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  • proforkodak proforkodak Mar 2, 2013 9:45 PM Flag

    MOST LIKELY SCENARIO: UK pension authorities agree to a part cash part stock settlement

    I have used a sum of the parts analysis to come up with a valuation of Kodak assets. Using the value that Kodak's businesses could be presently sold for only slightly exceeds Kodak's actual debts. (valuing the UK pension liability using US standards.)

    Unfortunately, a stock market on going value will probably be much lower do to negative investor sentiment towards the print industry in general, and Kodak specifically.

    ** In order to keep the NOLs, at least 50% of the new shares must be either from CURRENT shareholders, or creditors that have held their claim for over 18 months before new shares are issued. ***

    In this scenario #3 A, UK pension is given $350 million from the NON US cash hoard. UK pension then receives 50% of the NEWCO stock, valued at $350 million, while current shareholders receive 1%, thereby retaining the appx. $2 billion or more of NOLs.

    This leaves appx. $650 million of cash and 49% of Kodak NEWCO(valued at $343 million) equaling a total of $993 million to satisfy the remaining $1.7 billion of UN secured claims, or a 58% payout.

    A $700 million settlement of the UK pension stated liability of $1.2 billion is 58% ALSO!!! These are the type of metrics that will be used to try and convince the UK authorities that this is the best deal for the pensioners. ( Kodak will argue that the longer term value of the shares is twice the valuation being used for initial valuation.)

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    • So why would anyone still be holding common???? LOL!!!!!!
      Its fairly valued at best with Pros new valuation metrics!!!!! LOL!!!!
      ZERO is coming!!!!

    • By the way, let me clue you in on the bonds. If Kodak emerges from BK and I say IF! Cause they aint getting out of BK court burning 25 mil a month, the bonds will most likely see 25 and that my high end of the range.
      All pensions will be converted to common(JMO) Everyone is getting coverted or kodak aint ever get out of court burning 25 mil a month!

    • Check your facts, in this case the creditors who held 18 months(old and cold) will be enough keep NOL's.
      They dont need the common to survive inorder to maintain the NOL's, hence common is nothing but a pipe dream. I love that you think common is only get 1 or 2%! LMAO!!!! In 4 months you'll being singing the worthless song like I have been doing for 6 months! I love a good flip flopper!