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Post by forkodak on Jan 19, 2013 17:14:37 GMT -5
So am I nuts or does that more less say common live on you can't create shares or pay dividends and the warrants are good to go ie the 5 buck 40 million shares that will bring in 200 million for kodak... It is almost like they could tell you want is going to happen and the share price still won't move... Or will it?
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Post by forkodak on Jan 19, 2013 16:53:16 GMT -5
From Doc 7 of 9 Page 80 of 122 or page 72 SECTION 5.02. Negative Covenants. So long as any Loan or any other payment obligation of any Loan Party of which the Borrower has knowledge under any Loan Document shall remain unpaid, any Letter of Credit is outstanding or any Lender shall have any Commitment hereunder, the Borrower will not:
item (h) page 85 of 122 or page 77 (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 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
item (i) page 86 of 122 or page 78 (i) declare and make any dividend payment or other distribution payable in common stock of the Borrower 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 Borrower shall be permitted to issue 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 17, 2013 13:50:57 GMT -5
ORDER SUSTAINING DEBTORS’ TENTH OMNIBUS OBJECTION TO CLAIMS Claims To Be Expunged Totals Count: 73 $140,511,655.78
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Post by forkodak on Jan 17, 2013 13:46:02 GMT -5
ORDER SUSTAINING DEBTORS’ SIXTH OMNIBUS OBJECTION TO CLAIMS
Exhibit A Claims To Be Expunged Totals Count: 18 $83,336,595.81 Exhibit B Claims To Be Expunged Totals Count: 27 $4,349,159.86 Exhibit C Claims To Be Expunged Totals Count: 2 $19,210.98
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Post by forkodak on Jan 17, 2013 13:39:13 GMT -5
ORDER SUSTAINING DEBTORS’ SEVENTH OMNIBUS OBJECTION TO CLAIMS Claims To Be Expunged Totals Count: 100 $1,027,704.00
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Post by forkodak on Jan 17, 2013 13:17:10 GMT -5
ORDER AUTHORIZING THE RETENTION AND EMPLOYMENT OF NIXON PEABODY LLC AS SPECIAL COUNSEL TO THE DEBTORS NUNC PRO TUNC TO SEPTEMBER 1, 2012
IT IS HEREBY ORDERED THAT: 1. The Application is GRANTED as set forth herein. 2. The Debtors are authorized, pursuant to sections 327(e) and 328 of the Bankruptcy Code, to retain and employ Nixon Peabody as special counsel, under a general retainer, in accordance with the terms and conditions set forth in the Application, the McLean Declaration, the Firm’s normal hourly rates to the extent applicable, and the Firm’s disbursement policies effective nunc pro tunc to September 1, 2012. 3. The Debtors are authorized to retain and employ Nixon Peabody to provide the following legal services: • advising the Debtors with regard to U.S. labor, employment and benefit matters and providing general support to the Debtors’ human resources personnel in Rochester, New York and other locations throughout the U.S. where the Debtors have employees and defending claims related to such matters filed against the Debtors; • advising the Debtors with regard to various specialized U.S. environmental law and permitting issues, particularly technical advice, regulatory issues with the NY Public Service Commission, and support for interactions with State and local officials and assisting general bankruptcy counsel with issues related to transfers of businesses and assets in connection with the Debtors’ chapter 11 cases; • advising the Debtors in connection with various real property tax issues related to their ongoing businesses and restructuring and coordinating with general bankruptcy counsel with respect to such matters;
• advising the Debtors on various federal, state and local tax issues related on ongoing businesses and various divestiture transactions in coordination with general bankruptcy counsel; • advising the Debtors in connection with trademark prosecution, and related intellectual property counseling and advice; • advising the Debtors and assisting general bankruptcy counsel with respect to various transactions involving the disposition of businesses and assets; and • providing general legal advice to the Debtors in coordination with general bankruptcy counsel regarding the Debtors’ ongoing business and operations. 4. Prior to any increases in Nixon Peabody’s rates for any individual retained by Nixon Peabody and providing services in these cases, Nixon Peabody shall file a supplemental affidavit with the Court and provide ten (10) business days’ notice to the Debtors, the U.S. Trustee, counsel to the Creditors’ Committee, the Official Committee of Retired Employees, counsel to the Second Lien Noteholder Committee, and counsel to any other official committee appointed in these chapter 11 cases. The supplemental affidavit shall explain the basis for the requested rate increases in accordance with section 330(a)(3)(F) of the Bankruptcy Code and state whether the Debtors have consented to the rate increase. The U.S. Trustee retains all rights to object to any rate increase on all grounds including, but not limited to, the reasonableness standard provided for in section 330 of the Bankruptcy Code, and this Court retains the right to review any rate increase pursuant to section 330 of the Bankruptcy Code. 5. Effective September 1, 2012, Nixon Peabody shall be compensated for fees and reimbursed for reasonable and necessary expenses and will file interim and final fee applications for allowance of its compensation and expenses in accordance with sections 330 and 331 of the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, the Amended Order Establishing Procedures for Monthly Compensation and Reimbursement of Expenses of Professionals, dated December 21, 2010, the Amended Guidelines for Fees and Disbursements
for Professionals in the Southern District of New York, dated November 25, 2009, the United States Trustee Fee Guidelines (collectively, the “Guidelines”), and such other orders as this Court may direct. Nixon Peabody shall be entitled to the allowance of compensation and reimbursement of expenses upon the filing and approval of interim and final applications pursuant to sections 330 and 331 of the Bankruptcy Code, applicable Bankruptcy Rules, the Local Rules, the Guidelines, and such other orders as this Court may direct. 6. To the extent that Nixon Peabody, at the request of the Debtors, performs services other than those set forth and approved in this Order, Nixon Peabody shall file with the Court a supplemental retention application authorizing performance of such services nunc pro tunc to the date such services were performed by Nixon Peabody and Nixon Peabody will submit a proposed order approving the supplemental retention under a Notice of Presentment, pursuant to Local Rule 9074-1 and the Order Authorizing the Establishment of Certain Notice, Case Management and Administrative Procedures [Docket No. 362], which shall be served and filed at least seven (7) calendar days before the presentment date; and any objections thereto must be filed at least one (1) calendar day before the presentment date. 7. Notwithstanding anything to the contrary in the Application or the McLean Declaration, Nixon Peabody shall: (a) to the extent that Nixon Peabody uses the services of independent contractors, subcontractors or employees of foreign affiliates or subsidiaries (collectively, “Contractors”) in these chapter 11 cases, pass-through the cost of such Contractors to the Debtors at the same rate that Nixon Peabody pays the Contractors; (b) seek reimbursement for actual costs only; (c) ensure that the Contractors are subject to the same conflicts check as required for Nixon Peabody; and (d) file with this Court any disclosures to the extent required by Bankruptcy Rule 2014. 8. Nixon Peabody shall use its best efforts to avoid any duplication of services provided by any of the Debtors’ other professionals in these chapter 11 cases. 9. The Debtors are authorized and empowered to execute and deliver such documents, and to take and perform all actions necessary to implement the relief granted in this Order. 10. To the extent the Application, the McLean Declaration, or any agreements for compensation with the Debtors is inconsistent with this Order, the terms of this Order shall govern. 11. The requirements set forth in Local Rule 9013-1(b) are satisfied. 12. The terms and conditions of this Order are enforceable upon its entry. 13. This Court retains jurisdiction with respect to all matters arising from or related to the enforcement of this Order. Dated: January 17, 2013
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Post by forkodak on Jan 17, 2013 13:07:51 GMT -5
ORDER SUSTAINING DEBTORS’ EIGHTH OMNIBUS OBJECTION TO CLAIMS
Claims To Be Expunged Totals Count: 99 $6,898,148.60
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Post by forkodak on Jan 17, 2013 13:01:21 GMT -5
ORDER SUSTAINING DEBTORS’ NINTH OMNIBUS OBJECTION TO CLAIMS Claims To Be Expunged Totals Count: 99 $391,334,726.52
IT IS HEREBY ORDERED THAT: 1. The Objection is SUSTAINED to the extent provided for herein. 2. The Pension Claims identified on Exhibit A to this Order are hereby disallowed and expunged in their entirety. 3. The Debtors and the Claims Agent are authorized and empowered to take all actions necessary to implement the relief granted in this Order. 4. Any and all rights of the Debtors and their estates to amend, supplement or otherwise modify the Objection and to file additional objections to any and all claims filed in these chapter 11 cases, including, without limitation, any and all of the Disputed Claims, shall be reserved. Any and all rights, claims and defenses of the Debtors and their estates with respect to any and all of the Disputed Claims shall be reserved, and nothing included in or omitted from the Objection is intended or shall be deemed to impair, prejudice, waive or otherwise affect any rights, claims, or defenses of the Debtors and their estates with respect to the Disputed Claims. 5. The requirements set forth in rule 9013-1(b) of the Local Rules for the United States Bankruptcy Court for the Southern District of New York are satisfied. 6. This Court shall retain jurisdiction to hear and to determine all matters arising from or related to implementation of this Order.
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Post by forkodak on Jan 17, 2013 12:06:24 GMT -5
Doc 2868 date 1-17-13
NOTICE OF PRESENTMENT OF SECOND INTERIM ORDER AUTHORIZING DEBTORS TO FILE UNDER SEAL AN ENGAGEMENT LETTER IN CONNECTION WITH THE DEBTORS’ MOTION FOR AN ORDER (I) AUTHORIZING THE DEBTORS TO (A) OBTAIN SECURED SUPPLEMENTAL POSTPETITION FINANCING AND (B) PARTIALLY REPAY AND AMEND THE EXISTING DIP FACILITY AND (II) GRANTING ADEQUATE PROTECTION TO PREPETITION SECURED PARTIES PLEASE TAKE NOTICE that Eastman Kodak Company, et al. (collectively, the “Debtors”), will present the attached proposed Second Interim Order Authorizing Debtors to File under Seal an Engagement Letter in Connection with the Debtors’ Motion for an Order (I) Authorizing the Debtors to (A) Obtain Secured Supplemental Postpetition Financing and (B)
Partially Repay and Amend the Existing DIP Facility and (II) Granting Adequate Protection to Prepetition Secured Parties (the “Second Interim Order”) to the Honorable Allan L. Gropper, Bankruptcy Judge of the United States Bankruptcy Court for the Southern District of New York (the “Court”), at One Bowling Green, New York, New York 10004, for signature on January 18, 2013, at 12:00 p.m. (Eastern Time).
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Post by forkodak on Jan 16, 2013 19:11:48 GMT -5
Eastman Kodak Co. retirees are taking a pounding in the company’s bankruptcy, as their medical benefits and insurance coverage came to an end Jan. 1.
Between a pay freeze and big layoffs, Kodak workers similarly have been whacked hard. But since Kodak filed for bankruptcy a year ago this week, legions of accountants, lawyers and consultants have made out pretty well. To date, more than two dozen separate law firms, accounting firms and other outfits associated with Kodak’s bankruptcy have submitted billing statements totaling nearly $125 million, according to a Democrat and Chronicle analysis. • Timeline of Kodak’s bankruptcy That would buy you 150,000 Kodak M580 point-and-shoot cameras, plus 300,000 Kodak PlaySport Zx5 pocket digital video cameras, and more than 400,000 Kodak Hero 7.1 desktop digital printer/scanner/fax machine/printer units bundled with a color and black ink cartridge each. “That doesn’t shock me,” said Martha L. Salzman, assistant professor of accounting and law at the State University of New York at Buffalo. “Bankruptcy’s expensive.” When it comes to major American corporations and their bankruptcies, “expensive” can take on whole new connotations. Enron spent more than $1 billion on attorneys, financial advisers and other professionals for its bankruptcy. Lehman Brothers Holdings Inc., which filed for bankruptcy protection in 2008, ultimately paid its attorneys and advisers in excess of $850 million. And the American Airlines bankruptcy has to date topped $200 million in various bills and expenses. “A modern Chapter 11 case is just hugely expensive,” said Robert Rock, senior counsel with the bankruptcy practice at Albany law firm Tully Rinckey PLLC. “It goes in proportion to the size of the company and the complexity of the debt structure.” (Page 2 of 4)
Given Kodak being a large international collection of interrelated companies, the mounting bills come as no surprise, Rock said.
The meter continues to run on Kodak’s bankruptcy legal bills. The monthly billing statements submitted to U.S. Bankruptcy Court to date generally run through November. Kodak has said it expects to emerge from bankruptcy in the first half of 2013, meaning there could be several more months of multimillion-dollar billing statements. Every dollar Kodak spends on bankruptcy professionals is a dollar less that otherwise could have been used on shoring up its operations, repaying creditors or enriching shareholders. However, such a trained legal team also is key to trying to turn a bankrupt company around and negotiate settlements, said MaryAnn Monforte, clinical assistant professor of accounting at Syracuse University’s Whitman School of Management. “You can’t have the internal management do it,” Monforte said. “Theoretically that’s how Kodak got where it is today.” In a statement, Kodak said its bankruptcy is “a large and complex case that requires skilled professionals to not only represent the company, but its creditors as well. • Timeline of Kodak’s bankruptcy “Chapter 11 has also, of course, provided an opportunity to streamline the company’s organization and reduce its cost structure, positioning it for emergence as a strong and sustainable enterprise.” Nearly a quarter of the professional bills to date, or roughly $22 million, come from New York City firm Sullivan & Cromwell LLP, the primary law firm representing Kodak in the bankruptcy. And a firm like Sullivan & Cromwell does not come cheap. In November alone, its most recent monthly statement, the firm billed Kodak a total of $3.9 million in fees. That includes 21 separate law partners, billing at $1,150 an hour, working more than 900 hours on the case, as well as dozens of associates and non-legal personnel — billing anywhere from $110 to $850 an hour — doing a total of close to 4,000 hours. (Page 3 of 4)
Jim Mesterharm, Kodak’s chief restructuring officer, is provided by AlixPartners, a consulting firm that specializes in business turnarounds. As of the end of September, Mesterharm had billed Kodak $1.5 million, at a rate of $880 an hour.
The committees representing creditors’ and retirees’ interests also racked up sizable bills — expenses that have to be borne by Kodak. That $3.2 million bill includes legal services from Arent Fox LLP and Haskell, Slaughter, Young & Rediker LLC; financial advising from Zolfo Cooper LLC and actuarial services from Segal Co. A fee examiner also has been appointed to oversee all those various fees. That fee examiner, Pro Stern & Eisler LLP, so far has submitted roughly $225,000 worth of bills as well in the Chapter 11. All the professional bills have to be approved by a bankruptcy judge. In Kodak’s case — as often happens in such bankruptcies — there’s a 20 percent hold back, meaning many of those monthly bills are paid 80 cents on the dollar for now, with the judge at the end of the case then reviewing the billing before releasing the remaining 20 percent. While the bankruptcy has generated legions of billable hours for law firms and other professional services providers from Manhattan to Washington to Alabama, western New York firms are notably absent. That’s in large part because the Sullivan & Cromwells and Ernst & Youngs of the world (accounting giant Ernst & Young having billed Kodak more than $13 million so far in the bankruptcy for financial consulting services) have both the expertise and the reputations for having the expertise in such big, complex cases, said Monforte. (Page 4 of 4)
“Think about the creditors, the Bank of Americas, the Citigroups, whoever else is involved as major creditors,” Monforte said. “They’re not going to be so comfortable with a (Rochester firm). Bankruptcy law is as much an art as it is a science. The expertise comes from performing the legal work multiple times with multiple organizations over various scenarios. I wouldn’t be surprised if there are some local Ernst & Young personnel involved. But a local law firm doesn’t necessarily carry that same credibility.”
All those legal bills might be the tip of the iceberg, said Joel D. Applebaum, a lawyer with the corporate restructuring and bankruptcy practice group at Clark Hill PLC. The legal bills of secured lenders, such as the financiers behind the debtor-in-possession financing, typically also are paid by the debtors, and those bills don’t need to be submitted to a bankruptcy court, Applebaum said. “That can be huge dollars,” he said.
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Post by forkodak on Jan 16, 2013 14:09:20 GMT -5
Not sure how close we are. I am expecting no news for the next couple months except por and end of year 10Q July 31st POR is my guess. I hope we are part of the new Kodak, cause she is gonna be lean, mean, and profitable. SBG Seems like part of the POR requires clarity on pensions and possible new money
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Post by forkodak on Jan 16, 2013 13:40:31 GMT -5
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Post by forkodak on Jan 15, 2013 19:44:31 GMT -5
Does the patent group want Kodak to succeed in their appeal against the ITC? The cost for the group could go up but then they would own a patent that has been tested and has great value, goofy situation...
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Post by forkodak on Jan 15, 2013 18:09:46 GMT -5
This is Kodak's appeal against the ITC in regard to 218. I assume this is on going since it is against the ITC and not Apple or others. If I am correct its out come might adjust the amount Kodak receives for its patent sale. Thanks for any info... www.cafc.uscourts.gov/opinions-orders/0/all/kodak
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Post by forkodak on Jan 15, 2013 13:48:52 GMT -5
Continuing this thought so say 120 million shares are sold at $25 but then they do a reverse split of 1 for 2 shares so we get back to 200 million shares but after bouncing around for a year it settles at 40-50 bucks a share this would allow employees with options at high prices to get half their position... again not a pro and just a hack drinking Kool-aid
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Post by forkodak on Jan 15, 2013 13:34:04 GMT -5
This coffee must be from magic beans-- No way judge knows since if he did then he would have to order an equity committee be created...
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Post by forkodak on Jan 15, 2013 13:28:35 GMT -5
My Kool-aid tastes like coffee-- what it told me is that perhaps the judge has no clue and only once the POR is out will he and we know all...
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Post by forkodak on Jan 15, 2013 13:24:05 GMT -5
Not sure maybe I need another swig of Kool-aid and perhaps it will come to me...
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Post by forkodak on Jan 15, 2013 13:19:00 GMT -5
You are joking right? 12 companies did not buy Kodak. I am planning on them coming out of this alone, and how to make that happen and keeping us whole. If anything else happens, then I will be pleasantly surprised. SBG To be clear I am a hack not a Pro but; Vermillion had investors buy their shares @ $18 to raise money-- with my Kool-aid the investors are the group of 12 patent parties-- Kodak gets the ~2.6 billion to continue on their own the group of 12 are the new investors, we are diluted some just like Vermillion investors were but our current shares are worth $25 bucks and are on going...
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Post by forkodak on Jan 15, 2013 13:05:11 GMT -5
They can sell the shares that were bought in the lower range, and perhaps even make money on the sale. They bought stock at several different price points over the years. SBG Come ON SBG take a swig of the Kool-aid; it is obvious 12 parties in the group each will buy %5 positions in Kodak @ $25 bucks a share; raising ~2.5 billion for Kodak. AP said it, you just have to drink... POR still to come...
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Post by forkodak on Jan 15, 2013 10:26:47 GMT -5
Vermillion as an example "FREMONT, Calif., Jan. 7 /PRNewswire-FirstCall/ -- Vermillion, Inc. (Pink Sheets: VRMLQ), today announced that it closed a private placement transaction with a group of investors as of January 7, 2010. Vermillion received approximately $43.05 million in gross proceeds from the sale of approximately 2,328,000 shares of its common stock at a price of $18.4932 per share. Earlier today, the United States Bankruptcy Court for the District of Delaware issued a confirmation order approving Vermillion's plan of reorganization." mobile.reuters.com/article/pressRelease/idUS209764+07-Jan-2010+PRN20100107(3-9-10) "The test received clearance from the Food and Drug Administration in September, and Vermillion emerged from bankruptcy in January after arranging $43 million in financing. " www.bizjournals.com/sanfrancisco/stories/2010/03/08/daily25.html
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Post by forkodak on Jan 15, 2013 10:04:37 GMT -5
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Post by forkodak on Jan 15, 2013 9:06:45 GMT -5
PUBLIC VERSION resources. (Mot. at 2.2) Movants volunteer to submit a status report at the end of the 75 day period. (Id. at 2, 6.) The Administrative Law Judge has reservations about rescheduling all remaining deadlines in this Investigation when the Agreement submitted by the private parties (Mot., Ex. A) may moot such work if approved by the bankruptcy court. The Administrative Law Judge would prefer to conserve agency resources and only re-evaluate the schedule in this Investigation and extend the target date if it becomes necessary. Therefore, the Administrative Law Judge will grant a conditional 75 day stay from the date of this Order. The evidentiary hearing will be removed from the calendar. The private parties are required to submita three brief, detailed Writtenupdates every 25 days to the Administrative Law Judge. The private parties are further required to provide the Administrative Law Judge with notice in writing within two business days of (i) bankruptcy court approval (or disapproval); and (ii) closing of (or termination of) the Agreement. The parties’ request that all pending motions be tabled until the end of the conditional 75 day period is GRANTED. It should be understood that if the Administrative Law Judge receives notice of bankruptcy court disapproval or of termination of the Agreement, any stay of motions or deadlines may be shortened. Within seven days of the date of this document, each party shall submit to the Office of the Administrative Law Judges a statement as to whether or not4 it seeks to have any portion of this document deleted from the public version. Any party seeking to have any portion of this document deleted from the public version thereof must submit to this ofice a copy of this document with red brackets clearly indicating any portion asserted to contain confidential business information. PUBLIC VERSION The parties’ submissions may be made by facsimile and/or hard copy by the aforementioned date. In addition, an electronic courtesy copy is required pursuant to Ground Rule 1.3.2. The parties’ submissions concerning the public version of this document need not be filed with the Commission Secretary. so ORDERED. é é '5 1 E. James Gildea Administrative Law Judge
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Post by forkodak on Jan 15, 2013 8:52:01 GMT -5
"(December 20, 2012) On December 19, 2012, Complainant Eastman Kodak Company (“Kodak”), Respondents HTC Corp. and HTC America, Inc. (collectively, “HTC”), and Respondent Appl€ Inc. (“Apple”) filed a joint, unopposed motion seeking to extend all deadlines, including the target and evidentiary hearing dates, by 75 days. (Motion Docket No. 831-O60.) Movants argue that the time is necessary to (i) allow the bankruptcy court to approve a patent sale that includes the asserted patents in this Investigation; and (ii) provide for the “satisfaction or waiver of certain conditions” tied to the pertinent patent sale agreement (“Agreement”). (Mot. at 1-2, 4.) If the sale is approved by the bankruptcy court, then { },l resolving the allegations in this Investigation. (Id.) Movants additionally seek that all pending motions be frozen for 75 days, because these may be mooted afier court approval of the sale and the subsequent, { }...."
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Post by forkodak on Jan 14, 2013 15:19:18 GMT -5
Not yet, but yes; Wednesday is court today is just Kodak's proposed order...
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Post by forkodak on Jan 14, 2013 14:56:06 GMT -5
Doc 2851 Hearing Date: January 16, 2013 at 11:00 a.m. (Eastern Time) NOTICE OF FILING OF REVISED PROPOSED ORDER FOR DEBTORS’ SIXTH OMNIBUS OBJECTION TO CLAIMS Exhibit A Claims To Be Expunged Totals Count: 18 ($83,336,595.81) Exhibit B Claims To Be Expunged Totals Count: 27 ($4,349,159.86) Exhibit C Claims To Be Expunged Totals Count: 2 ( $19,210.98)
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Post by forkodak on Jan 13, 2013 17:21:49 GMT -5
Apples and Oranges but interesting read Vermillion: A Journey into—and out of—Chapter 11 ( August 17, 2010) "Page recently spoke with Businessweek.com Management Editor Patricia O'Connell about the decision to enter into Chapter 11. Edited excerpts of their conversation follow: " www.businessweek.com/managing/content/aug2010/ca20100816_594181.htm
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Post by forkodak on Jan 13, 2013 16:27:19 GMT -5
Equity Committee ((AMR as an example; )) "When companies go bankrupt, their stock is usually wiped out. AMR originally opposed the appointment of an equity committee in its Chapter 11 case because of an initial view that shareholders did not stand much chance of recovering anything meaningful. But in a Jan. 3 letter to the U.S. Justice Department, made public in a federal filing on Tuesday, AMR cited a "change in circumstances concerning the potential economic interests of AMR equity holders." " www.reuters.com/article/2013/01/09/americanairlines-letter-idUSL1E9C8HB520130109
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Post by forkodak on Jan 13, 2013 15:06:20 GMT -5
AMR up to $1.60 now... after a 52 week low of $0.36 cents... finance.yahoo.com/q?s=AAMRQAmerican air lines from wikipedia... Bankruptcy (November 2011 to present) On November 29, 2011 AMR Corporation filed for Chapter 11 bankruptcy protection. In July 2012, American announced capacity cuts due to the grounding of several aircraft associated with its bankruptcy and lack of pilots due to retirements. American's regional airline, American Eagle, will retire 35 to 40 regional jets as well as its Saab turboprop fleet. As of Summer 2012, American's unions are looking to merge with another airline. Reports are the possible merger partners AMR is considering are, US Airways, JetBlue, Alaska Airlines, Frontier and Virgin America.[56] Indeed, in a July 12 court filing US Airways said it supported an American Airlines request to extend a period during which only American could file a bankruptcy reorganization plan ("exclusivity period"); in the filing US Airways disclosed that it was an American Airlines creditor and "prospective merger partner. On August 31, 2012, US Airways CEO Doug Parker announced that American Airlines and US Airways had signed a nondisclosure agreement, in which the airlines would discuss their financials and a possible merger."[57] On September 18, 2012, the airline announced it has notified more than 11,000 workers of possible job loss as part of its bankruptcy reorganization. They also said it is cutting flights by one to two percent for the rest of September and October 2012.[58] On October 25, 2012, the airline announced its plans to hire 2,500 pilots over the next 2 years. In a letter to employees, CEO Tom Horton said American Airlines will hire new pilots to staff new international and domestic routes. Company spokesman Bruce Hicks said about 1,500 of the new hires would replace retiring pilots, or jobs that open up due to attrition. American has about 7,500 active pilots today. [59] On December 7, 2012, the American Pilots Association, representing pilots of American Airlines, said that members voted to ratify a tentative agreement between the company and the Union.[60] en.wikipedia.org/wiki/American_AirlinesKodak from wikipedia In 2011, despite the turnaround progress, Kodak rapidly used up its cash reserves, stoking fears of bankruptcy; it had $957 million in cash in June 2011, down from $1.6 billion in January 2001.[33] In 2011, Kodak reportedly explored selling off or licensing its vast portfolio of patents in order to stave off bankruptcy.[33] By January 2012, analysts suggested that the company could enter bankruptcy followed by an auction of its patents, as it was reported to be in talks with Citigroup to provide debtor-in-possession financing.[9][34] This was confirmed on January 19, 2012, when the company filed for Chapter 11 bankruptcy protection and obtained a $950 million, 18-month credit facility from Citigroup to enable it to continue operations.[8][9][10] Under the terms of its bankruptcy protection, Kodak currently has a deadline of February 15, 2013 to produce a reorganization plan. January 19, 2012: Kodak filed for Chapter 11 Bankruptcy Protection.[9][10][72] The company's stock was delisted from NYSE and moved to OTC exchange. Following the news it ended the day trading down 35% at $0.36 a share. February 7, 2012: The Image Sensor Solutions (ISS) division of Kodak was sold to Truesense Imaging Inc.[73] February 9, 2012: Kodak announced that it would exit the digital image capture business, phasing out its production of digital cameras.[74][75] Kodak sees home photo printers, high-speed commercial inkjet presses, workflow software and packaging as the core of its future business. Once the digital camera business is phased out, Kodak said its consumer business will focus on printing. It will seek a company to license its EasyShare digital camera brand. August 24, 2012: Kodak announced that it plans to sell its film, commercial scanner and kiosk divisions.[76] September 10, 2012: Kodak announced plans to cut another 1,000 jobs by the end of 2012 and that it is examining further job cuts as it works to restructure its business in bankruptcy.[77] September 28, 2012: Kodak announced that it is exiting the inkjet printer business.[78] December 20, 2012 Kodak announced that it plans to sell its digital imaging patents for about $525 million to some of the world’s biggest technology companies, thus making a step to end bankruptcy. [79] en.wikipedia.org/wiki/Eastman_Kodak
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Post by forkodak on Jan 11, 2013 15:42:14 GMT -5
"Judge Allan L. Gropper of U.S. Bankruptcy Court in Manhattan signed off on the deal, which should take about 45 days to close because of international approvals that are still needed, Kodak said. The judge called the price "disappointing" but said it moves the case forward. The $527 million sale, to a group including Apple Inc., AAPL -0.59%Microsoft Corp. MSFT +1.70%and Google Inc., GOOG -0.26%still represents a key milestone for Kodak in its nearly one-year-old bankruptcy, as it continues to design a streamlined version of the iconic company as well as pay back its creditors. While the price is lower than the $2 billion or more Kodak originally sought at an attempted auction this past summer, it settles a lot of patent litigation that could have hurt the company's reorganization efforts even more. " online.wsj.com/article/SB10001424127887324081704578235873073906146.html?mod=googlenews_wsj
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