|
Post by williedraton on Aug 19, 2013 8:47:53 GMT -5
Well I guess if this plan gets passed, then our professionals should be really proud of themselves. The estate spent over $1 billion reorganizing and the recovery was only $.04-.05 on the dollar? I would argue that the recovery would have been substantially better had Kodak just liquidated from the start.
This was S&C first bankruptcy as lead counsel.
Lazard really pulled a rabbit out of the hat on the patent sale.
Alixpartners is supposed to be the best in the business. Remember the line that they don't do fire sales.
To supposedly have the best in the business representing the estate, it sure looks like the estate either got played or outplayed (depending on how you look at it). There should be a very detailed write up in the WSJ and NYT.
I would like to hear the explanation from managment and the professionals. Was Kodak asset rich as Perez claimed and the professionals couldn't monetize them? Or did management run this so far into the ground that it was a lost cause? However you look at it, either management lied when claiming that the estate was asset rich or the professionals did a horrible job of monetizing the assets...
|
|
|
Post by We Got Hosed!!! on Aug 19, 2013 9:25:18 GMT -5
no questions that you are correct on your points..
playing Monday morning QB is not going to change anything at this point.
If we need these basterds were not in our sides, the majority wouldn't have stick around this long.
reality sets and end of the journey is near..
Willie, the toughest question on the table?
Are you going to take the 7 pennies on the table and walk away?
or
buckle up and prepare to going with the ship?
|
|
|
Post by dontbeafraid on Aug 19, 2013 10:23:28 GMT -5
Agreed with Angels. I'm not interested in 7 pennies and have taken a vow to see this until the end. Its been a very expensive ticket to attend the Debtors' charade.
|
|
|
Post by pearlhandle on Aug 19, 2013 10:31:11 GMT -5
I'm not 100% convinced the POR will be confirmed tomorrow. In light of the Trustee's objection where she objects to the bonuses, including the proposed $1.9 million payout to Perez. She indicates they are not allowable under federal bankruptcy law. She indicates the $1.9 million proposed bonus to Perez is part of a package of cash and stock Kodak proposes paying some of its top bosses on its exit from bankruptcy. In her objection, she cites changes to federal bankruptcy laws that were instituted in 2005 to crack down on retention and incentive payments to insiders. Her objection also singles out payments to U.S. Bank as being unclear for their rationale and the fact that Kodak’s proposed exit plan from bankruptcy contains legal language that would protect various parties such as its executives from legal claims.
I might me an idiot for doing so, but I am holding. I am, in the meantime, starting to accumulating information on class action attorney's that I will contact should Gropper accept the mountain of lies submitted by Kodak to his court.
|
|
|
Post by Admin on Aug 19, 2013 10:35:15 GMT -5
They are already planning for the class action lawsuits, as you can see it in their documents hiring executive and management insurance.
The whole shitty deal was planned to screw everyone from day 1, there was no interest in paying anyone, or preserving 1 share.
SBG
|
|
|
Post by pearlhandle on Aug 19, 2013 10:39:51 GMT -5
They are already planning for the class action lawsuits, as you can see it in their documents hiring executive and management insurance. The whole shitty deal was planned to screw everyone from day 1, there was no interest in paying anyone, or preserving 1 share. SBG Do you have a specific doc. number you could share? Thanks
|
|
|
Post by Admin on Aug 19, 2013 10:41:30 GMT -5
No I don't, someone wrote about here, but don't remember the details.
SBG
|
|
|
Post by julgob on Aug 19, 2013 10:42:39 GMT -5
So tomorrow, what time it starts ?
|
|
|
Post by pearlhandle on Aug 19, 2013 10:46:31 GMT -5
No I don't, someone wrote about here, but don't remember the details. SBG Whomever posted this information, please repost where you read Kodak was acquiring executive and management insurance.
|
|