Financial experts answer Kodak questions
By: Mark Gruba
Updated: January 12, 2012
Financial experts from Brighton Securities hosted an information session Wednesday for current Kodak employees, retirees and investors with questions about the company's uncertain future.
About 30 people attended the information session, including Kodak retiree Lelanie Westfall. "We're all trying to do our homework and do the right thing," she said. Westfall spent 28 years working at Kodak.
Paul Marlin spent 33 years as an engineer for the film giant before retiring 10 years ago. Kodak's demise has not cost him sleep, but it is something he's watching closely. "It's not preoccupying but it is a very serious background concern," he said.
Most of the attendees at Wednesday's information session were retirees, concerned about their Kodak investments. To that end, Brighton Securities President George Conboy was reassuring. "There is not a risk that someone with a pension will lose all of their pension," he said. "There's not a risk that someone with a 401k will lose all of their 401k."
That assertion led Marlin to reassess his plans. "Don't make any sudden moves, at this point, hang on for a while," he said.
David Young spent time as an industrial photographer during his 27 years at Kodak. He was among those asking questions about healthcare. "The older I get, the more maintenance I require," he joked. Conboy said healthcare is one benefit where current employees and retirees could see a significant reduction. After the session, Young said, "I am still concerned about healthcare, the potential for reducing the healthcare benefits."
As Kodak employees and retirees seek information, and share feedback, receiving unfiltered responses to their individual concerns was what many valued most about the night. "They're hearing different things than I'm hearing, so we're trying to gather information and straighten it all out in our minds," said Westfall.
Brad Shea, a 30 year Kodak employee who retired in 1991 said, "I know it's not the stamp of approval from Kodak, but certainly it gives me a better picture of what's going on short term and long term," he said.
Brighton Securities will hold additional information sessions Thursday at 5:30 and Friday at 4 p.m. People can participate from home by contributing questions on the Brighton Securities Kodak Hotline at 585-340-2244, or by liking the "Brighton Securities" Facebook page, or following the discussion on Twitter @GTConboy or #ROCKodak.
About 30 people attended the information session, including Kodak retiree Lelanie Westfall. "We're all trying to do our homework and do the right thing," she said. Westfall spent 28 years working at Kodak.
Paul Marlin spent 33 years as an engineer for the film giant before retiring 10 years ago. Kodak's demise has not cost him sleep, but it is something he's watching closely. "It's not preoccupying but it is a very serious background concern," he said.
Most of the attendees at Wednesday's information session were retirees, concerned about their Kodak investments. To that end, Brighton Securities President George Conboy was reassuring. "There is not a risk that someone with a pension will lose all of their pension," he said. "There's not a risk that someone with a 401k will lose all of their 401k."
That assertion led Marlin to reassess his plans. "Don't make any sudden moves, at this point, hang on for a while," he said.
David Young spent time as an industrial photographer during his 27 years at Kodak. He was among those asking questions about healthcare. "The older I get, the more maintenance I require," he joked. Conboy said healthcare is one benefit where current employees and retirees could see a significant reduction. After the session, Young said, "I am still concerned about healthcare, the potential for reducing the healthcare benefits."
As Kodak employees and retirees seek information, and share feedback, receiving unfiltered responses to their individual concerns was what many valued most about the night. "They're hearing different things than I'm hearing, so we're trying to gather information and straighten it all out in our minds," said Westfall.
Brad Shea, a 30 year Kodak employee who retired in 1991 said, "I know it's not the stamp of approval from Kodak, but certainly it gives me a better picture of what's going on short term and long term," he said.
Brighton Securities will hold additional information sessions Thursday at 5:30 and Friday at 4 p.m. People can participate from home by contributing questions on the Brighton Securities Kodak Hotline at 585-340-2244, or by liking the "Brighton Securities" Facebook page, or following the discussion on Twitter @GTConboy or #ROCKodak.
