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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

popular.info/p/what-happene…
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

popular.info/p/what-happene…
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

popular.info/p/what-happene…
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.

popular.info/p/what-happene…
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

popular.info/p/what-happene…
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

popular.info/p/what-happene…
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

popular.info/p/what-happene…
8. I believe there is more to this story and I'm continuing to investigate.

Sign up for my newsletter, Popular Information, for updates --> popular.info/subscribe
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Judd Legum
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UPDATE: Starting Tuesday, there was a lot of interest in the Trump administration $765M loan to Kodak that sent its stock from $2.11 to $60

But during that convo, the most direct evidence of executive profiteering was being CONCEALED from the public

popular.info/p/update-kodak…
2. Late Wednesday (7/29), Kodak quietly disclosed to the SEC that the day before the deal was announced (7/27) it awarded a bunch of options to top Kodak execs

The top beneficiary was Kodak CEO Jim Continenza he received 1.75 MILLION options on 7/27

popular.info/p/update-kodak…
3. But when Continenza appeared on Fox Business and CNBC on the morning of 7/29, he could not be asked about the option grants BECAUSE KODAK HAD NOT DISCLOSED THEM

It appears to be a deliberate effort to keep the grant out of the news cycle

popular.info/p/update-kodak…
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Judd Legum
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UPDATE: Apart from the shady stock transactions, an open Q regarding Kodak is WHY Trump decided to be so nice to them.

Why take a company that has been running on fumes for a decade and give them a massive loan to turn into a pharmaceutical company?

popular.info/p/what-happene…
The size of the Trump loan is 7x THE VALUE OF KODAK at the beginning of this week.

And why give the money to Kodak money to make the chemicals for generic drugs. Why not partner with, I don't know, a pharmaceutical company?

The answer might go back to CELEBRITY APPRENTICE
Kodak, according to a 2010 press release, was "the First Sponsor Ever to Appear on Three Consecutive Seasons"

During that season viewers could "vote for their favorite KODAK MOMENT from each week’s episode."

businesswire.com/news/home/2010…
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Judd Legum
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1. McConnell is insisting on a liability shield for businesses in the next COVID-19 bill to prevent "frivolous lawsuits"

THE TRUTH: he's proposing to protect corporations in virtually every circumstance, no matter how egregious the conduct

Let's review

popular.info/p/ultimate-imm…
2. The first thing to understand is that its pretty difficult to recover for any injury in American courts.

Plaintiff's are responsible for proving the defendant was careless, their carelessness caused the injury, and the injury caused specific damages

popular.info/p/ultimate-imm…
3. Even if a Plaintiff achieves all of that, a Defendant can still win if they can prove that the plaintiff's own conduct played a significant role in the injury

popular.info/p/ultimate-imm…
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