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  • viclobserver viclobserver Apr 22, 2013 9:14 PM Flag

    STUPIDITY REIGNS: What does the secureds have to do with YOU???????

    1) SECURED are on top= first dibs on squirrel food. CASH alone covers them

    2) 2nd liens are next in line= Leftover cash then goes to payoff these creditors.

    3) Unsecured are next in line= NO more cash available, so these creditor class gets EQUITY.

    There is appx. $2 Billion of Unsecured CLAIMS, AFTER the UK pension is settled. And this does NOT include the US pension, which has a negative of $727 million if Kodak is sold.

    4) So how much is the remaining value of Kodak?????

    As a publicly traded company Kodak will not be worth more than a few times EBITDA. Kodak will report GAAP losses, and little if any growth for the next year. 4 times EBITDA would be more than generous as publicly traded company that LOSES money= $800 million.

    5) The best recovery for creditors is in a sale. With the US pension liability included maybe $1 billion.

    6) Without the US pension included maybe $1.7 billion. but then PBGC is added to the creditor pool.