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EASTMAN KODAK ŞİRKETİ Message Board

  • proforkodak proforkodak Mar 2, 2013 1:37 PM Flag

    CURRENT ANALYSIS: Unsecured bonds are attractive, shares are risky.

    FACTS:

    2) DI plus PI now indicated above $600 million DOWN from minimum of $700 million, which means TOTAL proceeds between $600 and $700 million.
    3)EXIT financing appx. $1 Billion.
    4) Current cash appx. $1 Billion.
    5) OPEB liability= $635 million
    6) Unsecured bonds liabilty= $650 million.
    7) Various other CLAIM liabilities= appx. $400 million
    8) UK pension liability= appx. $ 700 million ( $1.2 billion amount is exaggerated from current zero interest rate policy. Using US and other EU countries formulas will bring TRUE liability back down to PRE crisis levels HOPEFULLY)
    9) Kodak owns valuable UNDER STATED real estate that will hopefully be sold to provide additional funds for settlement of claims.
    __________________

    WHAT can the BOD do to minimize dilution of current shareholders, so they can participate in the future annuity profits from commercial INK sales?

    SCENARIO #1: The BOD could sell the entire remaining company, but would NOT get very much, since the installed base of STREAM HEADS is NOT large enough YET to provide significant INK profits to offset the costs of growing the base.

    SCENARIO #2: BOD could sell off or JV the Graphics and theatrical film business to provide additional cash, while retaining the growing Digital printing businesses. Graphics and commercial film are cash flow positive, but will get very low multiples similar to what is being indicated from the DI and PI sales. Also, there is synergy from having the Graphic and Digital together(shared marketing and sales force, which produce economies of scale.)

    SCENARIO #3: (MY pick)
    A) BOD keeps Graphics and Digital media print, but does large JV with FUNCTIONAL printing efforts, which are NOT yet in commercial phase. Functional printing has HUGE potential in a number of areas but Kodak does NOT have the resources or the core competencies to bring to market. Functional print JV could bring in a hundred million of cash, and provide additional equity for VALUATION ANALYSIS to minimize shareholder dilution.

    B) Excess real estate is sold, which provides additional cash, and further HARD equity for valuation hearing

    does NOT have the resources or the core competencies to bring to market. Functional print JV could bring in a hundred million of cash, and provide additional equity for VALUATION ANALYSIS to minimize sharehol

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    • What brought you back? Was it the new message board format? Anyhow, nice to have you back! Even though you have NEVER been right about anything! Still waiting for you be right ONCE! LOL!!!!!
      Stock is worthless and you know it......stop dreaming
      Why do you keep talking about kodaks valuable RE?? They burn 30 million every month! Their RE is meaningless when you are burning these kinda numbers! Looks like i have been right about 10 times more than you.......