Legg Mason Capital Management, a subsidiary of Legg Mason, has sold its remaining stake in New York–based imaging company Eastman Kodak Co., The Wall Street Journal reports. A fund managed by Bill Miller, Legg Mason Capital Management Value Trust, offloaded 18.2 million shares in the first quarter.
Nearly 11 million shares were sold in the third quarter and the remaining 7.9 million shares were offloaded last month. Legg Mason’s holding earlier this year was 32 million shares. It reduced its stake in Kodak progressively as the company struggled to generate the cash needed to fund its turnaround attempt. Kodak’s shares have been losing value since the beginning of the year.
Click here for the story from The Wall Street Journal.