Perez was originally tasked with negotiating Kodak's transformation from an old-technology imaging company to a new-technology imaging company, thus preserving and eventually enhancing ongoing shareholder value. The hope by us was that Kodak film would, at some reduced but still sustainable level, survive that transformation.

Presiding over—and in way too many cases, aggravating—Kodak's death spiral into an ugly bankrupcy, thus wiping out all shareholder value entirely, was never the preferred, nor anticipated, outcome for Kodak's investors. Or employees. Or retirees. Or anyone else with a vested interest in the final outcome, including us.

Painting the pig's lips bright red wasn't how it was supposed to end. And calling Perez successful because he's the one who's now holding the brush is a bit disingenuous...