One Eastman Kodak Co. shareholder is fighting the company's chapter 11 reorganization plan that would see the company’s stock effectively wiped out, the Rochester (N.Y.) Democrat and Chronicle reported on Saturday. In a letter filed in bankruptcy court last week, Florida shareholder and attorney Matthew Glassman argues that shareholders need their own official standing in Kodak’s chapter 11 case and that Kodak’s reorganization plan “is a blatant attempt to rob both the shareholders and unsecured debt and bond holders of money and shares that are rightfully theirs.” Kodak already is facing a possible challenge to its bankruptcy emergence plans from a cadre of retirees looking to get official standing in Kodak’s bankruptcy. The bankruptcy court has scheduled a hearing for June 20 on a motion asking for creation of an official committee to represent the interests of retirees who had been receiving pension payments from a pair of unfunded retirement programs Kodak axed when it filed for bankruptcy in January 2012.
