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Thread: Emerging Kodak

  1. #31
    MattKing's Avatar
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    Quote Originally Posted by alanrockwood View Post
    The priority for payout in a bankruptcy runs roughly like this. The government gets paid first (taxes). Then wages to workers get paid, including any back wages owed. Then various forms of secured debt, i.e. debt backed by collateral, then unsecured debt. At the very tail end of the priority list come the shareholders. If the creditors don't get paid what they are owed then the shareholders lose ownership of the company. Their shares are cancelled and become worthless. If the company emerges as an operating company it does so under new ownership, usually being owned by the former creditors as partial compensation for not having been paid all the money they were owed.
    You missed the fees for the trustee in bankruptcy - they usually are near the top of the list.

    And at the risk of being too technical, in some cases shareholders hold "preferred" shares, which are actually more like debt instruments, and are therefore given a portion of what is available to unsecured creditors (if anything).

    It is true that control is essentially in the hands of the bankruptcy court. If, however, the right person or entity (think deep pockets and a history of business success) took over a controlling shareholding, it might very well affect how the bankruptcy proceeds.
    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!”

    Ansel Adams, from the introduction to The Negative - The New Ansel Adams Photography Series / Book 2

  2. #32
    ambaker's Avatar
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    Emerging Kodak

    At this point to buy the company, and take control, you would have to get the court's approval to do so. The current stockholders no longer have any control.

    What I really love about the whole deal is that the same people who could not manage to succeed with the company when they were profitable, will now try to succeed with much fewer resources.


    Sent from my iPad using Tapatalk HD

  3. #33

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    Quote Originally Posted by ambaker View Post

    What I really love about the whole deal is that the same people who could not manage to succeed with the company when they were profitable, will now try to succeed with much fewer resources.

    You doubt the ability of Perez to turn around Kodak???

  4. #34
    Roger Cole's Avatar
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    I doubt the ability of Perez to turn around a go kart inside a football field.

  5. #35
    MattKing's Avatar
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    I put a lot more blame on the various institutional/big fund investors and the board members that they put on the board, with instructions to turn around the short-term profit outlook.
    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!”

    Ansel Adams, from the introduction to The Negative - The New Ansel Adams Photography Series / Book 2

  6. #36

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    Quote Originally Posted by Roger Cole View Post
    I doubt the ability of Perez to turn around a go kart inside a football field.
    As I said in a posting back in August 2012:

    I agree that the management is more concerned with their pockets than saving the company. They are making one monumental blunder after another.

    I saw the problems starting in the later '60s with the rise in MBAs with no product experience in management positions. As I've said many times, "Two things have led to the downfall of US Corporations: the MBA and the spreadsheet." With the computer spreadsheet, the MBAs were able to 'fiddle' with the figures and go for short term gains at the expense of long term gains.

    Car Guys vs. Bean Counters: The Battle for the Soul of American Business by Bob Lutz talks about the issue in the auto business, and I certainly saw it at Kodak.

  7. #37
    Ken Nadvornick's Avatar
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    Quote Originally Posted by ambaker View Post
    What I really love about the whole deal is that the same people who could not manage to succeed with the company when they were profitable, will now try to succeed with much fewer resources.
    Quote Originally Posted by RattyMouse View Post
    You doubt the ability of Perez to turn around Kodak???
    At this point no one in their right mind would take the job.

    Ken
    "They are the proof that something was there and no longer is. Like a stain. And the stillness of them is boggling. You can turn away but when you come back they’ll still be there looking at you."

    — Diane Arbus, March 15, 1971, in response to a request for a brief statement about photographs

  8. #38
    Ian Grant's Avatar
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    Quote Originally Posted by Prof_Pixel View Post
    As I said in a posting back in August 2012:

    I agree that the management is more concerned with their pockets than saving the company. They are making one monumental blunder after another.

    I saw the problems starting in the later '60s with the rise in MBAs with no product experience in management positions. As I've said many times, "Two things have led to the downfall of US Corporations: the MBA and the spreadsheet." With the computer spreadsheet, the MBAs were able to 'fiddle' with the figures and go for short term gains at the expense of long term gains.

    Car Guys vs. Bean Counters: The Battle for the Soul of American Business by Bob Lutz talks about the issue in the auto business, and I certainly saw it at Kodak.
    You've hit the nail on the head. It's something my father felt was going wrong in the late 1960's and in fact he was appointed Managing Director of a large UK company to help prevent the short-termism that the accountants were advocating, he was an engineer and production director previosly.

    It's not just a US problem it's been just as bad in the UK.

    Ian

  9. #39

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    Exactly right and it is the same in Canada. I've seen it over and over. The effort goes into "value surfacing" via structuring, Corporate Finance, M&A etc. Organic - ie actual - growth, innovation etc. takes investment. Sadly, analysts see only the short term, and they drive business decisions. You'd have thought by now people would realize analysts don't know anything and are only in it quarter by quarter, but that's people for you.

  10. #40

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    We've sucessfully hired a few MBA's in our company. They get to sweep floors a few years, then might
    be taught to stock shelves. If it appears they can work, they might eventually be assigned paperwork
    tasks and gradually acquire a little actual responsibility. Any corporation stupid enough to drop them
    into anything resembling a top tier is doomed.

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