Thread by @JuddLegum, 1.Kodak stock spiked from $2.11 to nearly $60 after Kodak got a [...]

1.Kodak stock spiked from $2.11 to nearly $60 after Kodak got a $750 million loan from the feds.

Volume dramatically increased MONDAY, before the loan was publicly announced

I spent yesterday investigating.

Here is what I found https://popular.info/p/what-happened-before-kodaks-moment

What happened before Kodak's moment

Kodak, once an iconic American brand valued at $30 billion, has been in dire straits for more than a decade. It filed for bankruptcy in 2012 and emerged in 2013. But Kodak, which built its business...

2. Kodak sent a press release on Monday afternoon to Rochester media teasing an upcoming announcement with U.S. government officials that "could change the course of history for Rochester and the American people."

The news was on Twitter and local media

https://popular.info/p/what-happened-before-kodaks-moment

3. Within a few hours, these tweets and stories were taken down from the web without explanation. I talked to @13WHAM and they told me that Kodak said it meant to send the press release under embargo and asked them to take the info down, which they did https://popular.info/p/what-happened-before-kodaks-moment

What happened before Kodak's moment

Kodak, once an iconic American brand valued at $30 billion, has been in dire straits for more than a decade. It filed for bankruptcy in 2012 and emerged in 2013. But Kodak, which built its business...

4. That doesn't mean there weren't people on Monday trading on insider information, but this at least partly explains the increase in volume.

But the story doesn't end there. https://popular.info/p/what-happened-before-kodaks-moment

What happened before Kodak's moment

Kodak, once an iconic American brand valued at $30 billion, has been in dire straits for more than a decade. It filed for bankruptcy in 2012 and emerged in 2013. But Kodak, which built its business...

5. Kodak CEO Jim Continenza said in media interviews yesterday that he had been working on the deal with the feds for "months."

But on June 23 Continenza purchased 46,737 shares of Kodak for $2.22.

He knew this deal was a possibility at the time

https://popular.info/p/what-happened-before-kodaks-moment

6. And Jim wasn't the only insider who bought Kodak stock while the deal was under consideration.

This doesn't prove they were trading on insider information but, at a minimum, the optics are not good

https://popular.info/p/what-happened-before-kodaks-moment

7. The loan was based on an executive order Trump signed in May to improve supply chains for COVID-19. It appears that this is part of a scheme to produce more hydrochloroquine domestically, a drug that hasn't proved effective in treating COVID-19 https://popular.info/p/what-happened-before-kodaks-moment

What happened before Kodak's moment

Kodak, once an iconic American brand valued at $30 billion, has been in dire straits for more than a decade. It filed for bankruptcy in 2012 and emerged in 2013. But Kodak, which built its business...

8. I believe there is more to this story and I'm continuing to investigate.

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