markjwyatt
Well-known
Quite a roller coaster. If nothing else this will be a legendary case in stock trading. If Kodak goes under because of this, it will be a real tragedy for photography.
jvan01
Established
Kodak jumped from $3 to $10 a share overnight in 2018, when they announced their KodakCoin ICO, which then fizzled out and was never mentioned again. Their stock price had taken a slow, inexorable march down to $3 until this latest 765 million dollar scam.
Archlich
Well-known
Thank you sir, that's an awesome read. Sad that justice can be a luxury these days.
valdas
Veteran
Hm, maybe Ted was really onto something....
https://www.rangefinderforum.com/forums/showthread.php?t=170207&highlight=Kodak
https://www.rangefinderforum.com/forums/showthread.php?t=170207&highlight=Kodak
markjwyatt
Well-known
Interesting thought (acquisition). Kodak is still up big time (though WAY down from it rocket-like peaks). It really should have dumped today as bad news was piled on bad news, but it is holding moderate gains. Part of the reason may be that people are waiting for the earning review tomorrow, but it is not clear that that will bring any good news.
One twist to acquisition is that any acquisition would almost have to be with a US company at this time unless the loan were totally canceled. Maybe this is a shielding technique to avoid a foreign take-over on Kodak's part?
Andprayforrain
Member
Well, at least one person has cashed in: https://www.motherjones.com/politic...odak-controversy-george-karfunkel-stock-gift/
"George Karfunkel, a member of Kodak’s board of directors, made an unusual transaction: He donated 3 million Kodak shares—worth up to $180 million at the time—to a relatively new Jewish congregation that has almost no public profile."
"Given that Congregation Chemdas Yisroel is registered as a tax-exempt religious organization, the Karfunkels will be able to claim this donation as a tax deduction. That means they could pocket a deduction between $52.5 million and $180 million for a bloc of stocks that two days earlier was worth $6.39 million."
And, of course, a Trump family connection and, apparently, misuse of government money (emphases mine): "The out-of-the-ordinary loan for Kodak came from a new and little-known government agency: the US International Development Finance Corporation. This outfit was created to provide foreign aid—not domestic assistance—and it is headed by Adam Boehler, a former roommate of Jared Kushner. In March, Kushner tapped Boehler to be part of his shadow coronavirus task force."
"George Karfunkel, a member of Kodak’s board of directors, made an unusual transaction: He donated 3 million Kodak shares—worth up to $180 million at the time—to a relatively new Jewish congregation that has almost no public profile."
"Given that Congregation Chemdas Yisroel is registered as a tax-exempt religious organization, the Karfunkels will be able to claim this donation as a tax deduction. That means they could pocket a deduction between $52.5 million and $180 million for a bloc of stocks that two days earlier was worth $6.39 million."
And, of course, a Trump family connection and, apparently, misuse of government money (emphases mine): "The out-of-the-ordinary loan for Kodak came from a new and little-known government agency: the US International Development Finance Corporation. This outfit was created to provide foreign aid—not domestic assistance—and it is headed by Adam Boehler, a former roommate of Jared Kushner. In March, Kushner tapped Boehler to be part of his shadow coronavirus task force."