Tag Archives: Kodak

Kodak News, Walsh Arrest Details, City Homicide Data

More links of note today:

– Two members of the Kodak board who represented KKR’s stake in the company and were supposed to help lead a turnaround resigned today. From the Wall Street Journal:

The men obtained their seats after KKR helped Kodak with a fresh injection of funds needed to weather the recession.

Kodak is again seeking funds as an expensive turnaround burns through its cash. The resignations signal KKR isn’t planning to step in this time.

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Messrs. Chen and Clammer are young and tech-focused, the type of directors Kodak needed as it tried to make the transition from an analog film company to one that focused on digital products, people familiar with the matter said.

– The Democrat and Chronicle obtained the police report of Airport Director Susan Walsh’s arrest. Excerpt from article:

…she explained the vehicle was not hers and asked him to help her.

“I asked her what she wanted help with and she looked up and me and said, ‘You know what I mean,’ ” the officer, Michael Brandenburg, wrote in his report. “As she was speaking, I could smell a strong odor of an alcoholic beverage coming from her breath and her speech was mumbled and slurred. I also observed that her eyes were glassy, bloodshot and watery.”

– Rochester has had 29 homicides so far this year. It’s one of the less violent years in the city’s recent history. In the early ’90s we had several years with more than 60 homicides. I crunched some numbers in a 13WHAM News post.

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Rochester “Reinvented?”

The Wall Street Journal says Rochester has “reinvented itself.” The paper asks why the unemployment rate isn’t higher, given the enormous number of jobs shed by Kodak and other major employers. The answer? Entrepreneurship.

Excerpt:

Many of the people laid off by the large companies in Rochester are highly trained engineers who have started their own companies and live in the upscale neighborhoods of Pittsford, Penfield and Brighton. Some have left the engineering world behind as they made the transition from company man to entrepreneur.

But the article also notes wages have declined and unskilled workers are worse off.

Reuters contrasts thriving Eastman Chemical and struggling Kodak. Eastman Chemical doesn’t spend lavishly on benefits and CEO perks and managed to keep up with the changing industry.

Excerpt:

Interviews with former executives, retirees and analysts describe two companies that were polar opposites in many ways, despite their shared heritage: where Eastman Chemical was swift to move into new markets, Kodak rested on its laurels for too long; where Chemical had a management team obsessed with the bottom line, Kodak retained cushy employee benefits even when the advent of digital cameras caused film demand to crater.

“George Eastman’s legacy will be Eastman Chemical and not Eastman Kodak,” said Willy Shih, a Harvard Business School professor who ran Kodak’s digital imaging business from 1997 until 2005. “I am absolutely convinced of that.”

Fox News reports film projectors will be out of use in theaters within the next four years. How will that affect Kodak, which still makes a lot of film for the movie industry?

Excerpt:

Is Kodak, the company that single-handedly pioneered much of the film industry getting involved in the rush? Not so much, the company said.

Kodak recently told Variety that its film business was still profitable and quite viable.

“We’re still making billions of feet of film and will continue to do so,” Ingrid Goodyear, vice president of marketing said. “For the foreseeable future we still see film to be an important part of Kodak’s business.”

Kodak Closer to Bankruptcy?

– Kodak could file for bankruptcy in the first few months of 2012 if it can’t get financing or sell its patents. That’s according to the Wall Street Journal in an article behind a paywall. Reuters picked it up and cited the WSJ as saying Kodak can’t get the $900 million it needs; hedge funds are willing to loan $600 million to $700 million.

In its third quarter earnings report, Kodak warned it would run out of cash in 2012. The company has said it has no intentions of filing for bankruptcy.

Meanwhile, almost every major media outlet in the country has written Kodak’s obituary, including a recent piece from the Los Angeles Times titled Kodak’s Long Fade to Black and a New York Times story saying Kodak jumps “from one buggy whip business to another.”

– Mike Green’s bid for a federal judgeship is over. The White House will not renominate him after he was blocked in the Senate. It’s not clear where Green will land. We hope to hear from him today.

– A study in the journal Pediatrics found nearly one-third of people will be arrested by the time they’re 23. “Society is a lot less tolerant of these teenage behaviors.”

Part two of the Washington Post’s story following up on “The Dreamers,” fifth-graders who were promised a free college education in 1988. “When they weren’t traveling on their exclusive school bus, the Dreamers returned to communities rife with drugs and gang-related carnage.” Part one ran yesterday and I questioned tuition incentives.

– Skaneateles High School canceled a major dance because kids wouldn’t stop “grinding.” The school was rather creative in its failed attempt to get kids to dance like grandma’s watching.