Post by youseekyoda on May 10, 2013 14:00:48 GMT -5
Article From D&C
One Eastman Kodak Co. shareholder is fighting the company’s bankruptcy emergence plan that would see the company’s stock effectively wiped out.
In a letter filed this week with U.S. Bankruptcy Court, Florida shareholder and attorney Matthew Glassman argues that shareholders need their own official standing in Kodak’s Chapter 11 case and that Kodak’s reorganization plan “is a blatant attempt to rob both the shareholders and unsecured debt and bond holders of money and shares that are rightfully theirs.”
Kodak already is facing a possible challenge to its bankruptcy emergence plans from a cadre of retirees looking to get official standing in Kodak’s bankruptcy. U.S. Bankruptcy Court has scheduled a hearing for June 20 on a motion asking for creation of an official committee to represent the interests of retirees who had been receiving pension payments from a pair of unfunded retirement programs Kodak axed when it filed for bankruptcy in January 2012.
The motion indicates the retirees, if successful, hope among other things to be able to leverage different terms out of Kodak.
Glassman, meanwhile, argues that Kodak’s plan for coming out of bankruptcy omits some details — such as revenues from Kodak’s touchscreen sensor manufacturing agreement with Uni-Pixel and $1 billion worth of tax credits — in undervaluing the company. It also claims that Kodak has deliberately sold off such assets as its digital imaging patent portfolio and its digital imaging and personalized imaging businesses at fire sale prices.
Kodak did not immediately return a message seeking comment Friday.
Kodak’s plan for emerging from bankruptcy has hammered what already had been its already minuscule stock price. In the days prior to filing its emergence plan on April 30, shares in the company had been hovering at around 30 cents; since then, they’ve been in the neighborhood of 15 cents.
One Eastman Kodak Co. shareholder is fighting the company’s bankruptcy emergence plan that would see the company’s stock effectively wiped out.
In a letter filed this week with U.S. Bankruptcy Court, Florida shareholder and attorney Matthew Glassman argues that shareholders need their own official standing in Kodak’s Chapter 11 case and that Kodak’s reorganization plan “is a blatant attempt to rob both the shareholders and unsecured debt and bond holders of money and shares that are rightfully theirs.”
Kodak already is facing a possible challenge to its bankruptcy emergence plans from a cadre of retirees looking to get official standing in Kodak’s bankruptcy. U.S. Bankruptcy Court has scheduled a hearing for June 20 on a motion asking for creation of an official committee to represent the interests of retirees who had been receiving pension payments from a pair of unfunded retirement programs Kodak axed when it filed for bankruptcy in January 2012.
The motion indicates the retirees, if successful, hope among other things to be able to leverage different terms out of Kodak.
Glassman, meanwhile, argues that Kodak’s plan for coming out of bankruptcy omits some details — such as revenues from Kodak’s touchscreen sensor manufacturing agreement with Uni-Pixel and $1 billion worth of tax credits — in undervaluing the company. It also claims that Kodak has deliberately sold off such assets as its digital imaging patent portfolio and its digital imaging and personalized imaging businesses at fire sale prices.
Kodak did not immediately return a message seeking comment Friday.
Kodak’s plan for emerging from bankruptcy has hammered what already had been its already minuscule stock price. In the days prior to filing its emergence plan on April 30, shares in the company had been hovering at around 30 cents; since then, they’ve been in the neighborhood of 15 cents.
