I think I understand
$Eastman Kodak(KODK.US$ Q3 2024 balance sheet. retirement asset 1212M and retirement liability 280M something, and market is good. That 1B fake equity now becomes 1.4 B. So benefit is 0.4B increasing in equity * yesterday P/B / number of shares= approximately 2 dollar. That 0.4B is enough to payback all existing loans. Benefit is much more than 2 dollar
Retirement fund surplus and return of surplus belongs to shareholder, but is unreachable… Company cannot use that. Q3 equity 1.2B, 1B is unreachable… unless like what report says, replace pension fund to another pension fund. They don’t have to take all surplus. Half of surplus is enough to pay all debts, write off all fake equities, and still add more.
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QianmengYuOP : pension surplus is still 1B at end of 2023.
QianmengYuOP : Q4 eps 0.06 (OK), FY 2023 0.93. Pretty decent. Still cheap here. But media had wrong speculation. Kodak is definitely doing something on pension. I will buy a lot below 4, but won’t add here. gold and silver prices were low in 2023, will be expensive in 2024 and become a small headwind for KODAK.