Kodak insider's stock donation raises new concerns around the company's government loan

On July 29, the peak of Kodak's recent 2,757% stock surge, a member of the company's board of directors, George Karfunkel, and his wife donated 3 million shares of Kodak stock — valued at more than $100 million at the time — to a synagogue called Congregation Chemdas Yisroel Inc., according to a securities filing. The synagogue is registered as a charity in New York state.

Kodak's website describes George Karfunkel as an expert in financial planning and investment strategy who has served on the company's board of directors since 2013. The day of his and his wife's donation, Kodak's stock hit a low of $17.50 a share and a high of $60, meaning the donation could be worth more than $100 million.On Friday, the agency behind the loan said that the deal would be put on hold.

And how much is that worth now lol?

Claw back that funding!!! Outrageous!!! 😠😠😠

I’m asking everyone from my heart to please support me and donate while I go through this battle with breast cancer. I’m being strong as I can. Please read my story, anything counts🙏🏾❤️ BlackLivesMatter

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Marriott, Eastman Kodak, Twitter, FedEx & moreThese are the stocks posting the largest moves before the bell.
Source: CNBC - 🏆 12. / 72 Read more »

Kodak Chief Says Company Supports Federal Decision to Halt LoanCEO Jim Continenza said Kodak supports a federal agency’s decision to halt a potential loan to the company, adding that the preliminary deal with the government requires more work.
Source: WSJ - 🏆 98. / 63 Read more »

Stocks making the biggest moves midday: Kodak, MercadoLibre, Simon Property, Foot Locker & moreKodak shares tank after federal loan is put on halt. Foot Locker jumped on strong same-store sales data.
Source: CNBC - 🏆 12. / 72 Read more »