If that’s the case, today’s news that Kodak hired a big law firm for “restructuring” ie bankruptcy should not be affecting his portfolio.
(UPDATE: Kodak says it has no intention of filing for bankruptcy.)
However – people are still buzzing about Miller. Someone on CNBC said that Legg Mason is the biggest holder of Kodak as of June 30th, so we decided to look into it.
It’s true – if you look up the largest holders of Kodak, Legg Mason (specifically, LMM LLC) is #1, owning over 6% of the company.
Now, Legg Mason Capital Management’s latest 13f confirms that Miller’s Legg Mason portfolio sold Kodak as of June 28th. He took a substantial loss: $551 million.
But if LLM LLC still holds 18.17 million shares, over 6% of the company, which it did as of its 13f reporting on June 30th, 2011, the fund just lost $14.17 million in the blink of an eye. Now the stock (EK) is down MASSIVELY after this restructuring news – it’s been halted a couple of times because of it. It’s trading around $1 now.
You don’t even want to see the price Miller bought in at.