For all the complaining about the failures of Kodak management, the fact is the only reason they are still selling film at all is precisely because they lacked a nimble and efficient management structure.
Financially, an aggressive management team would have seen 15 years ago that film was going away and taken action to get into something else.
I mean, suppose Kodak had had a really brilliant product development group and managed to invent the smart phone a year ahead of Apple. Kind of a natural, really. Kodak had a great brand, and a natural association in the mind of consumers with photography. A KodakPhone would have been perfect.
Ok, so suppose these hypothetical, brilliant Kodak managers had put all that together and hit the market in 2006, a year ahead of Apple. With proper execution, they would be rolling in cash today, the very idea of a bankruptcy would seem ridiculous. Kodak stock would be up 1000%.
And Kodak film would be long gone.