Kodak Loses Another Board Member, Takes on Water as Ship Sinks
January 2, 2012 10:25 AM
comment(s) - last by
Sell patents, bit a massive loan, or close up shop?
Poor Kodak has taken a beating since the advent of digital photography. Few consumers buy film anymore and Kodak’s line of digital cameras aren’t even close to setting sales records. Kodak is facing a bleak future and has previously stated that it might be forced to close up shop as early as this year if things don't change.
Kodak is also facing growing personnel losses within the company. The firm has announced the loss of a third member from its board of directors in the last week. The latest loss is Laura Tyson who resigned her position on the board of Kodak Thursday. The resignation was confirmed in a SEC filing that Kodak made on Friday.
Tyson is a professor at the Walter A. Haas School of Business at the University of California, Berkeley. Tyson is also a member of President Obama's Economic Recovery Advisory Board and advised President Clinton when he was in office.
Kodak is in such dire financial straits that the firm is looking at possibly selling off patents it holds to stay solvent. It has been estimated that the patents Kodak holds are
worth five times
the company's current market cap.
The other two directors that left Kodak last week include Adam Clammer and Herald Chen. The two directors were both from a private equity firm called KKR & Co and had been on the board since 2009.
reports that Kodak had also warned that it might have to raise $500 million in new debt in lieu of selling patents to stay solvent. Kodak hasn't turned an annual profit since 1997.
This article is over a month old, voting and posting comments is disabled
1/2/2012 9:33:22 PM
Kodak has been slow and sluggish for at least two decades. Living in Buffalo and not far away from Kodak.s home of Rochester NY. I have followed them hoping they would turn around since my early Twenties. It is sad actually.
I remember asking my ex-brother-in-law, who worked there at the time, about why they are so bad at turning around. His reply was it was all bureaucracy. He quit that place out of frustration for a job with less pay but better environment.
Seeing those three leave makes me think of rats leaving the ship. If they left I would not be surprised that the company has been pilfered already.
"DailyTech is the best kept secret on the Internet." -- Larry Barber
Kodak's Patents Maybe be Worth Five Times the Company's Market Cap.
August 17, 2011, 3:54 PM
Google's Gleaming Glass HQ Gets Mountain View Snub, LinkedIn Gets the Love
May 7, 2015, 6:58 AM
Tech's Tax Day Fortunate Few: Qualcomm, Xerox, GE, et al. Pay Little or No Taxes
April 15, 2015, 11:30 AM
LinkNYC Terminals to Blanket New York City With Free WiFi, Free Calls, and Ads
November 17, 2014, 6:50 PM
Microsoft is Open-Sourcing Most of .NET, Adding OS X and Linux Support
November 12, 2014, 8:27 PM
Home Depot Lost 53 Million Emails, Blames Windows, Buys Execs New Macs
November 9, 2014, 5:00 PM
Former NSA Lawyer: If Google, Apple Encrypt User Data, They’ll Wither on the Vine Like Blackberry
November 6, 2014, 12:15 PM
Most Popular Articles
America's Largest Cable Company, Comcast, Sees Internet Subscriptions Pass TV
May 4, 2015, 2:46 PM
Chromebooks Expected to See Sales Grow 26 Percent to 7.3 Million Units This Year
May 22, 2015, 1:26 PM
Don't Spy on Me: Senate Pushes Obama's PATRIOT Act Renewal Bid to the Brink
May 25, 2015, 8:21 PM
Buzzfeed, NatGeo, NBC, and NYT Pay to Push Stories to Your Facebook Feed
May 13, 2015, 4:31 PM
No Matter What the AP Tells You, Google's Self-Driving Cars are Pretty Safe
May 12, 2015, 1:06 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information