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The answer is not to save Kodak, but rather sell the patents and chemicals business, and wind down the photography business in a way that maximises shareholder returns (ie. without ploughing capital into a low margin business like digital cameras, or a business where they had no competitive advantage such as ink jet printers).

Michael Dell received a lot of criticism for saying in the 90s that if he was CEO of Apple he would wind down the company and return capital to shareholders. But far too many CEOs are blind to this option.




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