The general consensus and our opinion: Kodak is not doing very well.
As long time residents of our fair city, we are sad to see what was such an innovative and influential company take such a bad downturn. However, we can’t spend too much time in lamentation – we have work to do. It is at difficult times like this one that talking to a knowledgeable financial professional can be comforting and helpful. We like to be a resource for our city. Here’s how we’re doing that right now:
Last night we had a very successful meeting with our clients and the public about likely effects of Kodak’s potential bankruptcy. We put this meeting together quickly in response to a deluge of calls from our clients, from Kodak employees and retirees and from concerned Rochesterians.
We also added a new spin to the meeting: we opened it up to our Twitter followers and fielded many questions from folks through social media. This got us some nice press here, here and here. This kind of meeting is called a Tweet chat and, as far as we know, no other financial services firms are talking to their communities this way. We’re pretty proud that we are and we intend to do more and more of it. Search #ROCKodak to see what the conversation was like!
Last night was such a success, that we’ve got two meetings planned for next week. On Wednesday, January 11th at 5:30 p.m. and Friday, January 13th at 4 p.m. we will have more Q&A’s. You can come in person (reservation recommended), reach out via twitter (@gtconboy, @chris_crom, #ROCKodak), or post to our wall on Facebook.
Additionally, we have opened a Kodak Bankruptcy Hotline. Anyone can call (585) 340-2246 to get their questions and concerns addressed by one of our top advisors. The hotline is open from 8 a.m. to 4 p.m. Monday through Friday.
If you have anything regarding Kodak that you’d like to talk about, please reserve a spot at one of our meetings by using the hotline number (585) 340-2246. Or call us! Or Tweet! Or post on FB! However you want to talk to us, we’re listening.
Chris Cromwell
This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author’s opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).
Tags: Bankruptcy, Brighton Securities, Chris Cromwell, Eastman Kodak
January 12, 2012 at 8:35 pm |
This is very helpful. You should put links to your twitter feeds and facebook page on your website home page.
January 26, 2012 at 8:59 pm
Thanks, Tina! Normally we have those links on our site, but we temporarily replaced them with notices of our meetings. They should be back now.
January 20, 2012 at 9:32 pm |
I am a holder of common stock in Eastman, what can I expect to happen after they exict bankruptcy?
February 3, 2012 at 5:18 pm
Hi Jim,
Check out our blog post about Kodak common holder here: http://brightonsecurities.wordpress.com/2012/02/03/eastman-kodak-shares/
Your shares will likely be valueless. Any value left will be in the form of a claim on assets of the company after everyone else has been fulfilled. New shares will be issued for the new company coming out of bankruptcy.
Thanks for asking.
January 28, 2012 at 3:26 pm |
How can they do this? We were told no lump sums unless a 100% funed. The last group @ kodak and we get the worst. Most of us planned on taking Lump to invest on our own….totally unfair. Is there anything we can do?
January 30, 2012 at 7:18 pm
Hi Linda – We’ve had many, many questions about the PBGC, lump-sums and pension funding over the past 2 weeks. For a more detailed answer, look for a blog post very soon about the topic. The short answer is that lump-sums are temporarily off the table while the PBGC audits the pension fund. Lump-sums may come back or they may not dpeneding on the results of the auction and other factors like whether or not Kodak can make up any potential funding shortfalls. Unfortunately, this sticks many, many people who have given a lot over their careers at Kodak with simply a wait-and-see strategy. Wait and see the results of the PBGC audit, wait and see if patents sell, wait and see if the judge continues to challenge Kodak’s managment… In the meantime, planning is always a good idea. Start to ask yourself some what-ifs: What if lump sums do not come back? What will my monthly pension be and how does that affect my financial goals? What can I do with any other investments I may have to compensate for having to take the annuitized option?