Eastman Kodak Company to its chief Executive officer 175 million stock options just one day before the company’s shares soared on the occasion, the news that it will receive a $765 million The Federal loans to the manufacturing of critical pharmaceutical ingredients, The New York Times It was reported Friday.
When the news of the White House earlier this week, Kodak’s share rapidly increased more than 1,000%, more than about 60 dollars(they Due to the fallen About $ 21, still a substantial jump from their average 2- $ 3 cost). As a result of this Incredible Accidental the time(wink), Kodak CEO Jim Continenza saw his stock options soar to $ 50 million in less than 48 hours after receiving them, and each outlet.
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A Kodak spokesman declined to comment on this profitable coincidence Not Remind outlet Value Continenza stock options is likely to change before he decided to cash them in Kodak shares.
While Kodak may have been a giant in the film industry at the same time, it has been Struggling for many years In attempts to reinvent themselves after coming out from bankruptcy protection in 2013. Recently, the company found a new footing, by pivoting into the pharmaceutical industry, leveraging its more than one hundred years history of the chemistry knowledge of how to start the manufacture of pharmaceutical member, which can then be refined and sold in pharmacies.
In May of the Trump government to start negotiations with a few companies, Kodak which, on the financing of the U.S. health care industry of the Federal loans two types of response to the Coronavirus outbreak and to curb the degree of dependence on foreign markets the case of the future of the health crisis, according to The Washington Post Report. The King authorization of mobile by An Executive order That invoked the Defense Production Act, which allows the Federal government the task of how to, the domestic enterprises in the production and distribution of necessities.
“We did do is in order to help strengthen and repair supply chain of medicines in the United States,”Continenza tell after the Federal loan was announced.
It should be noted that around the same time in the White House for talks with the Kodak Company to an additional 240,000 stock options to its Board members, now estimated to be worth $ 4 million each time. Gee, I guess lightning does strike twice.
As the Times pointed out, Kodak is not the only company to turn Federal support into the profits of some of the suspicious and timely stock. Shortly after the company’s internal personnel in the California biotech company Vaxart be granted stock options, the company announced that a Federal Agency will be testing its potential coronavirus vaccines. This news caused the share price to skyrocket, as well as a hedge Fund-in part by Vaxart strong multi $200 million of profit.
(The New York Times)