A negative report has been issued by Kerrisdale Capital and Sahm Adrangi. This report concerns the Eastman Kodak Company. Sahm Adrangi is the Chief Investment Officer for Kerrisdale and believes both KODAKCoin and KODAKOne are critically flawed. He does not believe these companies are capable of providing the Kodak shareholders with any material benefits. He feels the only reason the shares have risen is unjustified hype.
The lead developer for KODAKOne is WENN Digital Inc. The strategic advisors are AppCoin Innovations Incorporated and KODAKCoin ICO. These companies both have extremely dubious backgrounds. Sahm Adrangi has spoken of the Kodak members of the board of directors. The day prior tp KODAKOne being officially launched these board members took it upon themselves to grant restricted stock among the members of the board. This act is considered suspicious and has drawn the possible risks and repercussions of an investigation by the SEC.
The announcement made by Kodak regarding their partnership is not believed sufficient to save the business from the steadily decreasing revenues, mounting risk of default and negativity of the free cash flow. These are many of the reasons the private investment manager of Kerrisdale Capital and Sahm Adrangi have had a negative report published. The company additionally explained their short position in regards to Eastman Kodak Company. This is a commercial imaging and printing business. Since the partnership was announced to launch an image licensed platform that is enabled by the blockchain and photo centric currency their stock has increased by 187 percent.
We short (misguided) innovation for a living, but shorting bitcoin or doubting cryptocurrencies is nutty. The mkt opportunity is massive https://t.co/Q4vsI9nuyf
— Sahm Adrangi (@SahmAdrangi) September 25, 2017
Kerrisdale Capital Management and Sahm Adrangi believe these announcements were nothing but an empty attempt to pursue the ICO craze. They additionally believe this will not offset the unsustainable capital structure and poor fundamentals of Kodak. Kerrisdale will be hosting a conference call to discuss the report they have published regarding the Kodak company.
Kerrisdale Capital Management, LLC is classified as a fundamentally oriented manager for investments. The manager of the company is Sahm Adrangi. He has placed his focus on investments deemed to be valuable for the long term. He additionally concentrates on special situations driven by events.