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Kodakers' fear and panic are replaced by anger

Publication: Democrat and Chronicle
Published Date: 2/4/2012

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Eastman Kodak retirees and employees in the Rochester area — there are many more of the former than the latter — have gone through stages of uncertainty, fear and panic the past few weeks. Now, according to George Conboy and his colleagues at Brighton Securities, anger is taking over.
 

In the months leading up to the company’s middle-of-the-night Chapter 11 bankruptcy filing on Jan. 19, uncertainty was rampant. Rumors of bankruptcy had surfaced in late September and never really went away, despite the company’s assertions to the contrary.

Unfortunately, there also was a lot of misinformation circulating among the Kodakers. Some of it, according to both the Brighton Securities folks and local financial planner Timothy Hayes, was deliberately seeded by unscrupulous brokers who warned participants in the Savings and Investment Plan — the 401(k) plan — that they probably would be wiped out in a bankruptcy.

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