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WSJ: N.J. investors seeks Kodak sale or turnaround

March 3, 2011 By

The Wall Street Journal reports a New Jersey investment-management firm is pushing for two top Eastman Kodak Co. shareholders to take the lead in turning around the Rochester, N.Y., company or forcing it to pursue a sale. Investment Partners Asset Management, which reported owning 205,313 Kodak shares, or less than 1 percent, said it sent a letter to Legg Mason Capital Management and Fidelity Management, holders of a combined 24 percent stake, urging them to recognize Kodak’s “deteriorating financial condition and substantial diminution of shareholder value.”

In its letter, Investment Partners suggested the firms spearhead the installation of turn-around specialists on Kodak’s management and board or force a sale, according to the report.Fidelity and Legg Mason weren’t immediately available for comment.

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About Gary Pageau

Gary Pageau began his PMA career in 1987 in the editorial department. His primary responsibilities include overseeing the Association’s editorial department, marketing research unit and corporate relations department. The PMA editorial department activities include the Association’s monthly flagship magazine, PMA Magazine – Connecting the Imaging Communities; numerous monthly newsletters; and a daily news update.