Presenting Eastman Kodak's Main 'Value Investors'
As EK is halted on news that it is considering patent sales and potential bankruptcy (very much in line with the expectations CDS markets have had for a while), we present the professional falling-knife-catchers (sorry value investors) who owned the most at the end of Q2. Has anyone heard from Bill Miller today? Largest holder was LMM LLC (yes that Legg Mason). Or is Bill Miller preparing for a speech at some Value Investing Shindig?
With the short-dated bullet bond trading $44 - down 50% on the week - it seems the events have caught a lot of people by surprise...though CDS cracked on Monday and has shifted from 35/36% upfront to 64/65% upfront now - seems like equity-holders clung to 'hope' just a little too long.