Kodak Shares Are Headed to Zero, Short Selling Hedge Fund Says

(Bloomberg) Blockchain has the potential to solve a lot of problems, but copyright infringement in the photography industry — the issue Eastman Kodak Co. has said it’s tackling — isn’t one of them, according to one short seller. Kerrisdale Capital Management is betting that the once-dominant imaging company may face default and a debt restructuring in the next year-and-a-half, and proceeds from the firm’s initial coin offering aren’t going to change the outcome. “No photographer would rather be paid in KodakCoins over real money,” according to a report Wednesday from Kerrisdale, a hedge fund known for moving stocks with its outspoken calls. “It’s a last-ditch stock promotion gambit for a company hurtling towards bankruptcy.”

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