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Mr. Perez is getting a bonus tied to financial performance, ?????
Old 08-06-2012   #1
finguanzo
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Mr. Perez is getting a bonus tied to financial performance, ?????

http://247wallst.com/2012/08/06/outr...antonio-perez/
Cant imagine how much he would get if they hadent filed bankruptcy???
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Old 08-07-2012   #2
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Unfathomable. No matter how many times the story repeats itself.

Same story differently named corporations.
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Old 08-07-2012   #3
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Maybe the performance he was required to achieve was not a positive one? I think I am too cynical today, really . . .
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Old 08-07-2012   #4
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Since the financial performance was in the red, is he giving some money back?
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Old 08-07-2012   #5
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Don't get me started.
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Old 08-07-2012   #6
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Well, he tried his best and his effort should be rewarded. Obviously.
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Old 08-07-2012   #7
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There is a class of "parasites" on top of a portion of the American production and finance world. They always win, even in the situations while the companies they lead go bankrupt. I hope and wish they sell the black & white film production (the facilities and the processing technology) as soon as possible so that some traditional brands like the Tri-X for example could have a safer future like some top Ilford films.

BTW, Ilford included, if film production in small quantities is still feasible for Efke, Orwo, Rollei, Adox and alike, that is because they do not have "parasites" to take care of before their production, customers and therefore their future. Not only Kodak has suffered of such bacteria, but almost half of the finance sector of the States in the last decade and at least one-third of the automotive industry if not also some portions of the other industries. At the end only the bacteria won... and not only the shareholders have lost, but the whole domestic product of the nation by adding a few trillion dollars more to the national debt..
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Old 08-07-2012   #8
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I make huge mistakes and screw-up all the time: where's my bonus? LOL.

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Old 09-15-2012   #9
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Quote:
Originally Posted by Jamie123 View Post
Well, he tried his best and his effort should be rewarded. Obviously.
Indeed, but with what sort of bonus? Should they give him a revolver and one bullet, along with a smile and a meaningful look?

Though in all fairness, his two immediate predecessors may have wrecked Kodak to th extent that even a genius (which Perez is not) would have stood no chance.

Cheers,

R.
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Old 09-15-2012   #10
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Old 09-15-2012   #11
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Maybe Kodak should have listed them on ebay.
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Old 09-15-2012   #12
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Same story here at my bankrupt airline...the pilots lose entire pensions, the top tier management will own tens of millions in stock for performance and retention at bankruptcy exit.
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Old 09-15-2012   #13
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Maybe Kodak should have listed them on ebay.
Sure, i would have bought them, and later claim, that they were not as described, and request a full refund after careful examination of them with the help of some expert.
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Old 09-15-2012   #14
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I bet he doesn't even own a Kodak anything...probably has a Leica!

Wouldn't it be nice to be one of the beautiful crooks!
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Old 09-15-2012   #15
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I bet he doesn't even own a Kodak anything...probably has a Leica!

Wouldn't it be nice to be one of the beautiful crooks!

He has a Nikon. The proof is in the bonus.
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Old 09-16-2012   #16
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Since the financial performance was in the red, is he giving some money back?
Pretty good idea :-)
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Old 09-16-2012   #17
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Not surprising at all. Seems a pretty standard practice in the corporate world and has been for a long time. Hard to comprehend the mind set of the class of people who think it is perfectly fine to offer and accept bonuses under those circumstances.

Bob
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Old 09-16-2012   #18
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Cut the highest marginal tax rates again and stand back! You'll see an economic miracle!!
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Old 09-16-2012   #19
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Quote:
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Though in all fairness, his two immediate predecessors may have wrecked Kodak to th extent that even a genius (which Perez is not) would have stood no chance.

Cheers,

R.
True. "Perez is not [a genius]" is quite an understatement.
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Old 09-17-2012   #20
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This is where these statements we are getting from well meaning individuals about 'committment' to consumer film and the 'guarantee of revenue' through archival film mean squat!

As long as they're prepared to humor an idiot like Perez with a handout like this you can't really believe anything they say through whatever mouth they choose to say it through!
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Old 09-17-2012   #21
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Mr Perez and the board are obviously looting their sinking ship before it goes completely under. It's not likely they will get away with it, the stockholders can sue, or the bankruptcy judge can force the money to be paid back, we'll have to see what happens.
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Old 09-17-2012   #22
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Quote:
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This is where these statements we are getting from well meaning individuals about 'committment' to consumer film and the 'guarantee of revenue' through archival film mean squat!

As long as they're prepared to humor an idiot like Perez with a handout like this you can't really believe anything they say through whatever mouth they choose to say it through!
Well said - I think that perhaps we have to take everything they say with a grain of salt.
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Old 09-18-2012   #23
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I looked at some of their patents in detail. It was stuff along the lines of "how to transmit a digital picture via an email from a wireless device", filed within in the last few years. The ones I glanced at all struck me as being prior art and obvious. I could imagine them being useful to a patent troll hoping to take a gamble on exploiting the Kodak brand name, but no one else.

One stated position of the suits who run Kodak is that they will refuse to become a "niche" company - i.e., they must remain a mega, giant corporation (sort of a delusional view for a bankrupt company if you ask me). Kodak does have valuable patents, processes, and knowledge, and it is in the realm of the classic world of film and cine. It is a much smaller market than it used to be, but if they wished they would become the dominant player in that market, and perhaps even reinvigorate it.
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Old 09-18-2012   #24
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Well, that's the wonderful thing about the Wall Street/CEO world: it's the one place where being totally incompetent at your job is richly rewarded anyway. No matter how badly you smack it, you'll never be wrong, if you're one of the Masters of the Universe....

Somehow, the whole thing reminds me of feudal aristocracy--people who ruled by Divine Right, and who were "perfect", no matter how stupid and sleazy they really were.
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Old 09-18-2012   #25
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Quote:
Originally Posted by finguanzo View Post
http://247wallst.com/2012/08/06/outr...antonio-perez/
Cant imagine how much he would get if they hadent filed bankruptcy???
(harumph.) There is a certain presidential candidate who has done the same thing for a living. FOR A LIVING.
This game of high payoffs despite deliberately or non-deliberately bankrupting businesses is not
specific to any market sector.
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Old 09-18-2012   #26
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I ask does anyone have any actual experience in the management of business restructurings or financial turnarounds? Or, is everyone a Monday morning quarterback who has never actually played in a game?

I express no opinion on Mr. Perez's decisions as I do not have the facts. I only know what information has been released to the general public.

One thing I do know is that the bankruptcy court has zero responsibility to the legacy users of the products and total responsibility to minimize the losses of the creditors. As as Tri-X and HC-110 user, I wish that was not the case but reality is what it is.
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Old 09-18-2012   #27
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Bob, it may be surprising to to some that the overwhelming percentage of businesses are basically amoral. It's not to me, which is, IMO, another way of stating what you said. However, that does not obviate the hope for better.
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Old 09-18-2012   #28
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Not surprising at all. Seems a pretty standard practice in the corporate world and has been for a long time. Hard to comprehend the mind set of the class of people who think it is perfectly fine to offer and accept bonuses under those circumstances.

Bob
Yes, and who still complain, after years of the productivity of American workers going up, that the regular Joe still has to accept more cuts in pay, benefits, etc. int order to make the company profitable
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Old 09-18-2012   #29
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Lawrence: Amen. I see the remnants of hard-working Kodakers all around me every day. Literally.
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Fine grain is a bourgeois concept

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A bunch o cameras. Does it really matter?
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Old 09-18-2012   #30
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It does not require "experience in the management of business restructurings or financial turnarounds" to know when something stinks like *%#! You see the trouble here is that this kind of crap, that these CEO's pull, is NOT A GAME, they are the ones that are stealing America and its people blind!
There is a certain sentiment put forth that 47% of the American people are what is wrong with America but I beg to differ. It's the crooks at the top that draw the real blood from America.
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Old 09-18-2012   #31
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Has anyone actually read what Mr. Perez and 14 other key management employees deemed “essential” to Kodak’s ability to successfully restructure must do to actually get their potential bonus?

The company must exit bankruptcy either under a standalone reorganization plan or the sale of its assets as a going concern, and it must pay unsecured creditors at least 30% of what they’re owed. (Wall Street Journal July 25, 2012) That is why the potential bonuses are supported by the committee representing unsecured creditors.

It is unfortunate when anyone loses their job. (period!)

It does appear that the Kodak pension plan assets and the support of the Pension Benefit Guarantee Corporation (a government agency) will insure that all Kodak retirees receive their pensions.

Those ordinary people who invested in Kodak stock with the assets they saved for their retirement are simply out of luck. They are the biggest losers as they will get nothing.

It is important to have the facts and also to keep things in perspective. Maybe the best off are those who will have to change film brands.
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Old 09-18-2012   #32
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Actually I think a sense of entitlement exists today among many Americans (that did not exist when I was younger) at all income levels, it's just that those at the top get a bigger take when they can. I see it in the Occupy crowd, I see it in the boardrooms, I see it in the work place, and most alarming I even see it in certain members of my own family (gasp!). I don't like it, and I'm sure a big price to pay for this will be coming and maybe soon.
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