Eastman Kodak, A Loan From the U.S. International Development Finance Corporation, a Fabulous Share Price, Kushner and a Donation
The underlying premise of the following opinion analysis is that there was and has been a relationship between Jared Kushner and Kodak’s board member George Karfunkel. That relationship, as we see it, is one based in real estate holdings and transactions, between well connected religious families that travel in the same circles, either directly or indirectly strengthened to religious connections; and then fostered by Kushner’s lifelong political elite status. This is a relationship that, when accompanied by a “you scratch my back, I’ll scratch yours” approach, offers Trump significant access to donations and religious Jewish bloc voting as well as the ear of officials in countries like Israel and the Ukraine. It’s all about money and Jewish geography.
It is our belief that the $750M loan to Kodak by a little known US government development corporation whose head is a former Kushner college roommate was no coincidence and was a means to filter money to Kodak, couched in a brain trust Kushner was tasked with building to try to overcome a formidable opponent, Covid-19. Whether or not the company’s head knew of the seeming lack of propriety of the Kodak deal remains open to debate. He spoke frequently about the deal and seems to have sincerely believed he was going to both rebuild a company and slow or even stop the spread of Covid-19.
He has claimed that Covid-19 made the entire loan idea completely reasonable. We beg to differ. Regardless, Kodak had been lobbying the US government for months and while somewhat questionable, Kodak’s ability to re-define itself might have been palatable, or at least was not exquisitely unfathomable. Had monumental increase in share price and corporate greed not come to lay waste on the transaction in the form of some dubious stock trades, including a donation, that loan probably would have materialized.
On August 7th, 2020 it was put on hold. We do not believe it should be provided.
We opine that the metioric rise of Kodak share price on the announcement of the Kodak loan was well-timed by Kodak’s board member, also the Director of Amtrust, George Karfunkel who used a single moment in time to run a significant donation through a mysterious [” virtually non-existent”] yeshiva, Chemdas Yisroel, effectively maximizing gains in the stock which otherwise would not have materialized. The parenthetical in the previous sentence regarding the status of Chemdas Yisroel is based upon a complete lack of paper for the mysterious Yeshiva, an address which is an unlikely place to hide a Yeshiva with a newly acquired $100+Million and corporate filings that seem inconsistent with a company that donates or that fosters young minds. The board of directors is also not easily found but word is that it is a group of people, family members of Karfunkel, who are oft involved in monumentally profitable loophole-based transactions.
Not coincidentally, the Yeshiva was incorporated by a signatory located at an address in Monsey, New York, 25 Robert Pitt Drive, a location that is the alleged principal location for dozens of seemingly opaque companies, nearly all in the hard money lending, real estate, finance and not-for-profit charities and Yeshivas industries. The Char 440 Registration Statement for Chemdas Yisroel, Inc. can be found here.
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