is.......................Broke and can't be fixed.
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There is rarely any hope for commons in cases like this one. The reason is simple, the restructuring will create a new company with a future, and those involved in the restructuring want to own this "new" company. In order to own it they must first get rid of the old owners........get rid of the commons.
Unless there is a shareholder equity committee that is present in court to fight for the shareholders there really is next to no chance for the commons to stay intact.
Also, even if certain shareholders decide to retain counsel don't ever believe that said counsel represents all shareholders. These lawyers only represent those shareholders that hired them and during negotiations will act as such. The creditors are more likely to pay off these shareholders than all shareholders. And yes they can do this, it is not supposed to work this way but it does.
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For Chicago....I'll be on a beach starting Wednesday so I won't even see the race.
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I don't think there will be a dump in the near future. I am interested in seeing what will happen here. I think Kodak's plan is to remove debt by downsizing the operation (agree with you here)through selling assets. But I have no idea what will be left of the company. If not cancelled the commons will be diluted imo.
I do think there is a run left in this one though. I would wait for a while before seeing what happened.
This trades OTC.
No after hours trading.
The biggest problem I see is no equity committee. If you have no one fighting for you in court, you lose.
Just a reminder. Kodak may emerge from bk as a whole company, but that does not mean the common shares will stay intact. Part of the restructuring can be cancelling the commons and reissuing new shares.
There is no shareholder equity committee as I understand, therefore there is no one in court to battle for the common shareholders.
http://www.cbssports.com/nascar/blog/eye-on-nascar/19830402/video-jeff-gordon-has-issues-with-dale-earnhardt-jr
gordo was just being a little bitch. He got passed and cussed Jr.
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-Deal includes four major motion-picture studios
--Payments to studios will get high priority in Kodak's bankruptcy case
-- Kodak film has shot 80 "Best Picture" Oscar-winning films
(Adds comment from Kodak in sixth paragraph.)
By Joseph Checkler
NEW YORK-- Eastman Kodak Co. (EKDKQ) forged new deals with movie-studio partners including Walt Disney Co. (DIS) and Warner Bros . Entertainment Inc. that should ensure movie cameras stay loaded with Kodak film until at least 2015.
In a Tuesday filing light on details, Kodak said it will seek a judge's approval to cancel its old agreements with the studios and replace them with new ones with different terms, including an increase of the price for the film used in cameras and to print films in theaters.
The filing, made with U.S. Bankruptcy Court in Manhattan , also contains a clause that would allow Kodak to get out of motion-picture-film manufacturing by giving the studios 180 days' notice. A hearing on the matter was set for Sept. 19 .
The agreement, which also includes NBC Universal Inc. and Paramount Pictures Corp. , has the support of Kodak's official committee of unsecured creditors. As part of the agreement, the studios get "administrative" status on their claims against Kodak , meaning payments to the studios are at the top of the totem pole in Kodak's bankruptcy case.
Essentially, Kodak's deals with the movie studios bring the old ones up to date, considering 2012 film and commodity prices. They also ensure the movie studios will keep buying a specified volume of Kodak's film, with Kodak continuing to give the studios rebates and discounts. In its filing, Kodak said it owes the studios $26.6 million for such incentive programs. Kodak didn't provide more specific details on the terms of the contract, citing confidentiality concerns.
" Kodak is pleased to be able to extend its longstanding relationships with these important motion picture customers," said Kim Snyder , president of Kodak's Entertainment Imaging division. "We're very happy to see their confidence in the Kodak brand by signing multiyear agreements with us."
Longstanding relationships with the movie studios contribute to Kodak's status as an iconic company--80 "Best Picture" Oscar winners were shot with Kodak film, according to the company--but they aren't a key factor in the company's reorganization. In its latest annual report filed with the Securities & Exchange Commission , Kodak said the unit related to motion-picture film accounted for 9% of the company's 2011 revenue.
Instead, the reorganization hinges on the company's digital-patent-portfolio auction, the results of which Kodak delayed announcing earlier this week.
The patents, which Kodak hoped could fetch more than $2 billion , received opening bids of less than $500 million , The Wall Street Journal reported. While a bidding war between suitors including Google Inc. (GOOG) and Apple Inc. (AAPL) could ensue, the low bids suggest the company might struggle to raise the money it needs repay its creditors and reorganize successfully.
Kodak , based in Rochester, N.Y. , filed for Chapter 11 protection in January after failing to sell its patents outside of bankruptcy court. The company's photography-driven business became marginalized by increased digital competition, and it struggled with high labor and pension costs.
In February, Kodak said it will close its camera business, which makes digital cameras, pocket video cameras and digital picture frames, in a move that could save it $100 million annually. Kodak intends to focus on retail and desktop- inkjet printing rather than photography after it completes its restructuring.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)
-Write to Joseph Checkler at joseph.checkler@dowjones.com.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
08-15-12 1543ET
Copyright (c) 2012 Dow Jones & Company, Inc.
There are a lot of big trades going through...
95K
45K
35k
40K
Just in the last 5 minutes
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No, once they sell the patents any legal issues go with it.
BK's usually run and drop many times throughout the process. Every time some good (or perceived good) news comes out it will run. Every time some bad (or perceived bad) news comes out it will drop.
There is little doubt in my mind that the bids will leak and therefore high bids will cause it to run and low bids will cause it to drop. These things gather momentum and continue until something breaks it.
I believe that there will be nothing (or near nothing) left for the shareholders when all is said and done. That is nearly always the case.
But there is a ton of money to be made trading this in the meantime. Do not fall in love with it, buy after bad news drops it and sell when good news runs it.
That's from 10 months ago and is a speculative report. Useless now.
Right now the initial bids mean you can buy this a lot cheaper today than yesterday. If you believe the companies values of the patents then buying should be big.
Oh, I agree, it will go down, at least to start the day. But I was questioning the "insider" part of your post.
This article, which attracts attention, tells us nothing. To headline an article saying that opening bids were below what Kodak estimates the value is like a headline that reads "The sun rose in the East Today". Yep it's true but so what. It does get the juices flowing. Even if the article is spot on, the opening bids mean nothing.
I do agree with you that this can be a buying opp if you believe the auction will bring in billions of dollars.
2500 shares..... I wouldn't call that insider reaction.
Where did kodak call them out?
Correct me if I'm wrong. We were told on Friday that the cash value was $5.5 per share. Add a quarter of a billion shares and now the cash is just North of $1.50, which is the price the investors are paying.
At 7 this morning was startled by a swat team of security. The groom from a bachelor party next to me had the gall to take a leak outside. They threw his butt out. Two hours earlier they shoulda threw me out..... Drunk people playin with explosives all night and they throw out a poor sucker who is walking the walk in a week.
I'm at pocono right now, tired and going to sleep. can't wait for the noise.
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If someone else is winning I'm running out on the track to slow them down. Look for me turn three!
Simple, MMs buy shares, then they have an incentive to get the pps to go up. That can be helped out by buying small quantities at higher prices. The same goes the other way, they short shares, then sell small quantities at lower prices causing the pps to go down.
MMs do not simply arrange trades between buyers and sellers, they participate by buying and selling themselves. It is done under the ruse that this is what keeps the stocks active. I for one would like to see the system not reward manipulation, but it is what it is.
Actually, it was the human programmer that caused this. The computer only did what it was told to do.
And yes, I believe the system needs changing. The market should be controlled by MMs, but they should not be allowed to turn profits on buys and sells, only on processing orders. The wolves should not be guarding the hen house. There is no reason the MMs should have any incentive to care what the pps of any stock does. They should not be able to turn a profit by manipulating the pps. Remove the incentive and you remove the manipulation.
Knight Capital Group Inc. (KCG) late Wednesday agreed to sell the positions it held in stocks affected by that day's trading issue to Goldman Sachs Group Inc. (GS) in a block trade, according to people familiar with the matter.
The block trade is expected to crystallize the $440 million loss Knight disclosed Thursday morning. Goldman is paying a discounted price for the shares in the deal, which will provide Knight with liquidity, the people said.
Discussions about the agreement are ongoing and terms could shift, said the people, who added regulators have been involved.
Write to Liz Rappaport at Liz.Rappaport@wsj.com and Jenny Strasburg at Jenny.Strasburg@wsj.com
Order free Annual Report for Goldman Sachs Group, Inc.
Visit http://djnewswires.ar.wilink.com/?link=GS or call 1-888-301-0513
Order free Annual Report for Knight Capital Group, Inc.
Visit http://djnewswires.ar.wilink.com/?link=KCG or call 1-888-301-0513
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(END) Dow Jones Newswires
08-03-12 1602ET
Copyright (c) 2012 Dow Jones & Company, Inc.
-- TD Ameritrade , Scottrade resume sending orders to Knight
--Firms still avoiding Knight include Fidelity, E*Trade
--Knight shares leap 61% in Friday trading
(Adds details throughout on TD Ameritrade and Scottrade resuming routing of customer orders to Knight.)
By Brett Philbin and Liz Moyer
Online brokerages TD Ameritrade Holding Corp. (AMTD) and Scottrade Inc. resumed routing customer orders to Knight Capital Group (KCG), reversing their stance of the past three days, sending shares of the embattled Knight up 61% Friday.
Other financial institutions continued to shun Knight, including Fidelity Investments , E*Trade Financial Corp. (ETFC) and LPL Financial Holdings Inc. ( LPLA).
Knight shares began to rise sharply in premarket trading Friday after The Wall Street Journal , citing people familiar with the matter, reported the firm received a line of credit that will allow it to operate for the day. Representatives of Knight have called trading-desk executives, encouraging them to route orders to the firm as usual, these people said. Still, with the stock trading around $4.08 a share, it is sharply below $10.33 , its Tuesday closing price.
In a statement, TD Ameritrade Chief Executive Fred Tomczyk said, "After considerable review and discussion, we are resuming our order-routing relationship with Knight," adding Knight "has long been a good and trusted partner."
TD Ameritrade , along with several banks and brokerages, had been sending orders to other market-markers since Knight Capital disclosed a technology issue Wednesday that cost it $440 million and severely dented market confidence in the Jersey City, N.J. , firm. TD Ameritrade had been testing its systems over the past two days to ensure the routing process would run properly.
Knight Capital executives held meetings with TD Ameritrade and communicated to brokers it had received new financing, CNBC reported earlier Friday.
TD Ameritrade routed approximately 4% of its total customer orders to Knight Capital , while Scottrade sent 30% of its trades in NYSE -listed securities and 37% of its trades in Nasdaq securities through Knight as of the end of June, according to a regulatory filings.
A Scottrade spokeswoman said the online brokerage "began routing orders on limited basis to Knight at 12:30 p.m. Central Standard Time ," adding "we have confidence in the execution services provided by Knight."
A spokesman for Vanguard didn't immediately respond to a request for comment after the news some trading partners had returned to Knight. Earlier Friday, he said Vanguard wasn't trading with the firm. As of June, Vanguard routed 26% of its customer orders in NYSE Euronext -listed securities to Knight, according to a regulatory filing.
E*Trade continues to send its trades to firms other than Knight, a spokesman said.
Fidelity also wasn't routing customer orders to Knight Friday, according to a person familiar with the matter. It sent 33% of orders to Knight as of the end of June.
Knight has been exploring ways to shore up its capital position, including outside financing or potential deals, after the technology glitch Wednesday raised questions about the reliability of highly automated equity trading.
CNBC said Goldman Sachs Group Inc. (GS) helped Knight Capital unwind its unintended stock purchases late Wednesday, buying Knight's unwanted positions in one block sale, citing people familiar with the situation.
CNBC reported Knight has three business days to settle the trades.
Write to Brett Philbin at brett.philbin@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
08-03-12 1538ET
Copyright (c) 2012 Dow Jones & Company, Inc.
Oh they got wiped out all right...
The board of Visteon ended up with more than the stockholders.
Stocks Knight screwed up.
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AAU
ACI
AFL
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AIG
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AMD
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How could ALL of their erroneous trades have lost money? Shouldn't some of them be profit makers? Just sayin, even a blind squirrel finds a nut once in a while.
I'd love to see their "trades"
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If you want your money back on this you'll need two things.....
A Mask
And a Gun!