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This crap with Kodak.....

Discussion in 'Off-Topic Lounge' started by Briebee72, Aug 2, 2020 at 2:44 AM.

  1. Briebee72

    Briebee72 Well-Known Member

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    Maybe I dont understand something but. But hey the board had an agreement not on paper but verbally to give the CEO 1.7 million shares magically the day before the government gave them 700 plus million dollars to make drugs. So now the CEO has shares worth 85 million and the day before they were worth 3.5..hummmm. and 3 other top people got windfalls. Oh and Ill bet the people who voted to give them the money had plenty of shares as well... such BS. All these companies begging for money claiming bankrupt.. cant make pay roll and any other long list of complaining.... yet CEOs keep getting multi million dollar pay outs while the rest if the US suffers.

    we have a local grocery store chain here in NC. the CEO came out during covid and said we want to help our employees because they shouldn't suffer. Sounded good right. well they gave full time people like 300 bucks and part time 150 bucks as a 1 time bonus... the numbers were crazy. Im not being accurate here cause i cant remember but it was like in total employees would get like 3 million in total payouts of a 15 million bonus plan. So it was total BS the top people in the company like 3 of them walked away with the other 12 million. The ones who didnt need it 3 in total got 12 million and the like 5000 employees who did need it got a few hundred bucks.

    This damn system is so broken.

    People like the CEO of sears who run a company into the ground to steal the properties to sell and pocket billions while shitting 100k people out of jobs should go to jail not people who smoke a joint.
     
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  2. Mikthehun1

    Mikthehun1 Well-Known Member

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    And remember, these people also hire lobbyists to buy your representatives. They get away with these shenanigans because your vote doesn't matter half as much as their dollar.
     
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  3. lonegunman

    lonegunman Well-Known Member

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    Buy one share of whatever company made you mad and vote against board member pay and compensation. You can also use your share to get invited to the shareholders meeting and sign up to speak out against CEO pay. Plenty of people do every year.

    I've always voted "No" on the question of approving CEO and executive board pay, always voted "Yes" for outside accounting firm reviews and always voted to lower management pay if that was ever a topic. It probably does not work because major shareholders are also greedy fucking millionaires who want to get paid. When the optics of their pay have a light shined on them, the pay does get smaller.

    https://www.reuters.com/article/us-eastman-kodak-ceo/kodak-ceos-fortune-swells-79-million-as-stocks-rally-on-us-government-loan-idUSKCN24U3BG#:~:text=(Reuters) - Eastman Kodak Co,the value of his shares.


    Yes, this guy got rich. But, he took the CEO job for basically nothing because he took over a bankrupt company. Making precursors for pharma was only a small part of their business and almost no American company did that type of work because past presidents like Obama farmed out American pharma to our nation's enemies for cheap prices. These guys are reaping the rewards of the risk they took in keeping Kodak from disappearing into the dustbin of history.

    Yeah, you hate it, but they took the risk and they earned the reward. If you had risked your money to own Kodak, a nearly worthless company selling products you do not want because cheap Chinese digital cameras and phones replaced them, you could have been rich too.

    These guys saved a nearly 140 year old company and have created thousands of new jobs in America, making good quality American products, paying American taxes. When he sells $20,000,000 in stock to create some cash, he will pay at least 20% of the net gain in taxes. A quick $4 mil for the government to turn into food stamps and welfare checks.
     
  4. Interceptor

    Interceptor Daily Driver

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    Sounds like a " Kodiak moment"
     
  5. Mikthehun1

    Mikthehun1 Well-Known Member

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    4a7iyh.jpg
     
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  6. Interceptor

    Interceptor Daily Driver

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    Good catch, dag gone spell check
     
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  7. watisthis

    watisthis Well-Known Member

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    They tried to pivot to blockchain before this. THey're a dying company flailing around trying to turn things around. They figured they could turn to pharma since it's the new thing and they're a chemical company and Trump was happy to throw almost a billion dollars their way.

    However, it gets very interesting the more you look into the market moves. When it was announced the other day that Eastman Kodak Co will get 765$ million loans from the US government to produce pharma ingredients in the country. A day before this announcement, there was a suspiciously high volume of shares of Kodak being traded. Members of congress have 45 days to disclose their trades via the stock act, so I'll be keeping an eye on it in the coming weeks. I'm sure if someone did buy a bunch of Kodak stock on non-public information, they'd wait as long as they could to disclose it. https://imgur.com/a/Y3fbYcd

    Lastly, these are all planned quarterly events. Execs have lower wages and make their money through stocks/options, which gives them a reward based on the performance of their company which is theoretically reflected in their share price. A stock option is only worthwhile if the business does well in this case it happened to be good timing but it was pre-planned

    He can not sell this stock when he wants, he had to file it with the SEC in advance and let them know the date he decides to sell. There are rules surrounding this but I am not educated enough on them.

    Edit:

    https://www.nytimes.com/2020/07/31/business/kodak-ceo-stock-options.html

    "On May 20, Kodak handed out 240,000 stock options to board members — an addition to its usual equity distribution in January.

    The May stock options awarded to directors are now worth about $4 million. Those options are eligible to be exercised gradually over the course of this year.

    Arielle Patrick, a spokeswoman for Kodak, declined to answer questions about why the directors were granted stock options in May.

    On the same day that Kodak was alerting the local media to its about-to-be-announced deal with the Trump administration, the compensation committee of the company’s board voted to award Mr. Continenza 1.75 million stock options that allow him to purchase shares at prices ranging from $3.03 to $12.

    By Wednesday morning, Kodak’s shares had soared as high as $60 each. They have since retreated to about $24, which means the stock options give Mr. Continenza the right to buy shares at a deep discount.

    Mr. Continenza can exercise some but not all of the options immediately.

    Ms. Patrick said that the rapid increase in the values of Mr. Continenza’s new stock options “are paper only. Mr. Continenza has not received any proceeds nor does he have any intention of selling.”

    She added that Kodak’s board awarded the options to Mr. Continenza because when the company last year issued a type of debt that converts into equity, the value of the chief executive’s stock and options were diluted.

    She said that Kodak received shareholder approval in May to issue additional shares, and that the compensation committee approved the options “at the first meeting of this committee since the annual stockholders meeting,” which was on Monday, July 27.

    She declined to comment on why Kodak did not wait until after the White House announcement to grant the options.

    The increase in Kodak’s shares this week also transformed some stock options that Mr. Continenza received when he became chief executive. They had been effectively worthless because of Kodak’s low stock price. This week, their value grew to about $59 million, Reuters reported."
     
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  8. Matti777

    Matti777 Well-Known Member

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    Corruption at the top levels has gone exponential even up here. They don't even try to hide it anymore.
     
  9. Qcman17

    Qcman17 Well-Known Member

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    Momma don't take my kodachrome away....
     
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