Kodak went bankrupt. The old shareholders got nothing; like about all bankruptcies. The New Kodak is a new company. The old shareholders have nothing to do with the New Kodak. With the old Kodak there were more debts than assets. the company had a negative worth. The bondholders of the old Kodak are legally the ones that have some secured stuff; thus they get some of the new Kodak shares. None of this is anything new; bankruptcy is older than anybody alive today. Common stock is the last guy in line in a bankruptcy; thus they got nothing. It is not fraud; it is how bankruptcy works. Kodak was in such a bad shape the shareholders got nothing. That stocks go up and down more than bonds; there is often little or nothing secured.