A Recap of the Negative Report on Eastman Kodak Company Issued by Sahm Adrangi of Kerrisdale Capital

Kerrisdale Capital, LLC is a capital management company whose primary focus is to provide reports on value investments that are both long-term and event-driven situations. It is managed by Sahm Adrangi who is also the founder. Sahm Adrangi attended Yale University and graduated with a Bachelor of Arts, Economics degree and has worked in various companies as an investment analyst before founding Kerrisdale Capital.

Some of the companies he has worked with include Longacre Fund, a private investment partnership, and Chanin Investment Partners which deals with bankruptcy restructuring. He also worked in a finance group at Deutsche Bank, where he helped in structuring and syndicating grade bank debts, as well as high yield bonds that are non-investments.

  1. Sahm Adrangi recently released a negative assessment report on Eastman Kodak Company claiming that the KODAKCoin and KODAKOne are both critically flawed concepts that will never deliver the promised benefits to its investors and shareholders because there is no single foreseen advantage of using the blockchain technology for photo-centric cryptocurrency or the image rights management program.

To add on that, the report by Sahm Adrangi claims that the board members of the company have engaged in trading that is highly suspicious thus the company is at high risk of being investigated by SEC. This is after five board members awarded themselves with 370, 974 stock units that are restricted. Lawyers thought the transactions looked bad for the company as they would attract SEC investigations thus lowering the value of the company’s stock.

Another concern is the credibility of KODAKCoin team. This is because WENN Digital, the leading developer and programmer of KODAKOne, together with AppCoin Innovations, which is a seven-month-old ICO marketing firm hired by WENN Digital to market and facilitate KODAKCoin ICO, are both companies with backgrounds that are highly dubious. The reason behind this is because WENN Digital is led by Cameron Chell, a motivational speaker and stock promoter who has a history of being convicted for fraud in the sale of securities, and was banned from a Canadian Exchange for the same reason. Other adverse claims about the Eastman Kodak Company include copyright infringement and Bitcoin mining platform called KashMiner, which turned out to be a scam, among many other similar frauds.