Kodak CEO the image of wealth on inventory rally, government deal

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Eastman Kodak CEO James Continenza has made nearly $80 million this week as the company’s market cap exploded in the wake of a $765 million loan from the government to produce coronavirus related drugs.

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About picture
An image (from Latin: imago) is an artifact that depicts visual perception, such as a photograph or other two-dimensional picture, that resembles a subject—usually a physical object—and thus provides a depiction of it. In the context of signal processing, an image is a distributed amplitude of color(s). A pictorial script is a writing system that employs images as symbols for various semantic entities, rather than the abstract signs used by alphabets.

Kodak CEO the picture of wealth on stock rally, government deal

About wealth
Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem. The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics, yet the meaning of wealth is context-dependent. An individual possessing a substantial net worth is known as wealthy. Net worth is defined as the current value of one’s assets less liabilities (excluding the principal in trust accounts).At the most general level, economists may define wealth as “anything of value” that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various individuals and in different contexts. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own. A community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.
The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets. Natural capital includes land, forests, energy resources, and minerals. Human capital is the population’s education and skills. Physical (or “manufactured”) capital includes such things as machinery, buildings, and infrastructure.

Continenza owns 650,000 shares of the company, which saw its price gain more than 2,100 percent at its peak this week following the announcement of the loan under the Defense Production Act this week.

TickerSecurityLastChangeChange %KODKEASTMAN KODAK CO.33.20+25.26+318.14%

KODAK STOCK UP 2,189% AFTER TRUMP BACKS PIVOT INTO DRUG INDUSTRY

Kodak CEO the picture of wealth on stock rally, government deal

The CEO had purchased nearly 100,000 of those shares since the coronavirus pandemic hit the U.S., including 50,000 shares in March and another 46,737 shares in June, Securities and Exchange Commission filings show.

The rocketing stock price multiplied the $103,000 Continenza invested last month to a value of more than $1.5 million on Wednesday. Continenza’s total net worth has risen close to $80 million this week as the value of his shares rose by about $20 million and his previously near valueless stock options shot up to $58.2 million.

Eastman Kodak CEO James Continenza

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The Rochester, New York-based company, which for decades was world-renowned for photography equipment, declared bankruptcy in 2012 with rise of smartphone cameras. Kodak will use the loan to produce drug ingredients in the U.S. which the company said it would create 360 jobs.

“We’re here to … help fight the pharmaceutical blockage in the U.S. and the lack of supply,” Continenza said on FOX Business’ “Varney Co.” Wednesday. “So we’re really here for the right reasons. The answer is not only can we do it, we are already doing it.”

This isn’t Kodak’s first foray into the drug business. It previously had an over-the-counter drug business from 1988 until 1994, when it sold the segment to SmithKline Beechman for $2.93 billion.

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