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  1. #41

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    Quote Originally Posted by Photo Engineer View Post
    Kodak just placed portions of its main office for sale to MCC (Monroe Community College) as downtown office space. They have also apparently changed attorneys or hired new ones for assistance with financial woes.

    PE
    I heard on the radio a couple of days ago that Kodak is working on a plan to avoid bankruptcy. I wonder if the measures mentioned in your comment are part of that plan.

  2. #42
    Photo Engineer's Avatar
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    They have changed attorneys and strategy, but no one as yet has said what is going on.

    PE

  3. #43

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    Quote Originally Posted by Photo Engineer View Post
    They have changed attorneys and strategy, but no one as yet has said what is going on.

    PE
    Maybe Kodak doesn't know, either. :-)

    Dieter Zakas
    Speculation, NJ

  4. #44
    Photo Engineer's Avatar
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  5. #45
    bobwysiwyg's Avatar
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    Thank you for posting this link, very informative. As a side note, I was never aware of the details surrounding George Eastman's demise.
    WYSIWYG - At least that's my goal.

    Portfolio-http://apug.org/forums/portfolios.php?u=25518

  6. #46
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    Every time I read a new bit of news about Kodak, my heart breaks. It could have, and certainly should have been, much different. Sad.

  7. #47
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    This is so painful to watch. How can it be clear to me that Perez is and has been a disaster, but the board seems blind?
    "I only wanted Uncle Vern standing by his new car (a Hudson) on a clear day. I got him and the car. I also got a bit of Aunt Mary's laundry, and Beau Jack, the dog, peeing on a fence, and a row of potted tuberous begonias on the porch and 78 trees and a million pebbles in the driveway and more. It's a generous medium, photography." -- Lee Friedlander

  8. #48
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    Quote Originally Posted by Photo Engineer View Post
    I've been willing to give Perez the benefit of the doubt, given so much of the trouble was caused by his predecessors, but the corporate jet bullshit is just not leadership! Over $300,000 in personal travel on the corporate jet last year? Now the board is limiting him to $100,000 -big deal. The damage is done. Sure a third of a million or a tenth of a million isn't going to break the company by itself, but what it indicates about the "leadership", CEO and board, could.

    When your company is faltering, it's time to give up the friggin' perks. People worried about their job see that, and it sure as hell doesn't boost their morale. When morale flags, work flags. It doesn't exactly boost faith among investors and prognosticators, either. What a jerk.

    Back in the mid-90's I worked for a medical products company. The company was doing well, but for us rank-and-file the raises were barely keeping pace with inflation, if that. Like 2%, when inflation was 3%. They kept saying the company was in a tight competitive market, and they couldn't afford higher raises.
    They hired a new CEO, and paid him a $300,000 signing bonus. The complete employee list, from janitor to CEO, was 301 people. Some very simple math, and you could see the resentment forming, and the question "Why should I bust my ass for this guy? Screw him." He'd lost his people before he started, and it wasn't even directly his fault! He immediately got the nickname "Bonus Bill" and no respect. The workforce went from being stressed to being resentful and cynical. He could have turned it around if he'd kicked up the raises into non-insult range, but that didn't happen. He only lasted a year.
    A while later, I decided that being unhappy and working in an unhappy place wasn't worth it, and quit.
    I do use a digital device in my photographic pursuits when necessary.
    When someone rags on me for using film, I use a middle digit, upraised.

  9. #49
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    Quote Originally Posted by lxdude View Post

    Back in the mid-90's I worked for a medical products company. The company was doing well, but for us rank-and-file the raises were barely keeping pace with inflation, if that. Like 2%, when inflation was 3%. They kept saying the company was in a tight competitive market, and they couldn't afford higher raises.
    They hired a new CEO, and paid him a $300,000 signing bonus. The complete employee list, from janitor to CEO, was 301 people. Some very simple math, and you could see the resentment forming, and the question "Why should I bust my ass for this guy? Screw him." He'd lost his people before he started, and it wasn't even directly his fault! He immediately got the nickname "Bonus Bill" and no respect. The workforce went from being stressed to being resentful and cynical. He could have turned it around if he'd kicked up the raises into non-insult range, but that didn't happen. He only lasted a year.
    A while later, I decided that being unhappy and working in an unhappy place wasn't worth it, and quit.
    ^ Typical US corporate mentality.

  10. #50

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    Not directly related to Kodak, but related to corporate culture in general, I once worked for a small company that was having financial difficulties. A new board of directors took over and replaced the CEO. The new CEO was chairman of the board.

    Things then went from very bad to very much worse. One of the first actions the board took was to give themselves a deferred compensation package with a minimum payout worth more than the entire net assets of the company. Then they sold off the product line, becoming a shell company looking for a merger partner. Among their long-time Wall-street stock promoters were a couple of crooks. (Literally, crooks. They got their securities licenses suspended by hiring a couple of people to take their licensing exams for them, but no problem, they just kept doing business under their wives names.)

    The promoters had previously engineered a pump and dump scheme on the company shares that had been very damaging to the company. Then, after the new management took over at the company the promoters helped the company leadership engineer a reverse merger with a high tech company of dubious quality. Among other problems with the merger is that the management of my company did not do enough due diligence on the new company to seen of the technology of the merger company was any good.

    To make a much longer story a bit shorter, the NASDAQ threatened to de-list the company if the merger were to go through. The merger then failed and the shares (which had soared to astronomical levels in previous months) lost something like 98% of their value in just a few months, and then the NASDAQ de-listed the shares anyway.

    Interestingly through some creative arrangements the company management profited handsomely through all this, despite the fact that the employees all lost their jobs and the shareholders lost nearly all their investment. Along the way the SEC was informed of some of the shenanigans but as far as anyone can tell the SEC didn't lift a finger against the perpetrators.

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