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Post by forkodak on Jan 23, 2013 21:36:38 GMT -5
What does it matter what I think-- Read the doc and add something...
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Post by forkodak on Jan 23, 2013 21:28:02 GMT -5
I feel like I am talking to myself... But the only logical answer I can come up with is that the unsecured debt it going to be paid off by kodak over time so if you buy the debt at par you are really making a loan to Kodak at some interest rate... Again I am lost here? Thanks
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Post by forkodak on Jan 23, 2013 21:09:49 GMT -5
Look at it this way 635Million * 0.0157 = 9.9695 Million
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Post by forkodak on Jan 23, 2013 20:44:46 GMT -5
It is almost as if CITI is selling debt on par -- %1.57 for $10 million so 63*1.57 =98.91% and 64*1.57= 100.48 %
So just take the low of 63 * 10 million and you come up with $630 million
Did I mess my math or thinking up? thanks
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Post by forkodak on Jan 23, 2013 20:15:40 GMT -5
Well they sold ~3% for 20 million and only paid 70 million -- seems like if they can sell a total of ~10% then they will own %90 of debt for nothing...
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Post by forkodak on Jan 23, 2013 19:41:48 GMT -5
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Post by forkodak on Jan 23, 2013 17:42:23 GMT -5
PriorityChapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure is defined primarily by § 507 of the Bankruptcy Code (11 U.S.C. § 507.) As a general rule secured creditors—creditors who have a security interest, or collateral, in the debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before the next lowest priority level may receive payment. en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
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Post by forkodak on Jan 23, 2013 17:39:11 GMT -5
The claim made by the Kodak Retirees' Beneificiary Assocation has been sold for $70 million. KREBA sold a $635 million unsecured claim for about $70 million. The money will go to help supplement health insurance for non-Medicare eligible retirees. and provide survivor benefits. Manning & Napier in Rochester will invest the money until benefits need to be paid out. Now Kodak will have to make pay on the $15 million administrative claim made by the retirees once the company emerges from bankruptcy. rochesterhomepage.net/fulltext?nxd_id=366882
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Post by forkodak on Jan 23, 2013 17:29:25 GMT -5
Kodak will use the proceeds to pay off the balance on an existing $950 million bankruptcy loan from a group led by Citigroup Inc. The rest of the money will be used to fund Kodak's normal business operations and other matters, including a possible settlement in the U.K. over pension issues, the company said. More than $640 million of the money Kodak receives can later be rolled over into financing that will support its exit from bankruptcy. online.wsj.com/article/SB10001424127887323539804578259982102227790.html
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Post by forkodak on Jan 23, 2013 17:18:13 GMT -5
" Like I said they maybe need the money now-- when will unsecured be paid out? In June or later? If they need the money to help people now it makes sense... A bird in the hand is better than ten in the bush if you need food for dinner... " forkodak : If they needed the money now, they would have negotiated a greater cash payout with KODAK than the $7.5 million received. Remember this was a negotiated settlement to $ 635 million . What is the most plausible business decision that would make you settle for 11 per cent of that amount ? Be honest . The court might not have allowed them to pay out more.
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Post by forkodak on Jan 23, 2013 17:05:26 GMT -5
Like I said they maybe need the money now-- when will unsecured be paid out? In June or later? If they need the money to help people now it makes sense... A bird in the hand is better than ten in the bush if you need food for dinner...
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Post by forkodak on Jan 23, 2013 16:53:34 GMT -5
Just thinking out loud but retiree group might need the money now and can't wait to see how much unsecured will be paid out, so they sold the debt for what they could get in today's market...
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Post by forkodak on Jan 22, 2013 19:06:49 GMT -5
Eastman Kodak Co. projects net sales of $2.5 billion and earnings before interest, taxes, depreciation and amortization of $167 million this year. It sees net sales and EBIDTA rising to $3.2 billion and $494 million respectively by 2017. The full Kodak presentation is available at investor.kodak.comwww.rbj.net/article.asp?aID=193817
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Post by forkodak on Jan 21, 2013 20:18:18 GMT -5
adrian I sent you a personal message -- No worries just food for thought
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Post by forkodak on Jan 21, 2013 19:52:14 GMT -5
In general employees of publicly trade companies have inside info and only have small windows when they can trade their own stock...
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Post by forkodak on Jan 21, 2013 14:45:41 GMT -5
Press from JK Imaging site ************** ************** Media Contacts: Krista Gleason, Kodak, +1 585-724-5952, krista.gleason@kodak.com Luis Figueras, IMS Miami for JK Imaging, +1 305-670-7888, lfigueras@IMSmarketing.com Kodak and JK Imaging Announce Brand Licensing Agreement for Consumer Digital Products ROCHESTER, N.Y., Jan. 7 – Eastman Kodak Company and JK Imaging, Ltd. today announced that they have entered into a multi-year agreement for JK Imaging to license the Kodak brand name for certain consumer products, including digital cameras, pocket video cameras, and portable projectors. JK Imaging plans to launch its first products in the second quarter of 2013. “Kodak remains a strong and trustworthy brand in the consumer space and this agreement reinforces how valuable our brand is,” said Laura Quatela, President of Kodak and Personalized Imaging. “When we announced our plan to exit the digital camera business last year, we said we would explore licensing opportunities for the brand in this category. The JK Imaging team has global experience and expertise in the industry.” JK Imaging’s CEO, Joe Atick, is chairman of JA Capital Holdings, a global supplier specializing in consumer imaging and electronics products. Atick said, “Our decision to license the globally-recognized Kodak brand from Eastman Kodak Company was a natural fit. With more than a century of imaging firsts, there is great significance and value in the Kodak name. We intend to continue this legacy and bring to market the next generation of ‘must have’ portable, personal electronics that enhance the lives of consumers worldwide.” Terms of the agreement are not being disclosed. # About Kodak As the world’s foremost imaging innovator, Kodak helps consumers, businesses, and creative professionals unleash the power of pictures and printing to enrich their lives. For more information, visit www.kodak.com. About JK Imaging, Ltd. JK Imaging, Ltd. is a privately held company headquartered in Los Angeles, California with 12 additional sales offices worldwide. The executive team is comprised of experienced sales and marketing officers with extensive backgrounds in digital imaging and global distribution. JK Imaging, Ltd. services North America, South America, Europe, Asia and the Middle East. For more information, visit www.kodakcamera.jkiltd.com. 2013 www.kodakcamera.jkiltd.com/0107%20Kodak%20and%20JK%20Imaging%20Announce%20Brand%20Licensing%20Agreement%20for%20Consumer%20Digital%20Products.pdf
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Post by forkodak on Jan 21, 2013 13:06:49 GMT -5
D&C (First new Kodak-brand cameras unveiled) J.K Imaging Ltd. — the company that is licensing the Kodak brand name for its own consumer electronic goods — has reportedly unveiled its first Kodak digital camera. Chinese technology news site PCOnline is reporting that JK unveiled there in recent days the Kodak S1 — a type of mirrorless interchangeable lens digital camera. JK Imaging is a new company formed by Joe Atick, CEO of Miami consumer electronics distributor Jaacx Distributors. Atick did not respond to an email seeking comment. Kodak announced earlier this month it had signed an exclusive licensing deal with JK as Kodak itself exists the consumer digital electronics market. www.democratandchronicle.com/article/20130121/BUSINESS/301210024/Kodak-S1-camera
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Post by forkodak on Jan 20, 2013 19:21:27 GMT -5
Beleaguered imaging company Kodak has licensed its name to another manufacturer that will produce an interchangeable lens camera (ILC) later this year. Kodak made headlines for all the wrong reasons during 2012, after filing for bankruptcy in the US. A series of litigation attempts over alleged patent violations followed. Finally, Kodak sold a series of patents to a consortium of technology companies, including Google, Facebook and Apple, in order to raise capital. During the Consumer Electronics Show (CES) in January, the company announced plans to license its name for a range of products, including cameras and camcorders, to JK Imaging. Not much is known about the privately held JK Imaging, but the first result of the agreement has just emerged. The Kodak S1 will be an ILC that uses the Micro Four Thirds system, just like cameras that are manufactured by Olympus and Panasonic. The S1 itself doesn't look particularly revolutionary — you can see images of the initial prototype over at this Weibo thread. Specs are thin on the ground, with the only confirmed feature at this stage being Wi-Fi. The camera is slated for release in the third quarter of 2013. www.cnet.com.au/kodak-to-release-micro-four-thirds-camera-in-2013-339343049.htm
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Post by forkodak on Jan 20, 2013 18:38:07 GMT -5
Maybe but why is the ITC case on hold or perhaps done then? 377-TA-831 --
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Post by forkodak on Jan 20, 2013 16:47:28 GMT -5
seems like the con person is on the short side of things....
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Post by forkodak on Jan 20, 2013 15:33:02 GMT -5
Rochester, N.Y. – One year ago today, Eastman Kodak filed for bankruptcy. The photography giant was deep in the red and had struggled for years to make the transition to digital imaging. Over the last year, Kodak has cut thousands of jobs, sold its digital imaging patents and online photo gallery, gotten out of the camera business, eliminated retiree benefits and removed its name from the Hollywood home of the Academy Awards. Kodak is expected to emerge from bankruptcy this year as a smaller company focused on commercial printing. “When the bankruptcy is finished, Kodak will only sell to industry,” said George Conboy of Brighton Securities. “You won’t be buying a Kodak product with the Kodak name made here in Rochester.” The next big steps in Kodak’s bankruptcy are the sale of its document and personalized imaging businesses. www.13wham.com/news/local/story/Kodak/1Vf2TDkcZU-qi8DV1ZLeSA.cspx
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Post by forkodak on Jan 20, 2013 15:17:45 GMT -5
When Kodak filed for bankruptcy a year ago, its survival was hanging in the balance. "There was a great deal of uncertainty about what Kodak's assets would be worth, what the future would hold, whether they could emerge from bankruptcy or whether Kodak would actually liquidate," said George Conboy, a local financial analyst and president of Brighton Securities. Conboy describes Kodak's bankruptcy process in the past year as one with plenty of twist and turns. "Many of the things the company has tried to do have not worked out that well," said Conboy. "The biggest disappointment of course was the patent sale. They expected billions. They got hundreds of millions." The company was expecting $2.5 billion to be exact. But Kodak auctioned its digital patent portfolio for $525 million as part of a deal to secure $830 million in loans. Former bankruptcy Judge John Ninfo says that sale still changed everything. "It impacted everything," said Ninfo. "It clearly changed the flow of everything and it's going to leave Kodak coming out a much smaller company than they thought they were going to come out at." So far this year we've seen the company scale back by selling off businesses and laying off thousands of employees. Last year Kodak determined 3,900 positions would be cut. Ninfo says what's surprising is the cost of the bankruptcy process, which he says has reached $125 million. "That surprised me a little bit because I didn't know it would be that high this early," said the former bankruptcy judge. In a statement, Kodak says it has made progress through restructuring objectives. That includes legacy costs, such as ending medical benefits for thousands of local retirees and dropping its name from what is now the Dolby Theatre in Los Angeles. The company is also focusing on what it calls it most valuable businesses, including Commercial Imaging. "If there's any silver lining to the Kodak bankruptcy story it is that at least Kodak won't be liquidated. at least Kodak won't vanish forever," said Conboy. But until then, the road back from bankruptcy isn't finished just yet. Kodak says it still has to resolve its pension obligations in the United Kingdom and sell its personalized and document imaging businesses. "It will be smaller. It will be weaker," said Conboy. "It won't be the Kodak we knew, but there will be a Kodak." rochester.ynn.com/content/top_stories/631721/kodak-s-bankruptcy-at-the-one-year-mark/
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Post by forkodak on Jan 20, 2013 9:27:05 GMT -5
Going back to the document; if Kodak were to create new shares those shares would be given to debt holders to eliminate existing debt. In the context of the documents that say that Kodak can't do a long list of things that the new financing requires. To me it appears Kodak is going to exit bankruptcy with existing shares and with new financing; this financing is based on the sale of divisions and IP.
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Post by forkodak on Jan 20, 2013 9:14:53 GMT -5
40 Million $5.5 warrants-- Still held since KKR would only buy them if Kodak share price was above warrant price. ************** 12-28-2011 ************** Dec. 27 (Bloomberg) -- Eastman Kodak Co. said two directors from KKR & Co. resigned from its board, two years after the private-equity firm helped the 131-year-old imaging company refinance debt. Adam H. Clammer and Herald Y. Chen notified the board of their resignation on Dec. 21, Rochester, New York-based Kodak said today in a regulatory filing. Both were elected in September 2009 after a refinancing deal that included KKR investing in $300 million of senior bonds and warrants for 40 million shares. By agreeing to hold the investment for at least two years among other conditions, the private-equity firm run by Henry Kravis and George Roberts was entitled to nominate two board members, Kodak said in September 2009. Kodak shares have lost 86 percent since the deal was struck, closing today at 69 cents in New York. The warrant exercise price was $5.50 a share. Kodak Chairman and Chief Executive Officer Antonio Perez, who took the helm in 2005, has sharpened Kodak’s focus on the printing business to help revive revenue. He is trying to sell a portfolio of more than 1,100 digital imaging patents, and other businesses. Kodak, whose origins date back to 1880, was founded by George Eastman, who introduced the Kodak camera eight years later, according to the company’s website. Kodak has shifted away from traditional film as consumers gravitate toward digital cameras, and is building its commercial and consumer printing business. Kodak won’t replace Clammer and Chen “because we have for some time been seeking to reduce the size of our board,” spokesman Gerard Meuchner said. www.businessweek.com/news/2011-12-28/kodak-says-kkr-representatives-clammer-chen-resign-from-board.html
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Post by forkodak on Jan 19, 2013 22:32:55 GMT -5
Not sure if this is still correct old link I understand 40 million shares at I think $5.5 but that is from memory Those would be the new shares I am talking about *********** KKR gets the right to buy 40 million to 53 million shares, and will be paid about 10 percent interest on its financing. Should Kodak ever seek bankruptcy protection, KKR would be near the head of the line to recoup the full value of its investment because of the type of debt it is buying. 9-17-2009 www.reuters.com/article/2009/09/17/us-dealtalk-kodak-idUSTRE58G6VA20090917
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Post by forkodak on Jan 19, 2013 21:48:45 GMT -5
Why are you talking about a reverse split? -- read what it says --
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Post by forkodak on Jan 19, 2013 18:51:57 GMT -5
The way I read it; CAN'T do this or that but **********list of can'ts "Dividends and Other Payments. Declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Borrower, or purchase, redeem or otherwise acquire for value (or permit any of its Subsidiaries to do so) any shares of any class of capital stock of the Borrower or any warrants, rights or options to acquire any such shares, now or hereafter outstanding, except that the Borrower may" ********* you CAN settle warrants-- or other debts that can be converted into shares. Can't remember the party, they were on the board kkr or something like that they own 40 million warrants they can exercise by buying them from Kodak for 5 bucks a share... That is what I believe is allowed here Fork....I'm in agreement with you. What is not clear is the distinction of "old/current" common shares and "new" common shares. I agree that any convertible debt can be converted to common shares or warrants but it does not delineate whether it is for the "old" or "new" common shares. All I am saying is that the passages that you highlighted doesn't prevent the "old/current" common shareholders from being canceled. I think it reads clear "(ii) purchase, redeem or otherwise acquire shares of its common stock or warrants, rights or options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common stock." Here they are just talking about Kodak in my example creating the 40 million NEW shares that kkr buys -- Kodak gets $200 million bucks and they are not allowed to purchase shares with this money derived from the sale of these NEW shares...
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Post by forkodak on Jan 19, 2013 17:56:26 GMT -5
In the above; Company is crossed out and Borrower is the new word...
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Post by forkodak on Jan 19, 2013 17:53:34 GMT -5
This is from Doc 2897-7 Exhibit G cut and paste drops colors and cross outs ... (Pg 112 of 153) or page 103 -- again in list of CAN'Ts
(h) Dividends and Other Payments. Declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the CompanyBorrower, or purchase, redeem or otherwise acquire for value (or permit any of its Subsidiaries to do so) any shares of any class of capital stock of the CompanyBorrower or any warrants, rights or options to acquire any such shares, now or hereafter outstanding, except that the CompanyBorrower may (i) declare and make any dividend payment or other distribution payable in common stock of the CompanyBorrower and (ii) purchase, redeem or otherwise acquire shares of its common stock or warrants, rights or options to acquire any such shares with the proceeds received from the substantially concurrent issue of new shares of its common stock. For the avoidance of doubt, the CompanyBorrower shall be permitted to issues shares of its common stock in connection with any conversion of its convertible Debt, upon the exercise of options or warrants or otherwise.
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Post by forkodak on Jan 19, 2013 17:48:19 GMT -5
The way I read it; CAN'T do this or that but **********list of can'ts "Dividends and Other Payments. Declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Borrower, or purchase, redeem or otherwise acquire for value (or permit any of its Subsidiaries to do so) any shares of any class of capital stock of the Borrower or any warrants, rights or options to acquire any such shares, now or hereafter outstanding, except that the Borrower may" ********* you CAN settle warrants-- or other debts that can be converted into shares. Can't remember the party, they were on the board kkr or something like that they own 40 million warrants they can exercise by buying them from Kodak for 5 bucks a share... That is what I believe is allowed here
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