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  1. #211
    fotch's Avatar
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    Quote Originally Posted by michaelbsc View Post
    Having been a creditor in two bankruptcies I can assure you that the first people who get paid will be the bankruptcy lawyers.
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  2. #212
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    Quote Originally Posted by michaelbsc View Post
    Having been a creditor in two bankruptcies I can assure you that the first people who get paid will be the bankruptcy lawyers.
    Actually, it is the bankruptcy trustees who get paid first - and they are most likely accountants.
    Matt

    “Photography is a complex and fluid medium, and its many factors are not applied in simple sequence. Rather, the process may be likened to the art of the juggler in keeping many balls in the air at one time!”

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  3. #213

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    Quote Originally Posted by MattKing View Post
    Actually, it is the bankruptcy trustees who get paid first - and they are most likely accountants.
    Actually, I believe the government is first in line, if there are any taxes owing. Other priority classes stand in line behind the government.

  4. #214

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    I read that slide film was only between 1 & 2% of Kodak's film sales, anybody know what the figure is for Fuji?

  5. #215
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    Quote Originally Posted by alanrockwood View Post
    Actually, I believe the government is first in line, if there are any taxes owing. Other priority classes stand in line behind the government.
    All I know is that as a creditor I came pretty close to "last" in the real pecking order despite all the BS I kept getting in the mail about how my interest were being looked after.

    Unsecured creditors have just about zero leverage.
    Michael Batchelor
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  6. #216

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    Quote Originally Posted by michaelbsc View Post
    All I know is that as a creditor I came pretty close to "last" in the real pecking order despite all the BS I kept getting in the mail about how my interest were being looked after.

    Unsecured creditors have just about zero leverage.
    Yes, unsecured creditors stand pretty far back in line.

    Shareholders are last in line. It is extremely rare for them to get anything in a bankruptcy. (I think the last major bankruptcy where the shareholders got more than zero was Texaco, back in the 1980s, and that was a special case.)

    Ahead of them are the unsecured creditors. Sometimes they might get a little. Sometimes not. There are several classes of unsecured creditors with different priority levels. For example, suppliers who advanced credit to the company have lower priority than persons who hold unsecured bonds.

    Secured creditors are ahead of unsecured creditors.

    Employees who are owed pay come ahead of secured creditors, and so forth.

    There is something called the absolute priority rule which says that a person higher in the priority list must be made whole (i.e. get paid 100% of what is owed to them) before anyone in the next lower level gets a penny. I believe the "absolute" part of the absolute priority rule is not necessarily absolute. There are a few rare exceptions, and then things start to get a little murky. Nevertheless, it is my understanding that if you assume that the absolute priority rule is going to be followed you won't be far from wrong.

    By the way, I am giving an opinion based on my understanding. I am not a attorney, so don't take my opinions as legal advice.

  7. #217

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    Kodak discontinues all slide films

    — DISCONTINUATION NOTICE —
    March 1, 2012
    Due to a steady decrease in sales and customer usage, combined with highly complex product formulation and manufacturing processes, Kodak is discontinuing three EKTACHROME (color reversal) Films:

    KODAK PROFESSIONAL EKTACHROME E100G Film
    KODAK PROFESSIONAL EKTACHROME E100VS Film
    KODAK PROFESSIONAL ELITE Chrome Extra Color 100 Film

    We estimate that, based on current sales pace, supplies of these films are expected to be available in the market for the next six to nine months; however, inventories may run out before then, depending on demand.

    This does not affect KODAK PROFESSIONAL Color Negative Films or KODAK PROFESSIONAL Black and White Films which remain a viable part of the KODAK PROFESSIONAL Film portfolio.

    Please note: E-6 Chemicals will also continue to be available.

  8. #218
    CGW
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    Quote Originally Posted by tnabbott View Post
    — DISCONTINUATION NOTICE —
    March 1, 2012
    Due to a steady decrease in sales and customer usage, combined with highly complex product formulation and manufacturing processes, Kodak is discontinuing three EKTACHROME (color reversal) Films:

    KODAK PROFESSIONAL EKTACHROME E100G Film
    KODAK PROFESSIONAL EKTACHROME E100VS Film
    KODAK PROFESSIONAL ELITE Chrome Extra Color 100 Film

    We estimate that, based on current sales pace, supplies of these films are expected to be available in the market for the next six to nine months; however, inventories may run out before then, depending on demand.

    This does not affect KODAK PROFESSIONAL Color Negative Films or KODAK PROFESSIONAL Black and White Films which remain a viable part of the KODAK PROFESSIONAL Film portfolio.

    Please note: E-6 Chemicals will also continue to be available.
    Thanks. Check out the bar fight threads already up and running on this from last week.

  9. #219
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    NOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!

  10. #220

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    Good to hear about the E-6 chems... at least.



 

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