Sahm Adrangi, the Investment Manager of Kerrisdale Capital, released a negative report seeking to explain why the firm has recorded a lower position in the Eastman Kodak Company, a commercial imaging and printing firm whose stock rose 187% after launching a partnership with Kerrisdale Capital. The manager said Eastman Kodak Company is literally flawed and thus incapable of providing substantive benefit for its shareholders. He further termed the company along with another firm by the name WENN Digital Incas firms, as firms with well-known dubious backgrounds. He accused Eastman Kodak Company of making hollow attempts to cover its unsustainable and ineffective capital structure. According to the investment manager, Kodak’s soon to be launched partnership will do little to save the firm from plummeting revenues, mounting default risk and negative free cash flow. The seasoned investment management professional promised to hold a press conference where he will release more details regarding the recent negative report.
Sahm Adrangi used to work as Longacre Fund Management’s Investment Analyst before launching Kerrisdale Capital Management. Longacre Fund Management is a privately owned firm with over $1.2 billion valuable assets under its management. Adrangi did investment analysis for the firm, in addition to researching for equity fund and credit fund on behalf of the firm. Before joining Longacre, he worked for Chanin Capital Partners, in the bankruptcy restructuring department. The investor advised creditors on bankruptcy restructuring. His work entailed attending bondholder committees, representing bank debt holders and representing creditors from various bankrupt and distressed companies. In addition to working for these two firms, Sahm Adrangi has worked for Deutsche Bank, where his role primarily entailed restructuring and syndicating non-investment bank debt, and leveraging buyout financings. He is a graduate of the Yale University, where he obtained a BA in Economics. His Kerrisdale Capital offers investment managing services, and it currently manages over $300 million. Based in New York, the firm shares its investment management ideas with the larger investment community via its official site.
Sahm Adrangi move to release the negative report regarding Eastman Kodak Company paints the firm in a truly negative light and thus its future could be ultimately uncertain moving forward.