Here is my Kodak post, from yesterday, which had been published on financial-information network Motley Fool. Essentially, it presents a chronicle of developments since Kodak hired restructuring firm Jones Day last September until 2 board members, employees of KKR, flew the coop last week. Since then, 1 more board member also resigned. That has been Laura Tyson.
Board members tend to do that sort of thing before a filing of Chapter 11. Part of the reason is to dodge the lawsuits about liability. There had been speculation that the 2 KKR employees might have left to avoid a conflict of interest if KKR was trying to bid on the 1100 digital patents up for sale. But that line of thought seems less persuasive now that Tyson is also out.
Here is my post today on Motley Fool about how, once a company is approaching or in a zone of insolvency, the game changes for the members of the board of directors.