Antonio Perez: Rope, Tree, Some assembly required

Antonio Perez -- the incompetent CEO who ran this company into the grave need to be lynched. That high-pitched hum you are hearing is George Eastman spinning in his grave. From the Wall Street Journal:

Kodak Teeters on the Brink
Eastman Kodak Co. is preparing to seek bankruptcy protection in the coming weeks, people familiar with the matter said, a move that would cap a stunning comedown for a company that once ranked among America's corporate titans.

The 131-year-old company is still making last-ditch efforts to sell off some of its patent portfolio and could avoid Chapter 11 if it succeeds, one of the people said. But the company has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings, the people said.

A Kodak spokesman said the company "does not comment on market rumor or speculation."

Emphasis mine -- that statement: "does not comment on market rumor or speculation" just says it all. Too big to fail? Meet the Market. Kodak used to be a powerhouse for laboratory chemicals -- they sold that division when they needed some money. Kodak used to be a powerhouse for specialty films and emulsions -- they sold that division to raise some quick bucks. Kodak used to be a powerhouse for specialty ink-jet photo paper -- they sold that division when they needed to buy some more crack. Now they are reduced to selling off their patents? Talk about eating your own seed corn. I have done photography for a long long time (45+ years) and Kodachrome 25 was my film of choice. Used to own stock in Kodak back when they were innovative. They fucking invented the Digital Camera back in 1975!!! Kodak closed today at 37� -- thirty seven cents and I made a buttload of money off them when the went from around $20 to over $80 back in the 1980's and that was back in 1980's dollars. Piss Poor Management. Nothing more. Nothing less. Sad...