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I believe it.
Kodak could not believe digital would take over. They did not respond. There are (were) large Kodak buildings near me. Kodak closed the plants. The government want taxes on the buildings so Kodak flattened the buildings and returned the land back to farm land. Solved the tax problem.
Here, the buildings where hard drives were made, are farm land again. Many large factories are gone and no taxes are collected.
In the US, we have several forms of bankruptcy. Chapter 11 is just one form of bankruptcy here. It also entails reorganization under court oversight. What generally happens is the stock holders lose almost everything. Bond holders may get pennies on the dollar. We have a few shares of its stock, but never considered selling them for sentimental reasons, even when they started to decline.
Personally, this is very sad. My wife is from Rochester, NY. Her father spent his whole life with Kodak. His idea of a Christmas gift was a share of stock. I had some pretty close ties with its chemistry and medical diagnostic divisions. The latter was sold years ago to J&J. Kodak did see the need to diversify in the late 1970's and 1980's when it developed thin-film diagnostic methods -- think of the way Polaroid film works and apply that to clinical chemistry tests.
During its strong years, Kodak was always led by talent grown in house, and usually that person came from the technical, not management side early in his career. The downfall coincided with getting outside business people to run it. Whether there's a cause and effect there I don't know, but it seems to be a pattern that is often repeated.
Post deleted - for bad language - NO EXCUSES! - moderator.
I broke the Forum rules. I used very strong language.
It's just that the whole Kodak thing got to me. Extraordinarily bad Management that should have seen this coming for a long time...
Thanks and Cheers Nigel
Your Moderation abilities are a great asset to this Forum. You don't have a vindictive bone in your body. And your judgement is spot on handling "stuff" as in posts like my strong deleted one. The only way was to delete it. Otherwise, nothing would make sense later if someone happened to stumble across this thread.
I was in a business that ended much the same. When you have made money, with ups and downs, from the 1930s, it is hard to convince people that it will end. When times are good, why change things. When times are hard it is too late.
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