reporting by bloomberg NOT factual Sept 7, 2012 11:16:28 GMT -5
Post by proforkodak on Sept 7, 2012 11:16:28 GMT -5
Rochelle writes: >>>" Mr. Pro asks about cash held by foreign subsidiaries. That cash is not readily available and may never be available to US creditors and shareholders. If the cash were repatriated, there would be significant tax liabilities. Second, foreign creditors, such as pension funds and governments, are not about to allow the cash to leave their jurisdiction. I have not seen any reputable source recently who is willing to say that foreign cash can be used when Kodak exhausts its rapidly declining domestic cash"<<<
1) In the first 9 months of 2011 Kodak repatriated $300 million of cash from its foreign subsidiaries to the US. This FACT directly disputes what was written by Rochelle.
2) ALL the assets of Kodak are available to the creditors and shareholders of Kodak. This is a basic FACT from US bankruptcy law.
3) Kodak has operating loss tax carry forwards(NOLs) of over $3 billion, so Kodak would pay virtually no tax on repatriation of cash at this time. This FACT can be seen by the tax rate comments in the 2011 10K.
A) Bill Rochelle is badly bungling the reporting about the FACTS surrounding the Kodak ch.11.
B) Bill Rochelle seems to NOT understand basic US BK law.