My employer of 30 years filed for chapter 11 bankruptcy in the wee hours of the morning early today. After surviving 24 downsizings, my employment, and worse, my pension and any separation packages are now in jeopardy.
The rumor mill has been rife with public speculation for months, while the corporate line has always been much rosier and reassuring. Every time there's been something in the paper or on the news speculating about Kodak's plight, Kodak management has sent out official emails to employees basically stating that the rumors aren't true, we're on coarse for the "digital transformation", and that they aren't planning on filing for bankruptcy. Lies, straight from the horses mouth. If what they've done is legal, the laws need to be changed.
Kodak's policy of raising and grooming CEO's from within was much criticized in years past, and while they made their fair share of mistakes, they did seem to really care about a future for all of us, and made decisions they thought would benefit the company, not themselves. The change in that policy to bring in outside CEO's has resulted in the inexplicable selling off of many businesses that are currently thriving under other corporate banners that were worth a fortune, and they've run the remaining core business straight into the ground. Undoubtedly, the traditional silver halide business has been in decline for a long while....no secret there, but to take the 3rd most recognized brand and logo in the world and render it worthless boggles my mind. Being lied to by the folks in charge makes it all the worse. It's bad enough to go through tough times together, but these arrogant untouchables often manage to lie, remove themselves from responsibility, and basically walk away unscathed. I'm frustrated, discouraged, scared, mad as heck, and feel really helpless right now. Sorry for the rant guys (and gals), but sometimes there are aspects of human nature that I just despise....greed being near the top of the list, and corporate greed being the worst of that trait.