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Kodak

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The New York Attorney General’s office is preparing an insider-trading lawsuit against Eastman Kodak and its CEO and Executive Chairman, Jim Continenza, according to Reuters and financial filings on Monday.

The Reuters story says the pending lawsuit focuses on stock purchases that preceded a proposed deal during the Trump administration to finance a pharmaceutical venture during the COVID-19 pandemic.

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Eastman Kodak is announcing a number of financial transactions that provides access to new capital, deal with debt and strengthen Kodak’s ability to invest in strategic growth opportunities.

In a financial filing and press release Monday, the company said that, together, the transactions provide up to $310 million to invest in growth opportunites in Kodak’s core businesses of print and advanced materials and chemicals.

In the latest WXXI Business Report, a government watchdog agency finds no wrongdoing in the process that led up to a proposed $765 million federal loan to Kodak in the summer. That loan never came to fruition.

Also, some money from a new $19 million federal grant for photonics programs may benefit the Rochester area. 

Plus, a new survey by Paychex shows a lot of small businesses are still hanging on in the pandemic, but they are hoping the federal government comes through with more stimulus funds.

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A government watchdog agency has found no wrongdoing in the process that led up to the announcement of a proposed loan to Eastman Kodak in the summer. The loan did not come to fruition after concerns about how the loan details came together.

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A top Kodak official said the company still plans to move ahead with its pharmaceutical business, even if it doesn’t get a government loan.

Kodak CEO Jim Continenza told investors on the company's quarterly earnings conference call Tuesday that the company still wants to push ahead with its plans for making ingredients used in pharmaceuticals, even with the questions raised in the summer that caused the federal government to put a hold on a $765 million loan to the company. Continenza made similar comments at a conference last month held by the Wall Street Journal.

Eastman Kodak is releasing findings from an internal review of its financial dealings in connection with the allegations swirling around the possibility it might get a $765 million federal loan to make ingredients used in pharmaceuticals.

The company commissioned an independent legal review of issues including how stock options were granted to executives, and the timing of the announcement of the potential loan.

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The inspector general of the federal agency that helped put together a planned $765 million dollar loan for Eastman Kodak is reviewing that deal.

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A top White House official is blasting Kodak for how the company has handled a potential government loan to make pharmaceutical ingredients.

White House Trade Advisor Peter Navarro made the comments on CNBC on Monday when asked about that $765 million federal loan that Navarro and other officials talked about last month for the Rochester company.

Kodak’s top official is talking about the status of the company’s potential federal loan, a deal which has created a lot of controversy in recent days.

Executive Chairman Jim Continenza made a few brief comments about the potential loan during the company’s second-quarter earnings conference call on Tuesday.

The $765 million loan, announced two weeks ago, would help Kodak gear up to make ingredients used in generic drugs.

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Eastman Kodak shares tumbled on Monday, after a federal agency said last Friday that it would hold off on moving ahead with a $765 million loan to the company to help it make ingredients used in generic drugs. The stock fell nearly 28%, to $10.73 a share on Monday.

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