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and forever. this stock symbol is now worthless
If you are a pure trader looking at nothing but a chart, then you can get your head handed to you in a plastic baggie if you do no DD whatsoever.
I'll bet he never forgets the lesson he learned here today...just like I never have from well over 10 years ago.
Even still you can tell some people and they'll argue with you after you show them the wording in the filings.
And nice edit on the otcbb thing, lol...
They rapped no one. Anyone here who got surprised has a childlike understanding of what goes on. Like 2 year olds playing in the street and got run over. They belong in footie-pajamas and put to bed.
Right. If you did your DD, you would have sold before today. Otherwise, you would have stood a good chance of losing anything you had.
They rapped alot of people here
Where did you hear OTCBB?
So, is the New Kodak truly not going to offer ANY new shares for those left holding? Worthless?
OTCBB? I'd think they would open the new shares as a listed stock...
Should be listed and trading pretty soon - some companies trade the day they emerge. It looked like these guys were scrambling a bit at the very end so all their ducks might not be in a row. I was kind of surprised EKDKQ traded at all today. Anyway, I would check the otcbb.com Daily List every day about 6 pm ET at the latest to see when the new securities are scheduled to hit the market. You might be able to find out before then. I haven't found anything myself yet, but it has been a few hours since I last checked.
In a word, yes. I understand there was about a 35% recovery for unsecured creditors, while senior debt was made whole, or close to it. Anyone who held shares at the time of the trading halt at 1:44:09 EDT today hold literally worthless shares. They were trading pretty steadily until the last second when they pulled the plug. Whoever bought in those last few moments are sure to have eaten it. Someone else might come around with the exact figures of recovery depending on what class you were in.
hardasset, so what your saying. Old creditors and bondholders will end up losing? Also, those who owned shares here with EKDKQ before it was delisted. Did they lose their investment? How soon do you think, till fka EKDKQ could be listed again?
Ouch... sorry to hear that for anyone who was still holding. I got in and out here a couple times and have been watching it ever sense. This is the risk you take when trading these bankruptcy plays, its ashame the CEO couldn't save Kodak and its even more ashame that honest traders like many on the board here are the ones who take a 100% loss. GLTA in future endeavors, there's money to be made elsewhere!
Yes. Actually some of the new IPO is part of the reorganization plan. The old bondholders and creditors are given shares in the new company as part of their compensation package. And financiers in the reorganized company are the new bondholders. Mind you, what the old creditors and bondholders are getting is not even close to what they were owed, for the most part. Not really sure where the new stock will go. Sometimes if the reorganized company is weak, it will slide back into BK in a couple of years, or even sooner. But if want to participate you will need to ante up again. My bet is the new shares should appreciate in the long term from the point they are initially offered.
hardasset, this is my first time seeing a company do this. What exactly do you mean? Will they go public again soon you mean?
Under My Fidelity account, the EKDKQ symbol is now a # and the price went up to 0.055 for some reason.
EKDKQ: Bankruptcy plan effective. Previously issued and outstanding shares of Kodak?s common stock have been cancelled as set forth in the Plan. Deletion time 13:44:04
http://www.otcbb.com/asp/dailylist_detail.asp?d=09/03/2013&mkt_ctg=NON-OTCBB
Mods - keep this board active with the new symbol, as soon as they get one, shouldn't be long.
Kodak said its old stock is canceled as of Tuesday
http://finance.yahoo.com/news/ap-exclusive-kodak-ceo-talks-185730509.html
Yes that was what I was referring to. Thanks for your help
And understanding
Yes there are new shares to be issued under a new EK company i.e. post-bankruptcy company.
New shares will be issued to creditors. Any old common shareholder get's nothing - there investment is 0 now.
The new issued shared will start trading under a new symbol. I dont know of the new symbol though... I guess that's the sybol you were asking about??
Not holding... Was wondering if there would be new shares under a new symbol
There won't be new shares. If your holding this your investment is now worth $0.00
Does anyone know what the new symbol will be for the new shares ?
I don't expect you to be one of them....
Estimating $1M of peoples money were lost today trading trying to "play bounce" on this
Deleted Symbol = http://ih.advfn.com/p.php?pid=nmona&article=59055537&symbol=EKDKQ
Date : 09/03/2013 @ 1:47PM
Source : OTC Markets
Stock : Eastman Kodak Co. (QB) (EKDKQ)
Quote : 0.0299 -0.0251 (-45.64%) @ 1:47PM
NO LONGER LISTED ON OTC EITHER ; http://www.otcmarkets.com/research/companyDirectory?symbol=EKDKQ
For the record: price charts of EKDKQ prior to cancellation of common:
1 minute candlestick chart of the last day of trading: ( Full image)
Daily candlestick chart of the last 2 months of trading:
At 1:30pm the company put out a press release about having just emerged from bankruptcy and cancelled the common stock
PR:
Profit ? No..... No ... I'm not so smart - like you
and stupid me for not looking at PIR since my wife and I shop there. Could have made the money I've spent there many, many times over. LOL.
worked out just as you posted it..
PIR never filed for BK during
that .10 to 25.00 run
at all
MK
Pier one did NOT go bk
Pier 1 Imports emerged from bankruptcy and they ran from .10 to $20 why in the world did they cancel the common shares
Interesting to anticipate what's coming next. Wish I could have anticipated Bitcoin. Read an interesting article in Forbes last week (I still get paper copies b/c easier to read on the throne and a hot laptop can burn ur nutz) on how the dark web is revolutionizing the drug trade.
Here's the link: http://www.forbes.com/sites/andygreenberg/2013/08/14/meet-the-dread-pirate-roberts-the-man-behind-booming-black-market-drug-website-silk-road/
Worth the read.
And now what???? On to the next winner!!! nothing lasts forever.... remember that!!! I made a tidy profit a while back... did you?
People have to understand how the market works, there is no difference between this and slapping down money at the track or casino.
commons were cancelled brother, bad luck to trade it today
Fufat ..... And now ??????
Same with Blockbuster, every dog has its day I guess lol
I'll probably be buying $EK when it starts up. Thinking this could be a Six Flags kind of situation. GLTA
End of an era. Kodak didn't read the tea leaves right when digital photography got into the consumer's hands. Same mistake that Encyclopaedia Britannica made when disc-based and then online encyclopaediae came around. Disruptive technology.
Deleted symbol kinda says it all lol
http://ih.advfn.com/p.php?pid=nmona&article=59055537&symbol=EKDKQ
today was it... I think Renee has some links in the stickies... but Sept 3rd was it I'm not sure why it hasn't posted on the OTC markets halt board...
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2012 - Kodak entered Chapter 11 reorganization and embarked on a series of changes that will focus the future company on commercial markets. The changes included phasing out the digital camera business, and selling assets of the KODAK Gallery (on-line photo services) and Cinesite (Kodak's subsidiary for motion picture effects).
The company also announced plans to sell its Document Imaging and Personalized Imaging businesses. The latter is composed of Retail Systems Solutions (including kiosks and in-store processing solutions), Event Imaging Solutions (including theme park imaging), and Paper & Output Systems (traditional photographic paper and still camera film products).
Toward year's end, the company announced agreements that would bring it approximately $525 million for sale of its digital imaging patents .
♦Ten new commercial technologies were introduced at the drupa trade show in May, including the KODAK PROSPER 6000XL Press, a commercial inkjet system capable of printing 1,000 feet per minute; the KODAK FLEXCEL Direct System, for producing in-the-round sleeves for flexographic package printing; and KODAK SONORA XP Process Free Plates that provide the quality, productivity and print capability of mainstream plates without processing equipment or chemistry.
♦ KODAK NEXPRESS Red Fluorescing Ink received the industry's prestigious 2012 Intertech Technology Award. The ink is virtually invisible when printed but shows up under ultraviolet light, and is used for fraud protection on printed documents and promotions.
♦ Kodak negotiated new contracts for motion picture film with four key motion picture studios: NBC-Universal, Paramount, Disney and Warner Brothers.
♦ As part of an effort to extend use of Kodak's commercial inkjet technology through partnerships, Timsons Printing Machinery developed the TIMSON T-Press. Powered by KODAK Stream Inkjet Technology, it's the fastest, widest digital inkjet press available for black-and-white book production.
Eastman Kodak Co. (EKDKQ) said its full-year loss widened in 2012 compared with a year earlier, logging heavy restructuring charges during a bid to reorganize.
A judge last week approved changes to the company's bankruptcy-financing plan, giving it more flexibility of time and money as it seeks to emerge from bankruptcy in mid-2013. Kodak filed for Chapter 11 bankruptcy protection in January 2012.
For the full year, the company reported a net loss of $1.38 billion, compared with a loss of $764 million in 2012. The latest year's results included $1.07 billion in reorganization and restructuring charges, compared with $118 million a year earlier. Revenue decreased 20% to $4.11 billion, while overhead costs fell by $226 million.
The company ended 2012 with a cash balance of $1.14 billion.
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