First of all....thanks to BK25, SBG, NewYorkled, and others that have helped produce this document!
Insider Trading Allegations: 2nd Lien Lenders & Unsecured/Secured Creditors Trading while in possesion of Material Non-Public Information (MNPI) since Jan. 2012.
IMO..Per the document "Trading of Kodak Debt v3" which is created from data in Dockets# 153, 1390, 1715, 2389, & 3689...The following list below enumerates all the entities that have either owned, and traded : Secured 2018 Notes, Secured 2019 Notes, Unsecured 2017 Conv. Notes, Unsecured 2013 Notes, and Unsecured Claims.
The Secured 2018 & 2019 Notes are the bonds that were exchanged for the $375 million "Junior Loans" (the same debt instruments that were given 85% of the new company equity per the POR released on April 30, 2013).
There are 6 entities from the list below that also traded in the Unsecured Claims.
1) Archview L.P. 2) Aristeia Horizons, L.P. 3) Avenue Capital 5) Barclays ("Unsecured Claims" = $17.953 Million) 6) Bennett Management Corp. 7) Blackstone GSO Capital Parnters ("Unsecured Claims" = $135 Million) 8) Brentcourt Advisors LLC 9) Brevan Howard 10)BTG Pactual 11)Capital Ventures International 12)Chatham Capital, LLC* 13)Chicago Fundamental Invest Partners LLC 14)Contrarian Capital Management, L.L.C.* ("Unsecured Claims" = $152.6 Million) 15)Credit Suisse* 16)CSS, LLC 17)Cyrus 18)Davidson Kempner Capital Mng LLC 19)Deutsche Bank Securities Inc.("Unsecured Claims" = $20 Million) 20)Fore Research & Management LP 21)George Karfunkel 22)GoldenTree Asset Management, LP 23)Greenlight Capital 24)Guggenheim Securities, LLC 25)Hudson Bay Capital Management LP 26)J.P. Morgan Securities LLC* ("Unsecured Claims" = $15.081 Million) 27)JP Morgan Investment Management 28)Knighthead 29)KS Management 30)Linden 31)Litespeed 32)Lonestar Capital Management LLC 33)Mariner LDC 34)Mariner Tricadia Credit Strategies 35)Marneu Holding Co. 36)Matlin Patterson Asset Management LLC 37)Merrill Lynch, Pierce, Fenner & Smith 38)Momar Corporation 39)Moore Capital Management LP 40)Morgan Stanley 41)Moses Marx 42)Nomura Corporate Research and Asset 43)Och-Ziff Capital Management Group LLC 44)Onex Credit Partners, LLC* 45)P. Schoenfeld Asset Management L.P. 46)Permal Stone Lion Fund Ltd 47)Perry Capital Management Inc 48)RBS Global Banking & Markets* 49)River Birch Capital 50)Scoggin LLC 51)Serengeti Asset Management LP* ("Unsecured Claims" = $40 Million) 52)Silver Point Capital 53)Stone Lion Capital Partners L.P. 54)Strategic Value Partners, LLC* 55)Taconic Capital Advisors LP 56)The D. E. Shaw Group* 57)Tricadia Capital Management 58)UBS Securities LLC** 59)United Equities Commodities Company 60)Visium Asset Management 61)Wolverine Asset Management
"Statement of Policy Regarding Securities Trades by Company Personnel ("Insider Trading Policy")
For a PDF version, click here.
(Effective March 1, 2003)
The Reasons For An Insider Trading Policy The Federal securities laws prohibit the purchase or sale of securities by persons who are aware of material nonpublic information about a company, as well as the disclosure of material nonpublic information about a company to others who then trade in the company’s securities. These transactions are commonly known as “insider trading.”
Insider trading violations are pursued vigorously by the Securities and Exchange Commission and the U.S. Attorneys and are punished severely. While the regulatory authorities concentrate their efforts on individuals who trade, or who tip inside information to others who trade, the Federal securities laws also impose potential liability on companies and other “controlling persons” if they fail to take reasonable steps to prevent insider trading by company personnel.
The Company’s Board of Directors has adopted this Statement of Policy Regarding Securities Trades by Company Personnel, which is referred to hereafter as the Company’s “Insider Trading Policy,” both to satisfy the Company’s obligation to prevent insider trading and to help Company personnel avoid the severe consequences associated with violations of the insider trading laws. For purposes of this policy, “Company” includes both Spartech Corporation and its subsidiaries.
This Insider Trading Policy also is intended to prevent even the appearance of improper conduct on the part of anyone employed by or associated with the Company, not just so-called “insiders.” We have all worked hard over the years to establish our reputation for integrity and ethical conduct, and we cannot afford to have that reputation damaged.
The Consequences of An Insider Trading Violation The consequences of an insider trading violation can be severe:
On Traders. Company personnel (or their tippees) who trade on inside information are subject to the following penalties: • A civil penalty of up to three times the profit gained or loss avoided; • A criminal fine of up to $1,000,000 (no matter how small the profit); and • A jail term of up to ten years.
On Tippers. An employee who communicates, or “tips,” inside information to a person who then trades is subject to the same penalties as the tippee, even if the employee did not trade and did not profit from the tippee’s trading.
On Control Persons. The Company and its supervisory personnel, if they fail to take appropriate steps to prevent illegal insider trading, are subject to the following penalties: • A civil penalty of up to $1,000,000 or, if greater, three times the profit gained or loss avoided as a result of the employee’s violation; and • A criminal penalty of up to $2,500,000.
Additional Sanctions By The Company. An employee’s failure to comply with the Company’s insider trading policy may subject the employee to Company-imposed sanctions, including termination of employment for cause, whether or not the employee’s failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish one’s reputation and irreparably damage a career.
Persons Subject to Insider Trading Policy So long as you are a director, officer or employee of the Company, this Insider Trading Policy applies to: • You, • Your family members who reside with you, and • Any family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in company securities)
As a director, officer or employee, you are responsible for the transactions of these other persons and therefore you should make them aware of the need to confer with you before they trade in the Company’s securities. As used in this Insider Trading Policy, “you” means anyone subject to this Insider Trading Policy.
If you are in possession of material nonpublic information when you cease being a director, officer or employee, this Insider Trading Policy will continue to apply until that information has become public or is no longer material.
Specific Restrictions No Trading or Acting on Inside Information
If you are aware of material nonpublic information relating to the Company, you may not, either directly or through family members or other persons or entities: • Buy or sell securities of the Company (other than pursuant to a pre-approved trading plan that complies with SEC Rule 10b5-1), or • Engage in any other action to take personal advantage of that information, or • Pass that information on to others outside the Company, including family and friends.
Also, if you learn of material nonpublic information about another company with which the Company does business, including a customer or supplier, you may not trade in the other company’s securities until the information becomes public or is no longer material.
Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are not exempted from the policy. The securities laws do not recognize such mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company’s reputation for adhering to the highest standards of conduct.
When Information Becomes Public. Information is not deemed to become “public” until the information has been disclosed broadly to the marketplace (such as by Company press release or an SEC filing) and the investing public has had time to absorb the information fully. To avoid the appearance of impropriety, information will not be considered fully absorbed by the marketplace until the third trading day after the day the information has been publicly disclosed. However, if the information is announced before the New York Stock Exchange opens for that day, the day of the announcement will be deemed the first full trading day."