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Post by coxatdotnet on Sept 11, 2012 15:16:05 GMT -5
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Post by condo3e on Sept 11, 2012 15:20:32 GMT -5
By appointing AlixPartners managing director Becky Roof as its interim CFO, Eastman Kodak gains a financial chief with bankruptcy experiences ranging from helping a company avoid a Chapter 11 filing to conducting an orderly liquidation and wind-down of operations.
The iconic photography company has been reorganizing under bankruptcy protection since January, after being unable to reverse years of mounting financial and business woes. On Monday it announced CFO Antoinette McCorvey would leave the company and named Roof to replace her; CFO Journal in December named McCorvey one of 12 CFOs to watch this year, given the troubles Kodak faced and her unorthodox path to the CFO chair after being promoted to the post from head of Kodak’s investor relations department about two years ago.
As The Wall Street Journal reported on Tuesday, many creditors had been calling for the resignations of both McCorvey and Chief Executive Antonio Perez, who will remain with the company as it works to shed two businesses and emerge from bankruptcy as a smaller commercial business focused on digital printing, graphics and services.
One Kodak creditor told CFOJ that Kodak’s bankruptcy case has turned into a “de facto liquidation,” but Kodak first needs to realize the value that remains in some of its operations, like its foreign businesses.
“You can’t throw up your hands and just liquidate,” the person said. “There are still businesses to run.”
Roof has been interim CFO or chief restructuring officer at a host of companies. She was brought in at Taro Pharmaceutical Industries in late 2006 as a restructuring officer, after an independent review found that its then CFO had caused Taro to make misleading statements to the Securities and Exchange Commission and to Taro’s auditor, according to Taro filings with the Securities and Exchange Commission. The company said the CFO disputed the findings of the review but, along with another financial executive, nonetheless resigned.
Roof aided wholesale consumer packaged goods distributor Fleming Cos. as it shuttered or sold nearly of all of its businesses and re-emerged from bankruptcy protection in 2004 as Core-Mark Holding. She also helped auto parts supplier APS Holding manage its orderly liquidation and operations wind-down before closing its doors in 2004. She has also held positions, on behalf of AlixPartners, at Anchor Glass Container and Atkins Nutritionals, according to her biography on the AlixPartners website.
About a year ago, Roof was quoted in an article in Treasury and Risk magazine, calling herself an “adrenaline junkie” who said she “can plug in anywhere there is a need, for as little or as long as that need exists.”
At Atkins, she told the magazine, “The existing CFO wasn’t up for the task for restructuring, which involved some tough negotiations with the banks.”
Neither Kodak nor Roof responded to requests for comment.
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Post by condo3e on Sept 11, 2012 15:22:18 GMT -5
Like I said earlier today, if it's not nailed down, it will be sold
No more F...ing around.
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Post by masterinvester on Sept 11, 2012 15:28:37 GMT -5
Sooo is that good or bad ?
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Post by coxatdotnet on Sept 11, 2012 15:30:05 GMT -5
Like I said earlier today, if it's not nailed down, it will be sold No more F...ing around. Condo, Well stated...and thanks for posting the article. I have no doubt that the EK team has been working extremely hard over the past several months...but sometimes having these types of "adrenaline junkies" on board to make difficult/swift decisions is necessary. More cuts = more money = better return for common
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Post by coxatdotnet on Sept 11, 2012 15:30:48 GMT -5
Like I said earlier today, if it's not nailed down, it will be sold No more F...ing around. Condo, Well stated...and thanks for posting the article. I have no doubt that the EK team has been working extremely hard over the past several months...but sometimes having these types of "adrenaline junkies" on board to make difficult/swift decisions is necessary. More cuts = more money = better return for common Within certain limits, of course.
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Post by mikewestveer on Sept 11, 2012 15:32:50 GMT -5
Yes.
We musn't get like the silly Tea Party,
Who cut and cut until they say-
"You cut my unemployment and MEDICARE?!?! But I Use those PROGRAMS"
Courtesy of Joe The Plumber- Joe At Kodak's grandson and Nephew
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Post by proforkodak on Sept 11, 2012 15:34:46 GMT -5
Kodak has a HUGE amount of NON core assets....
1)SELL ASSETS
2) PAY OFF CREDITORS
3) EMERGE from ch.11 with NO long term liabilities and over $2 billion in CORE cash flow businesses that are growing.
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Post by TheBondKid on Sept 11, 2012 15:41:29 GMT -5
Kodak has a HUGE amount of NON core assets.... 1)SELL ASSETS 2) PAY OFF CREDITORS 3) EMERGE from ch.11 with NO long term liabilities and over $2 billion in CORE cash flow businesses that are growing. Pro is drunk again.......
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Post by joeatkodak on Sept 11, 2012 15:41:52 GMT -5
Courtesy of Joe The Plumber- Joe At Kodak's grandson and Nephew LOL... That would mean my son would have married my sister... Impossible. I had dibs on her first!
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Post by condo3e on Sept 11, 2012 15:54:19 GMT -5
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Post by mariohmp on Sept 11, 2012 15:58:10 GMT -5
Hey coxatdotnet, I agree with your sentiment. I just don't understand why EK wasn't working like this since January. Just what exactly does AP have to do to get fired?
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Post by condo3e on Sept 11, 2012 16:03:51 GMT -5
You can only go so fast ..... & Kodak would not have saved that
much money if yesterday's news had occurred sooner
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Post by coxatdotnet on Sept 11, 2012 16:08:29 GMT -5
Hey coxatdotnet, I agree with your sentiment. I just don't understand why EK wasn't working like this since January. Just what exactly does AP have to do to get fired? I put my faith in Judge Gropper: if he is approving bonus plans based on the hard work done thus far, I have to believe that. He is privvy to a ton of information and given his experience, would call b.s. if he was not being told the truth. In fact, I believe it is the first couple of leaks by the WSJ that caused him to "clamp down" on any/all information being shared. Just IMO, of course. What does AP need to do to get fired? I believe he is as plugged in as anyone else at this point (obviously, as CEO), but now there are a whole lot of individuals providing extra help/guidance. I think he has about as much discretion as one of those toy cars my 10-year-old can drive at an amusement park on tracks...they can be steered only so much, and are going exactly where others want them to.
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Post by coxatdotnet on Sept 11, 2012 16:10:48 GMT -5
You can only go so fast ..... & Kodak would not have saved that much money if yesterday's news had occurred sooner SO TRUE! I have heard of personal bankruptcies taking longer than a year to finalize, and that is just one person/couple. The term that best summarizes this is a "glacial pace".
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Post by condo3e on Sept 11, 2012 16:25:19 GMT -5
I tend to believe that the controlled asset sales has always been
the plan, the hiring of the new CFO yesterday is not a change in
strategy, it's just the next step in Kodak's Bankruptcy strategy
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