Brian C. Miller
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Former Kodak employees who fear for their pensions and other benefits are urging a bankruptcy judge to think of them and not rubber-stamp $8.8 million in executive bonuses.
In letters filed to Kodaks bankruptcy docket Wednesday, Richard Pignataro and Cecil D. Quillen Jr. said its not fair for Kodak to reward executives while they and other former Kodak workers face the risk that the company could seek to trim or modify their benefits.
WSJ: Ex-Kodak Employees Blast Bonus Plan
I hope the judge adjudicates fairly. Of course, true fairness in this instance would mean that the executive's pay would be docked, as in a "claw-back," but justice has a nasty tendency to be only found in fantasy land.
For the life of me I cannot understand why Kodak's executive team is not in jail, smashing big rocks into little rocks. They are pure criminals for how they have trashed that company.
After they break 'em up, have them glue the little rocks back together into big rocks.
And thus you have zeroed in on the real meaning of "American exceptionalism."...it wouldn't be allowed in most countries...
Split them up into two teams. One breaking rocks and one gluing them together. After two hours, change sides.
Steve.
Consider this. If Kodak's management team's goal was to extract as much money out of Kodak while winding down the company into nothing, what would they do different than they are now?
The ritual of hara-kiri would be most appropriate, honorable sir.
What did the Olympus executives do? They got arrested, but none of them slit their stomachs. The Olympus execs committed fraud, but the Kodak execs have simply been stupid. There's no legal penalty for simply being stupid.
I dont think Kodak's execs have been stupid at all. I think long ago they decided to throw in the towel and give up on the company. Knowing this, they then decided to extract as much cash and value out of Kodak as it slowly fades away into oblivion. I knew this to be true when Kodak sold off their sensor division. They showed that they had ZERO interest in any future in imaging. Selling off core products, selling off patents, winding down businesses and laying off workers. Kodak's managers have ZERO plan for a future. None at all. They are just extracting every last dollar out of the company before it collapses in a heap.
It's really sickening man, seriously...
Consider this. If Kodak's management team's goal was to extract as much money out of Kodak while winding down the company into nothing, what would they do different than they are now?
...and it is really easy for someone
who just reads newspaper articles, magazine articles and web fora to know better than
the people actually making the decisions.
Would anyone here disagree with the bonuses if they were only payable if all the creditors (including pensioners and current employees) received payment in full?
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