said was over 400 million dollar liability!!! SBG Not entirely sure though. The original 15% would've presumably been equal to the 400 million Arctic was talking about. Now it's merely 10%...and even then it's only from that which Kodak can get as per the following. << if any, from ongoing breach of contract litigation brought by the Debtors against certain patent license agreement counterparties >>Someone please correct me if I'm off.
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Post by Admin on Oct 24, 2012 18:33:04 GMT -5
Its Peanuts!
Lets look at some numbers.
The last quarterly report said there was a 1.4 billion dollar deficit for shareholders.
Lets take a look what just happened recently.
550 million saving in the OPEB, and 400 million in the ATLC.
thats 950 million savings, and only 450 million dollar hole BEFORE they sell the divisions, and sell the patents!!
We are in the money!
Rounding out my position tomorrow, only buying 14,750 more shares, and that will be it for me.
You would be surprised by some of the guys here and what they are holding, absolutely insane some guys posisions!
SBG
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Post by newyorkled2008 on Oct 24, 2012 18:34:55 GMT -5
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Post by bullishbear32 on Oct 24, 2012 18:44:24 GMT -5
"So unless things are dramatically better than this model, I think the probability of Kodak falling out of compliance over the next 60 days is extremely high. If you don't believe me, just do your own calculation. Just here to provide fair warning and put the EBITDA issue back on your radar. The last thing you shareholders need right now is getting torpedoed by another shocking headline that says Kodak announces that it is no longer in compliance with DIP and is in default."
-Arcticfox May 25, 2012
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Post by Admin on Oct 24, 2012 18:57:17 GMT -5
Yea, whatever, that and .50 cents will buy you a cup of coffee.
I am feeling more bullish than ever!
SBG
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Post by newyorkled2008 on Oct 24, 2012 19:04:34 GMT -5
Great to hear it SBG!
;D ;D ;D
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Post by logik360 on Oct 24, 2012 19:07:49 GMT -5
NY - Great find! Looks like a major reduction here.... let the settlements continue!
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Post by Marriott on Oct 24, 2012 19:27:47 GMT -5
It will be interesting to see what effect this proposed settlement has on the PPS tomorrow . Up by at least cents ?
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Post by mglassma on Oct 24, 2012 19:45:50 GMT -5
Marriot, I agree with SBG this is a HUGE reduction of liabilities. However, the pps will not do much. They need to sell things before there better financial position comes to light. The street wants to see sales and BIG ones.
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Post by littlefred747 on Oct 24, 2012 19:57:13 GMT -5
Marriot, I agree with SBG this is a HUGE reduction of liabilities. However, the pps will not do much. They need to sell things before there better financial position comes to light. The street wants to see sales and BIG ones. Matto....Agreed...we had our speculative run. Now it's going to take real heavy news to move this thing...OR one little phrase from the mngmnt. (I'm not holding my breath for that)
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Post by mglassma on Oct 24, 2012 20:16:59 GMT -5
Management would lead us straight off a cliff. In lazard and the IP we Trust!
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Post by littlefred747 on Oct 24, 2012 20:25:19 GMT -5
Management would lead us straight off a cliff. In lazard and the IP we Trust! I agree with that Matt...I'm just saying if anyone gets to leak a little or take a little credit/ make a supporting statement, it will be the MGMNT.
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Post by logik360 on Oct 24, 2012 21:47:31 GMT -5
After reading the entire document, it is not apparent, other than the amounts and percent expressed, what final reduction we should expect. The agreement suggests that this was on the books as a secured debt. Anyone else see it this way?
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Post by Admin on Oct 24, 2012 21:51:18 GMT -5
The Claim will be reduced from its asserted amount to a stipulated amount of $40,500,000 and shall be deemed an allowed general unsecured claim against Kodak (the “Stipulated Claim”); ATLC will be entitled to an additional general unsecured claim equal to 10% of the Net Cash Proceeds actually paid by a defendant in the Licensee Lawsuits to the Debtors as a result of the settlement or final adjudication of Licensee Lawsuits (a “Licensee Lawsuit General Unsecured Claim”); provided, that if and only if Kodak submits a written request for Services to ATLC and ATLC performs such Services, in addition to the applicable Licensee Lawsuit General Unsecured Claim, ATLC shall receive payment for time spent undertaking such Services, as an administrative expense, in an amount equal to 5% of the Net Cash Proceeds resulting therefrom (a “Services Payment”). “Net Cash Proceeds” shall mean the aggregate of the total cash proceeds actually received by the Debtors or their assignee from a defendant or its affiliates on account of a judgment or settlement in a Licensee Lawsuit, less Kodak’s total out-of-pocket expenses in the applicable Licensee Lawsuit; provided in the event that the Debtors do not receive cash in connection with resolution of a Licensee Lawsuit and receive other consideration,
Clear as day.
HUGE reduction!
SBG
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Post by jacksonhole1965 on Oct 24, 2012 21:58:26 GMT -5
I think the altc originally was fighting for a piece of the patent sale. It appears this settlement does not give them that. this is huge for Kodak. Is this how everybody else reads it?
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Post by Admin on Oct 24, 2012 22:00:57 GMT -5
This cuts the 450 MILLION down to 40 million, and they only get 10% if Kodak gets any money from the lawsuits that are ongoing, I would imagine with Apple and RIMM.
They GET NOTHING from the patent sale.
Of course it is huge!
They just shaved 1 billion dollars off with these last 2 moves- This and OPEB.
We are down to like 450 million negative on the balance sheet.
Watch when the Pension underfunding goes away by a large amount, that move right there puts us positive, and we still haven't sold anything yet, LOL!!!
Kodak making more moves than Prune Juice!
SBG
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Post by newyorkled2008 on Oct 24, 2012 22:01:59 GMT -5
After reading the entire document, it is not apparent, other than the amounts and percent expressed, what final reduction we should expect. The agreement suggests that this was on the books as a secured debt. Anyone else see it this way? Exactly Logik. That was my take on it. Aside from the reduction from well over 58 million down to 40 some odd million there was also the 10% to be given on monies gotten by Kodak...that is, IF Kodak gets anything. With that all, most if not all old agreements are to be thrown aside. Meaning the 2007 settlement agreement as well as Termination of the Representation Agreement and 2007 Settlement Agreement as of April 30, 2012. Soooo, no, we've no real clue how much it could be.
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Post by Admin on Oct 24, 2012 22:04:09 GMT -5
What are you guys talking about, the fox was saying that Kodak owed like 450 million from an agreement they only got paid like 50% of before the deal went south.
SBG
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Post by logik360 on Oct 24, 2012 22:17:34 GMT -5
It would appear that we need the 'Representation Agreement and 2007 Settlement Agreement' to resolve this matter. See item 4.
2. A dispute arose between the Parties, and in May 2006, Kodak terminated ATLC’s right to act as Kodak’s representative under the Representation Agreement. The Parties’ dispute was settled in 2007 through a Settlement Agreement effective as of August 27, 2007 (the “2007 Settlement Agreement”) between Kodak and ATLC. 3. Disputes relating to ATLC’s former commercial relationship with Kodak have continued to arise between the Parties since 2007, and on May 20, 2011, ATLC filed a complaint against Kodak in the United States District Court for the Middle District of Florida, Case No. 6:11-cv-855-Orl-31GJK (the “Lawsuit”) alleging, inter alia, that Kodak breached the 2007 Settlement Agreement. 4. On July 16, 2012, ATLC filed proof of claim number 5213 (the “Claim”) asserting a secured claim against Kodak in an amount of $58,620,113.54 plus unliquidated amounts on account of amounts allegedly owed and owing in the future under the Representation Agreement and 2007 Settlement Agreement.
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Post by plees on Oct 24, 2012 22:41:04 GMT -5
So now what guys a saving of 1 billion ...I gave notice on this thread that I will bid for stock n morning ...goodnight fellows
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Post by youseekyoda on Oct 25, 2012 8:12:48 GMT -5
Plus the cost saving from layoffs
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