Eastman Kodak Co. (NYSE: EK) has a bunch of insider filings out from the SEC this evening after yet another 10% drop today that appear to be insider buying. On each, they appear to be options being surrendered and then exercised rather than open market transactions and the asterisk is that these can be exercised to pay taxes or to surrender options. The SEC Filings page showed ten such filings. For some reason, this sort of Form 4 filings always feel a bit misleading regardless of which company makes the filing.
Then Seeking Alpha has an article saying to Buy Kodak, but only after it files for bankruptcy and only as a trade…. Motley Fool notes that Kodak needs to file for bankruptcy.
All of this is almost at the same time after Moody’s downgraded the corporate credit rating during the day ands S&P downgraded it to CCC- from CCC with CreditWatch Negative. “CCC-” is the last rung of junk status before it is in default. S&P warned that Kodak could run out of resources in the first half without asset sales.
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