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EASTMAN KODAK CO Message Board

  • stockboardguy stockboardguy Apr 21, 2013 8:44 AM Flag

    Cram Down Event Coming April 30th! Bond Boy Butt Buddies Drinking Heavily!

    Since Pro likes to pull 1 line out of context in the 10K, I thought I would pull out a couple lines for you from page 11 too. The whole thing is a CYA document that covers Kodak from any litigation regardless of the outcome.

    This one I like for the Bond Boy Butt Buddies:

    The plan of reorganization also may treat prepetition claims of certain customers, suppliers and continuing business partners more favorably than general unsecured creditors.

    In other words, Bond Holders are getting Crammed Down!!!

    How many times did we see the word "Cram" in the Public Court Docs?

    How about this line Bond Boy Butt Buddies?:

    The contents of our plan of reorganization will depend on many factors beyond the value of our assets,-including the amount of claims against those assets, the resolution of intercompany claims, the results of strategic processes that are underway, our business results, our financing activities, and the outcome of negotiations with creditors.

    Wow! That line would appear to say that there is ALLOT more being considered than JUST the value of the companies Assets doesn't it? Seems to bode well for the common shareholders!!

    The main point of this post is to let everyone see that there were several lines in that 10K that can be interpreted in a variety of ways, both good or bad for shareholders and bond holders. I still see Common and also the Unsecured each getting their piece of ownership in the new Kodak upon POR being agreed upon.

    I expect the Bond Boy Butt Buddies to get .11 cents on the dollar in cash (same as the other unsecured claims like the OPEB) and then they can have a few shares of the new issue at say $10 per share to make up the other .89 cents value of the bonds they are owed to make them whole.

    I also expect 2-3 spin offs to be announced in the POR. I can't see some major moves being made considering what we have researched and discovered in the public documents. There are 18 Code Name Projects being worked on.

    Sentiment: Strong Buy

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    • "I expect the Bond Boy Butt Buddies to get .11 cents on the dollar in cash (same as the other unsecured claims like the OPEB) and then they can have a few shares of the new issue at say $10 per share to make up the other .89 cents value of the bonds they are owed to make them whole"

      So what part of what your saying gets bind holders cram down?

      "The contents of our plan of reorganization will depend on many factors beyond the value of our assets,-including the amount of claims against those assets, the resolution of intercompany claims, the results of strategic processes that are underway, our business results, our financing activities, and the outcome of negotiations with creditors"

      Negotiations with creditors means bonds will not be paid in full. You are first saying unsecured a get crammed
      down them you say they will get paid in full. Can't have it both ways.

      • 1 Reply to goldentouchbronx
      • My bad, I meant to say Cram Up (reference my other posts where I give this same opinion, where you guys are made whole with Cram Up to roll debt forward.) .

        Which leads me to my next point.

        Pull up a Kodak chart and look at all the shares that were traded before the POR was issued on April 8th.

        Seems to me someone knew what would be in that POR, and loaded up on shares.

        Someone owns the stock and the volume was too high to be just mom and pop.

        Since that time the POR was issued 14 days ago, the stock is still in the .30s, BUT the bonds have dropped from .14 cents to now .11 cents.

        In 14 days, if the stock was being canceled it would have leaked IMO, and we would be under .10 cents, but we are NOT, we are in the .30s

        SBG

        Sentiment: Strong Buy

 
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