CEO and Co-President joins list of suppliers, communities and individuals making substantial claims against the ailing OEM.
CEO Antonio M. Perez is among the list of top current and retired Kodak executives submitting claims as unsecured creditors, joining a substantial list of suppliers, communities and individuals seeking claims against the OEM, reports Democrat and Chronicle.
Perez is seeking a total of $18.8 million (€15.9 million) across three claims, with Co-President Philip Faraci putting in a claim of over $3.1 million (€2.5 million) and Chief Diversity and Community Affairs Officer Augustin Melendez submitted a claim of $102,000 (€82,417).
Several retired executives have also filed personal claims, including former Vice President Edgar Greco who is seeking $1.2 million (€970,000), and former Corporate Vice President Robert LaPerle who is seeking an identical amount.
Kodak spokesperson Christopher Veronda has stated that the majority of Kodak executive claims deal with a number of pension obligations of which upper management is eligible.
Retired US Bankruptcy Court Judge John C. Ninfo commented: “Such unsecured creditor claims by current and former executives are not uncommon in a company bankruptcy, as former executives collecting severance or current executives who have deferred compensation all would have unsecured claims.”
Robert J. Rock, Bankruptcy Attorney with Tully Rinckey went further, remarking that such behaviour could be seen “as a healthy thing in reorganisation cases […] it suggests that the executives are invested in the reorganisation effort and have a tangible benefit if the reorganisation is successful.”
Kodak has recently faced a number of objections to its sale of approximately 1,100 digital imaging patents from technology companies including Canon, Samsung and Nintendo, citing a lack of protection for current licensees. However the sale was approved by the US Bankruptcy Court on 4 July.