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Post by psalmchapter51 on Sept 7, 2012 21:03:45 GMT -5
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Post by psalmchapter51 on Sept 7, 2012 21:13:41 GMT -5
IT does make you wonder if this bonus plan included a provision for preserving existing common. Seems that the court would be very skeptical of paying bonuses upon Ch. 11 re-emergence, while simultaneously allowing EK to cancel the common. Seems likely that the only way EK executives ever see these bonuses is upon approved POR which would include preserving the existing common, some retiree benefits, and paying secured creditors dollar for dollar.
We do know that Judge Gropper approved a re-emergence bonus plan, and also approved re-reinstatement of the EXCEL program. There was some speculation published prior to court approval, but were the final approved bonus stipulations ever made public?
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Post by proforkodak on Sept 7, 2012 21:15:41 GMT -5
Ekret strikes AGAIN.... LOL!!!
The OLD fart writes a letter AFTER Kodak REMOVED the emergence plan.
But, I do AGREE.... Please read my e-mail to the Kodak BOD:
Dear Sirs, ( 1) I have enough facts to initiate a case proving that Kodak deliberately filed ch.11 to avoid a hostile takeover. ( 2) I will be able to subpoena the key actors to get full and complete corroboration, proving that the BOD had many viable and shareholder acceptable alternatives other than filing ch.11. (3) Management has been given their EXCEL plan(s) which entitles them to share based compensation at extremely depressed valuations, because of the deliberate BK. (4) If I see anymore attempts from the GREEDY CEO and his top people at gaining additional ultra cheap shares while Kodak is in ch.11, I will make sure that the DOJ, SEC, FBI and all the media understand the CONSPIRACY to DEFRAUD the shareholders. The RICO act and other SEC laws could result in PRISON time for EVERYONE who was part of this conspiracy to commit FRAUD. (5) In other words, IF I see any another management compensation plan inserted into the Plan of Reorganization, you can EXPECT to be sued for CRIMINAL CONSPIRACY to DEFRAUD the shareholders of Kodak!!!!
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Post by proforkodak on Sept 7, 2012 21:18:50 GMT -5
>>>"We do know that Judge Gropper approved a re-emergence bonus plan"<<<
Psalm, I do believe the above statement is FALSE!
Gropper ONLY approved the 2012 version of the 10 year running EXCEL plan.
A few months ago for the NON officers.
and then on Aug. 6 for the OFFICERS.
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Post by psalmchapter51 on Sept 7, 2012 21:23:55 GMT -5
>>>"We do know that Judge Gropper approved a re-emergence bonus plan"<<< Psalm, I do believe the above statement is FALSE! Gropper ONLY approved the 2012 version of the 10 year running EXCEL plan. A few months ago for the NON officers. and then on Aug. 6 for the OFFICERS. WOW. I hope you are right. Am I correct that the general public believes the bonus plan WAS approved? Appears the author of Docket # 1991 feels these bonuses were approved.
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Post by proforkodak on Sept 7, 2012 21:30:12 GMT -5
Psalm, There was bonus plan approved! Its called the EXCEL plan.
But, you wrote: >>>"We do know that Judge Gropper approved a re-emergence bonus plan"<<<
Which is NOT accurate.
The bonus plan approved had NOTHING to do with re- emergence, per se as far as I understand it.
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Post by psalmchapter51 on Sept 7, 2012 22:17:12 GMT -5
Psalm, There was bonus plan approved! Its called the EXCEL plan. But, you wrote: >>>"We do know that Judge Gropper approved a re-emergence bonus plan"<<< Which is NOT accurate. The bonus plan approved had NOTHING to do with re- emergence, per se as far as I understand it. "If the bankruptcy case winds up with creditors getting 10 cents or less on the dollar, Kodak executives would get no bonuses. Under another provision, the bonuses would shrink the longer the bankruptcy process takes, with the company's goal being to emerge in January 2013. According to Kodak, the unsecured creditors committee supports the bonus plan. Along with creditors getting paid, the bonuses also would depend on the company surviving in some fashion, though perhaps not as "Kodak." For example, if the assets were sold so that the surviving entity would be a stand-alone operation or have different ownership than today, the bonuses could be paid. "It's not a requirement there be an ongoing Eastman Kodak Company," spokesman Christoper Veronda said. Bonuses tied to company performance traditionally have been a big part of executives' paychecks. Perez, for example, was eligible for as much as $8.6 million in cash in 2010, including $7.5 million in bonuses tied to the company achieving certain financial milestones. That year he received bonuses of $341,000 atop his $1.1 million base salary. Kodak executives received no cash bonuses in 2011. And base salaries currently are frozen. In it motion, Kodak argues that the Emergence Performance Plan would serve much the same purpose of tying top bosses' pocketbooks directly to the company's performance. The bonuses — good news for executives — could also represent some good news for Kodak shareholders. If creditors receive 50 cents or more on the dollar, Kodak executives would receive bonuses half in cash and half in deferred stock shares, which indicates the company's confidence that its stock will have value, said Ken, president of California wealth management firm Intrinsic Value AssetManagement. Under another scenario, however, people still holding shares today might not see any benefit. The bonus proposal contains a provision that Kodak executives could receive cash instead of stock if Kodak shares are illiquid after the company gets out of bankruptcy." Source: www.usatoday.com/money/industries/manufacturing/story/2012-07-12/kodak-bonuses/56164734/1
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Post by condo3e on Sept 8, 2012 12:27:42 GMT -5
August 6,2012
NEW YORK--A judge on Monday cleared Eastman Kodak Co. (>> Eastman Kodak Company) to pay up to $4.5 million in bonuses to 12 top executives and senior managers, along with a one-time cash payment of up to $1.5 million to its chief operating officer.
Judge Allan L. Gropper of U.S. Bankruptcy Court in Manhattan approved the continuation of the bonus programs, which Kodak put in place before its January bankruptcy filing. Co-President and Chief Operating Officer Laura G. Quatela can earn between $600,000 and $1.5 million based on how much money Kodak raises in an upcoming auction of its patent portfolio and how quickly such a sale closes. An auction of those patents is set for this week: Kodak has said it can get more than $2 billion for the digital patents.
The other bonus package approved by Judge Gropper authorizes the payment of up to $4.5 million to Kodak insiders and executives, including Chairman and Chief Executive Antonio M. Perez and Chief Financial Officer Antoinette P. McCorvey. Those bonuses are tied to Kodak's financial performance, and the system has been in place for more than 10 years.
About 250 other Kodak managers have been participating in the program since the bankruptcy filing, but the company held off the request for including the executives and insiders until now.
Kodak last week postponed asking for its larger, $9 million bonus plan for insiders and managers after several parties objected. While those bonuses weren't on the docket Monday, they still came up in court.
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