From 24/7

"First there was the rumor that Eastman Kodak was close to Chapter 11 when it hired law firm Jones Day, which has a reputation as a restructure specialist. Last Friday, Eastman Kodak’s stock dropped from $1.62 to just below $0.60 in a matter of minutes. Concerns about the company began when it took down $160 million from a credit line, which moved shares from $3.38 to $1.60. Kodak denied that it needed that money to remain financially viable. It then denied it planned a bankruptcy filing. Shares rebounded to $1.32 at Monday’s open. Credit experts said Kodak would not go under because its patent portfolio is worth $3 billion."

"It is sometimes impossible to know where rumors of bankruptcies begin. No matter what their sources, shareholders and companies can do very little to prevent the panic that drives their share prices down. Someone made a mistake, or decided to make money from a rumor, in the case of Kodak and AMR. And those persons probably never will have to make any restitution."


Overall I have bad feelings about the end of 2012 and foresee Kodak out of business. I hope not, but I feel so far that sh*t is going to hit the fan for all of us. A Republican House, Senate and Presidency will be a slash and burn spectacular. Then add in declining economies in Europe. In such an atmosphere it will be hard for many companies to survive let alone those that are wounded.