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Post by forkodak on Dec 18, 2012 16:43:00 GMT -5
Did they too drink the Kool-Aid "Two weeks before Kodak retiree benefits expire, the company is meeting with former workers. Kodak and the court-appointed Official Committee of Retirees met with retirees on Monday night at 6:30 pm. Two more meetings are scheduled for Tuesday at the Theatre on the Ridge. The town hall meeting will cover the health and survivor benefits set to expire December 31st. Kodak can't afford the 10 million a month cost for benefits. There is also a settlement of about $650 million that is for retirees. There are 56,000 retirees and their spouses. The Official Committee of Retirees is expected to determine how to divide those funds up, that will also be a topic of discussion at the meetings. Meeting times are 9 - 10:30 am and 1 - 2:30 pm at the Theatre on the Ridge in Rochester " rochesterhomepage.net/fulltext?nxd_id=360432
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Post by Deleted on Dec 18, 2012 17:01:36 GMT -5
Give me some odds on we retirees getting anything above .30 on the dollar, or less. Of the immediate 7.5m pay out, the retirement committee, or the trust (KREBA) has decided to pay two classes of retirees. See my post under the Retired Kodak Workers forum for a full explanation of pay out.
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Post by forkodak on Dec 18, 2012 17:04:48 GMT -5
I am not a Pro-- But I will hold my shares and expect that they will be held whole and that the retiree unsecured claim of $635 million will be paid out-- I do not buy more shares since I could be wrong --- no idea on odds, just saying what my plans are...
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Post by Deleted on Dec 18, 2012 17:15:05 GMT -5
Please believe me when I say that I am trusting Kodak to bring home as much money as possible. I would love to see them pay off ALL unsecured debt and make ALL of us longs whole. And for those that believe in prayer, I have also been praying a lot lately!! ;D ;D
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Post by Marriott on Dec 18, 2012 17:17:32 GMT -5
" And for those that believe in prayer, I have also been praying a lot lately!! "
pearlhandle:
I am right with you !
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Post by plees on Dec 18, 2012 18:38:04 GMT -5
I pray with you each day
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Post by simpleanswer on Dec 18, 2012 20:15:41 GMT -5
EKRA accounting and business types have estimated 15 cents on the dollar, in a published letter to retirees. The letter from the retiree committee said to expect a payout far below $650M. The Retiree Committee has had access to a lot more information than what has been made public. I know that one of the members, who was suggested by Kodak is one of the best financial minds around and had an in depth understanding of Kodak and its businesses based on his job prior to his retirement. It is VERY unlikely that he could be misled by Kodak given his knowledge of Kodak, including all of the strategic options Kodak had until a fairly short time before it declared bankruptcy. Plus if he were misled it would be the equivalent of misleading the BK judge and that would be a very bad (dumb) move by Kodak. The Retiree Committee members are sworn to secrecy so I have not even tried to talk to any members of the committee but I have a great deal of faith in this one individual in terms of the Committee making the best of a tough situation. I sincerely hope for a much higher pay out than 15%, I have a great deal to gain since I am long with EK stock, I would benefit from a higher payout of the post retirement benefit pool and I am an unsecured creditor (That would also get the 15% or whatever). I hope for the best but am planning for 15% at best.
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Post by mglassma on Dec 18, 2012 21:05:42 GMT -5
Simple,
Why are you holding any common if you think there is gonna be a 15% payout?
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Post by jacksonhole1965 on Dec 18, 2012 21:28:21 GMT -5
someone have the valuation hearing not likely quote for Mr. simple. I cannot find it. You might have to explain it to him though.
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Post by littlefred747 on Dec 18, 2012 21:55:20 GMT -5
Simple, Why are you holding any common if you think there is gonna be a 15% payout? Simple is the Kid. He's not holding any commons, just saying it to try to convince us to convert to bonds. He can't stay away from here!
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Post by kodak4real on Dec 19, 2012 2:05:08 GMT -5
I don' think they can say if a valuation hearing is needed or not yet. They haven't settled everything yet. And is this true that Kodak can't afford the 10 million per month for benefits, that is news to me.
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Post by forkodak on Dec 19, 2012 12:18:27 GMT -5
Seems like if Kodak’s IP asset is being sold for $500 million then share holders, unsecured creditors, pension plans are not looking good… What am I missing? == Thanks
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Post by mglassma on Dec 19, 2012 12:19:53 GMT -5
The sale of the division and any additional IP licensing agreements Kodak MAY have signed. PLus the possibility of a merger. BUT in general you are not missing ANYTHING. Those putting a ribbon on this deal are well...nevermind.
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Post by plees on Dec 19, 2012 13:05:39 GMT -5
You guys are so negative!!! Why is barclays want to finance Kodak for? Hint hint
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Post by forkodak on Dec 19, 2012 13:07:32 GMT -5
Not sure why?
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Post by plees on Dec 19, 2012 13:08:06 GMT -5
Yum yum thanks guys
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Post by mglassma on Dec 19, 2012 13:08:19 GMT -5
The financing goes against a buyout/merger. We need a buyout/merger.
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