A sudden surge in Eastman Kodak Co.’s stock this week has turned a bunch of money-losing executive stock-option grants made in the past two years — including some made on Monday — into a sudden personal windfall for the company’s executive chairman.
On Tuesday, Kodak
and the U.S. government announced a preliminary agreement under which the firm would receive a loan to produce drug ingredients. The news has since led the one-time photography giant’s share price to more than triple.
This week, the company’s stock has risen to as high as $60 a share from around $2 last week. It is the latest company to capture investors’ attention as they scrabble to find winners in a volatile and often confounding market. Even companies in bankruptcy proceedings, such as Hertz Global Holdings Inc., have surged in value.
One of the largest winners from the rebound is Kodak Executive Chairman Jim Continenza, who stands to…