Esopus Questions Kodak Auction

Aug 22 2012 | 1:27pm ET

A hedge fund has thrown into question a key part of Eastman Kodak's bankruptcy plan.

Esopus Creek Advisors complained to U.S. bankruptcy trustee Tracy Hope Davis that it is "concerned as to the integrity of the bidding process" for Kodak's sale of its digital-imaging patents. The hedge fund's letter was prompted by an article last week in The Wall Street Journal which suggests that the two leading bidders, Apple Inc. and Google Inc., may by colluding, and it told Davis, "we note that the trustee is entitled to avoid any sale resulting from collusive bidding."

Esopus, whose Value Series Fund owns 9.75% of Kodak's senior secured note, fears that the "unusually secretive" process could be hurting Kodak's creditors.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR