Kodak shares traded up to 25% on an above-average volume the day before the official announcement of the DFC. Some media, not realizing that the press release was supposed to take place the next day, released the news ahead of the official announcement.

It was a confusing situation. And that led to a Securities and Exchange Commission investigation as well as reviews of Kodak and the DFC. Some of these investigations are ending. Sunday, The Wall Street Journal reported that a government watchdog of DFC found nothing unusual in the process undertaken to grant Kodak its potential loan.

This is good news for Kodak. However, it is difficult to decide what this is worth for investors. Shares climbed to $ 12.90 in pre-market.

Kodak, however, still does not have analysts covering the company, making it harder to cripple the possibility of the loan being granted and, after that, what new drug ingredients business from Kodak might be worth it. Many unknowns still exist. Including the status of the SEC investigation and the statute of the actual loan.

The original DFC announcement was a letter of intent. The details of the loan do not appear to be completed yet.

Kodak representatives were not immediately available for comment.

But a stranger seems to be cleared up. This is enough for investors for the moment.

Including pre-market earnings, Kodak stock is up about 180% year-to-date, much better than comparable returns from the

S&P 500

and

Dow Jones Industrial Average.

That leaves Kodak with a market value of around $ 930 million.

That’s a big gain, but stocks are still down almost 80% from their 52-week high of $ 60. It looks like the illegal trade will continue until 2021.

Write to Al Root at [email protected]