Wednesday, January 4, 2012

Kodak Files For Bankruptcy During Recovery

(Reuters) - Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday.
The once-iconic photographic film pioneer is in talks with potential lenders to secure about $1 billion in debtor-in possession financing to sustain Kodak through bankruptcy proceedings, the Journal reported citing unidentified sources.
The Chapter 11 filing could come as soon as this month or early February, the newspaper said.
Kodak shares fell about 28 percent to 47 cents on the New York Stock Exchange following the online report, which dampened investors' hopes that the company could arrange a quick sale of its patents or a financing lifeline to keep it afloat.
A spokesman for Kodak declined to comment, saying its policy is not to comment on market rumors or speculation.
Kodak warned in November that it might not survive 2012 if it was unable to secure $500 million in new debt or sell its patents. The company's cash had been shrinking as sales of its consumer products have failed to keep up with its heavy cost base, which includes employees and offices around the globe.
Kodak invented the digital camera in 1975 when one of its engineers developed a prototype that was as big as a toaster and captured black and white images. But it failed to capitalize on that innovation, and it was only when Kodak's film business began to decline a decade ago that it tried to catch up with rivals by launching a mass-market line of digital cameras.
The company has been beset by bankruptcy speculation since it drew down a credit line last September. It also hired restructuring firm FTI and confirmed that a law firm known for dealing with bankruptcy was doing work for it.
Last week, Kodak announced the resignation of three directors, including two representatives of private equity firm KKR & Co and a professor from the University of California, leading some industry experts to speculate that a Chapter 11 filing was imminent.
On Tuesday, Kodak said its stock may be removed from the New York Stock Exchange if the company cannot boost its share price over the next six months.
Kodak, which had $862 million in cash at the end of September, down from $1.4 billion a year earlier, is scheduled to report fourth-quarter results on January 26.
As part of its efforts to raise cash, Kodak has been looking since last July for a buyer for its 1,100 digital patents, with the help of investment bank Lazard Ltd.
The Journal said Kodak is still trying to sell the patents, which could help it stave off a bankruptcy filing. If Kodak does seek Chapter 11 protection, it could try to sell its patents through a bankruptcy auction supervised by a court.
(Reporting By Liana B. Baker; editing by Mark Porter and Carol Bishopric)

Detroit Schools Promote George Orwell Security System (video)

Almost as if it is produced by George Orwell himself. Detroit Schools announce new full spectrum security system for your safety of course. Tomorrow on TruthRadioNet at 6PM EST LJC3000 and Travinyle1 one will take a closer look at the ties to the Swiss firm Securitas and their ties to Detroit's own dedicated police department and command center. Watch the video for yourself.
Thursday 6PM EST

The Department is housed in a new $5.6 million 23,000-sq ft. state of the art Command Center and Headquarters that opened in January 2011.
At the Command Center, DPS officers can monitor campuses 24-hours a day using high-tech video surveillance cameras and alarms. Schools are being updated with alarm and video surveillance packages installed throughout the interior and exterior that will be fed to video systems at the Command Center.
The new Command Center goes hand-in-hand with a restructuring of the Police Department and $41.7 million district-wide security initiative that strives to make all schools safer. As part of that, the district has launched a new visitors ID badge system, requiring visitors to Detroit Public Schools high schools, career technical schools and the district's new Police Command Center to be put through on-the-spot sex-offender registry checks as part of a new security clearance system aimed at making campuses safer for students and staff.
The system will instantly scan visitors’ driver licenses and state ID cards and cross-check the information with sex-offender registries throughout the United States and Canada.
All high school students also have been issued new photo ID badges that are color-coded by school, allowing campus security personnel to instantly identify students who belong on their campus.
The Police Department reports to DPS’ Office of Inspector General.

Patriot Radio Host Launches New Show 1/4/12 Extremist News World Report with Jay (LJC ThreeThousand)

One of the best reality news radio hosts you don't know about LJC3000 launches his new show and time this week. Known for his accurate documentation and straight shooting news without the fear LJC covers the news from all around the world with a broad spectrum view. LJC covers the headlines hidden behind the top headlines meant to distract you. And he does it all with a down to Earth analysis. So try it, check it out, get some straight shooting news and analysis. 

Every Wed. 5-7 PM Eastern
Every Sun. 10AM -12PM Eastern

Click The link for today's show below
Truth Radio Net

Owner and Manager of TRN Jay (LJC ThreeThousand) is a talk radio mainstay, He has been on many networks since July of 2010 and in September of 2010 formed Commoncents$ Radio which would later become TRN in the summer of 2011. He covers the news, politics and current events without the spin, dis-info and corruption of the corporate-controlled media. This is not your typical News Show, Jay discusses a wide range of topics with particular focus on the economy and the endtimes while promoting a stronger relationship with our Lord and Saviour Jesus Christ. Tune in every Wednesday at 5:00 pm ET/2:00 pm PT for a dose of reality in the fight to expose the march toward the tyrannical global world governmental system spoken of in the Bible that would form in the Last Days before the return of Jesus.... Dont forget your coffee and watch out for the Info-Train.

CNN Exit Polls Show Old People Hate Freedom, Love Socialism & Live In Fear of Imaginary Threats

Bankruptcies To Double During Recovery In 2012

Oddly during the so called recovery bankruptcies are expected to double. Expert economists have yet to explain it.
Expect more high-profile and midmarket companies to follow American Airlines into bankruptcy court in 2012.

Bankruptcies 2012: Doubling down

NEW YORK (CNNMoney) -- Expect the number and size of corporate bankruptcies to double in 2012.
At least that's what Fitch Ratings is saying and experts seem to agree that more will be coming down the pike.
"2011 wasn't a huge restructuring year," said Jonathan Henes, a bankruptcy attorney at Kirkland & Ellis. "A lot of companies found short-term fixes, but when things don't get better you need a restructuring to find a long-term fix."
Restructuring doesn't necessarily mean bankruptcy but Fitch predicts defaults among all corporate bonds will rise to roughly 3% this year, up from 1.4% in 2011 and 1.3% in 2010.
Despite a rocky, volatile market in 2011, the number of bankruptcy filings and the value of bonds affected were relatively small. On average, default rates still remain far below the average annual rate of 5.1%, according to Fitch.

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