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Post by psalmchapter51 on Sept 8, 2012 16:19:01 GMT -5
"New details Friday evening stemming from Kodak's bankruptcy. Ekra is telling it's members to pay attention to what's happening with the company. A memo was sent to members this week advising them to be prepared. This comes after several delays in Kodak's patent auction and this week's announcement of more layoffs. Art Roberts, Ekra's President, says that with no clear plan yet from the company members should be ready fro anything. "Take this time to educate yourself, change is undoubtedly going to happen," Roberts says..." Source: rochesterhomepage.net/fulltext?nxd_id=340782
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Post by psalmchapter51 on Sept 8, 2012 16:20:35 GMT -5
Not really many details in this, but it appears EKRA insiders are preparing members for news.
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Post by psalmchapter51 on Sept 8, 2012 16:37:25 GMT -5
Here is a copy of the letter, sent out on SEP 6th, as posted on the ERKA website... "EKRA Open Letter to Members Kodak Announcement of Auction Results September 6, 2012 Over the past couple of months, Kodak has been conducting a formal auction process for approximately 1000 valuable digital patents. As of the writing of this letter, the results of the auction are not known. The deadline for the announcement of the auction results has been extended numerous times over the past few weeks and is now scheduled for September 19th. These extensions are a great concern to EKRA leadership in that they could indicate the auction process is not yielding what Kodak and its consultants have anticipated. Not yielding the income expected is also very problematic for retirees. If the auction process does not yield expectations, we anticipate there will be significant changes to retiree benefits across the board, affecting ALL retirees, dependents and survivors. EKRA has followed the auction process closely as we believe the income generated from the auction sets the foundation for Kodak to complete its business plan going forward. A large consideration in the business plan is how Kodak intends to handle its retiree benefits obligations in the future. Kodak certainly has sent messages that indicate its 'legacy' retiree benefits will be severely reduced or eliminated. We recognize Kodak is no longer a $14 billion company and its retiree benefits costs are not sustainable going forward. However, we hope and expect Kodak will provide a structure for and a transition process to a new level of retiree benefits. It is hoped that this new level will include some ongoing retiree benefit cost reduction subsidy within the means of the new company structure. The Official Retiree Committee, appointed by the US Trustee, has the responsibility to negotiate any changes to benefits directly with Kodak. The Committee is a completely independent group of 7 Kodak retirees selected by the US Trustee. It is very important to note that the Official Retiree Committee (the Committee) is not a part, an arm nor a function of EKRA. The Committee has its own legal and financial counsel who provides direction and guidance to the Committee. EKRA does not have an active role in the negotiation process. However, EKRA will provide education and other resources if asked by the Committee. Since its inception, EKRA has sought to anticipate change, research options, develop alternatives, and communicate with retirees. EKRA will continue to actively search out alternatives and help educate retirees. Now, more than ever, it is important for Kodak retirees to educate themselves and be prepared to make changes on how they receive necessary benefits and how much they pay for the benefit protection they need. EKRA will continue to actively communicate alternatives. However, a very important and key message to keep in mind and act on: YOU need to educate yourself, understand your options and make the choices necessary for YOU." Source: www.ekra.org/open-letter-to-members/
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Post by psalmchapter51 on Sept 8, 2012 16:56:47 GMT -5
The issue of retiree healthcare may be of significant consequence to existing common shareholders:
Would Judge Gropper allow EK to significantly reduce and/or cancel retiree healthcare benefits while simultaneously preserving existing common Seems common shareholders should be looking for positive news concerning EK and the US Trustee appointed retiree committee striking a deal prior to POR announcement.
If a deal is reached, and retiree healthcare is preserved, this would be a great sign for preservation of existing common. IMO.
One additional question I have is what happens to retiree benefits in the event that EK is bought out? Also, what happens to the NOLs?
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Post by proforkodak on Sept 8, 2012 17:01:53 GMT -5
>>>"The deadline for the announcement of the auction results has been extended numerous times over the past few weeks and is now scheduled for September 19th."<<<
This friggin MORON REtread canNOT even get the FACTS correct..... The deadline for the announcement is Sept 12th!!!
>>>"YOU need to educate yourself,..."<<<
Words that this MORON should live by!!!
>>>"If the auction process does not yield expectations, we anticipate there will be significant changes to retiree benefits across the board, affecting ALL retirees, dependents and survivors."<<<
There will be SIGNIFICANT ELIMINATION of 90% of OPEB REGARDLESS of the DI patent sale!!!!
The BEST thing these people could do is BUY stock and bonds in Kodak NOW!!!!
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