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Sahm Adrangi’s Kerrisdale Capital Opines on Eastman Kodak Company’s Announced Partnership

In the Feb. 7, 2018 press release entitled “Sahm Adrangi’s Kerrisdale Capital Issues Negative Report on Eastman Kodak Company,” Kerrisdale Capital and their Chief Investor Officer Sahm Adrangi issued a statement that they believe the increase in share value of Eastman Kodak Company (“Kodak”, NYSE: KODK) after Eastman Kodak Company’s announcement of a partnership with KODAKOne and KODAKCoin was merely due to erroneous hype. They expound that the shares, which have more than doubled in value since the announcement, are greatly overvalued.

In the full report issued by Kerrisdale Capital, the company states that they are short shares of Eastman Kodak Company. Kerrisdale and Sahm Adrangi explain that although blockchain and cryptocurrencies have the capacity to greatly impact many industries, KODAKOne’s use of these technologies will not accomplish their set goals. They emphasize that KODAKOne’s business plan to utilize this technology is not sound, explaining, “Cryptographically hashing an image into a blockchain doesn’t prove the provenance of intellectual property, a blockchain does not reduce the resources necessary for copyright enforcement…”

Kerrisdale Capital and Sahm Adrangi believe the announcement by Eastman Kodak Company of the blockchain and cryptocurrency licensing partnership is merely a PR stunt, a stock-promotion endeavor by a company “hurtling towards bankruptcy.” They hold that the KODAKOne plan for blockchain and cryptocurrency technology to solve issues related to copyrights is one that is destined to fail and is not a genuine attempt to utilize cutting-edge technology to solve a problem.

Kerrisdale and Sahm Adrangi believe that the announced partnership of Eastman Kodak Company with KODAKOne and KODAKCoin cannot stem the tide of Kodak’s decreasing revenue. The report by Kerrisdale Capital asserts, “We view the equity as worthless, implying downside of –100%.” Kerrisdale and Sahm Adrangi have clearly issued a wake-up call to investors.

The following is a link to the full report: http://kerr.co/kodk.

https://www.prnewswire.com/news-releases/sahm-adrangis-kerrisdale-capital-issues-negative-report-on-eastman-kodak-company-300594897.html

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