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

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After news of a massive federal loan caused Eastman Kodak's stock to skyrocket, a company insider donated millions of shares to a religious nonprofit for which he has served as president

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.

 

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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

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 /  🏆 4. in JP

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