Kodak Investor Asks U.S. Trustee for Probe
A New York hedge fund that owns bonds of Eastman Kodak Co. asked the U.S. Trustee to probe the bankrupt photography pioneer’s patent auction, saying the “unusually secretive” bidding process wasn’t likely to benefit creditors.
Esopus Creek Value Series Fund LP, which holds Kodak’s 9.75 percent Senior Secured Notes, said press reports about two lead bidders joining forces, Apple Inc. and Google Inc., led the fund “to be concerned as to the integrity of the bidding process,” according to a letter e-mailed today to Tracy Hope Davis, the U.S. trustee who supervises bankruptcies in the New York region.