Mr. Perez is getting a bonus tied to financial performance, ?????

[Keith]

This is where these statements we are getting from well meaning individuals about 'committment' to consumer film and the 'guarantee of revenue' through archival film mean squat!

As long as they're prepared to humor an idiot like Perez with a handout like this you can't really believe anything they say through whatever mouth they choose to say it through!

 

[Frontman]

Mr Perez and the board are obviously looting their sinking ship before it goes completely under. It's not likely they will get away with it, the stockholders can sue, or the bankruptcy judge can force the money to be paid back, we'll have to see what happens.

 

[Film explorer]

This is where these statements we are getting from well meaning individuals about 'committment' to consumer film and the 'guarantee of revenue' through archival film mean squat!

As long as they're prepared to humor an idiot like Perez with a handout like this you can't really believe anything they say through whatever mouth they choose to say it through!

Well said - I think that perhaps we have to take everything they say with a grain of salt.

 

[David Murphy]

I looked at some of their patents in detail. It was stuff along the lines of "how to transmit a digital picture via an email from a wireless device", filed within in the last few years. The ones I glanced at all struck me as being prior art and obvious. I could imagine them being useful to a patent troll hoping to take a gamble on exploiting the Kodak brand name, but no one else.

One stated position of the suits who run Kodak is that they will refuse to become a "niche" company - i.e., they must remain a mega, giant corporation (sort of a delusional view for a bankrupt company if you ask me). Kodak does have valuable patents, processes, and knowledge, and it is in the realm of the classic world of film and cine. It is a much smaller market than it used to be, but if they wished they would become the dominant player in that market, and perhaps even reinvigorate it.

 

[Paul Luscher]

Well, that's the wonderful thing about the Wall Street/CEO world: it's the one place where being totally incompetent at your job is richly rewarded anyway. No matter how badly you smack it, you'll never be wrong, if you're one of the Masters of the Universe....

Somehow, the whole thing reminds me of feudal aristocracy--people who ruled by Divine Right, and who were "perfect", no matter how stupid and sleazy they really were.

 

[fotomeow]

http://247wallst.com/2012/08/06/outrage-bonus-paid-to-kodak-ceo-antonio-perez/
Cant imagine how much he would get if they hadent filed bankruptcy???

(harumph.) There is a certain presidential candidate who has done the same thing for a living. FOR A LIVING.
This game of high payoffs despite deliberately or non-deliberately bankrupting businesses is not
specific to any market sector.

 

[Bob Michaels]

I ask does anyone have any actual experience in the management of business restructurings or financial turnarounds? Or, is everyone a Monday morning quarterback who has never actually played in a game?

I express no opinion on Mr. Perez's decisions as I do not have the facts. I only know what information has been released to the general public.

One thing I do know is that the bankruptcy court has zero responsibility to the legacy users of the products and total responsibility to minimize the losses of the creditors. As as Tri-X and HC-110 user, I wish that was not the case but reality is what it is.

 

[Trius]

Bob, it may be surprising to to some that the overwhelming percentage of businesses are basically amoral. It's not to me, which is, IMO, another way of stating what you said. However, that does not obviate the hope for better.

 

[Lawrence A.]

Not surprising at all. Seems a pretty standard practice in the corporate world and has been for a long time. Hard to comprehend the mind set of the class of people who think it is perfectly fine to offer and accept bonuses under those circumstances.

Bob

Yes, and who still complain, after years of the productivity of American workers going up, that the regular Joe still has to accept more cuts in pay, benefits, etc. int order to make the company profitable

 

[Trius]

Lawrence: Amen. I see the remnants of hard-working Kodakers all around me every day. Literally.

 

[mynikonf2]

It does not require "experience in the management of business restructurings or financial turnarounds" to know when something stinks like *%#! You see the trouble here is that this kind of crap, that these CEO's pull, is NOT A GAME, they are the ones that are stealing America and its people blind!
There is a certain sentiment put forth that 47% of the American people are what is wrong with America but I beg to differ. It's the crooks at the top that draw the real blood from America.

 

[Bob Michaels]

Has anyone actually read what Mr. Perez and 14 other key management employees deemed “essential” to Kodak’s ability to successfully restructure must do to actually get their potential bonus?

The company must exit bankruptcy either under a standalone reorganization plan or the sale of its assets as a going concern, and it must pay unsecured creditors at least 30% of what they’re owed. (Wall Street Journal July 25, 2012) That is why the potential bonuses are supported by the committee representing unsecured creditors.

It is unfortunate when anyone loses their job. (period!)

It does appear that the Kodak pension plan assets and the support of the Pension Benefit Guarantee Corporation (a government agency) will insure that all Kodak retirees receive their pensions.

Those ordinary people who invested in Kodak stock with the assets they saved for their retirement are simply out of luck. They are the biggest losers as they will get nothing.

It is important to have the facts and also to keep things in perspective. Maybe the best off are those who will have to change film brands.

 

[David Murphy]

Actually I think a sense of entitlement exists today among many Americans (that did not exist when I was younger) at all income levels, it's just that those at the top get a bigger take when they can. I see it in the Occupy crowd, I see it in the boardrooms, I see it in the work place, and most alarming I even see it in certain members of my own family (gasp!). I don't like it, and I'm sure a big price to pay for this will be coming and maybe soon.