The company eventually will produce as much as a quarter of all active ingredients needed for generic drugs taken by Americans, Trump said. Acetaminophen, for example, is America’s most widely used drug ingredient, found not just in namesake pills but also as a component of hundreds of cold, flu and allergy remedies.
He’s basically asking Americans if they’d be willing to pay 35% more on average for many generic meds in return for the peace of mind that comes with greater control over production. Geoffrey Joyce, chairman of the Department of Pharmaceutical and Health Economics at the USC School of Pharmacy, noted that Kodak ’s cost structure is likely to be substantially higher than overseas producers.
“It’s natural to suspect this is a job program given the choice of Kodak, a teetering company,” he observed. Kodak owned the drug company Sterling Winthrop from 1988 to 1994, but it produced over-the-counter remedies such as aspirin, not more complicated prescription medicines.
Except Kodak reported a first-quarter loss of $111 million pursuing business opportunities that it supposedly knows well, such as printers. After the massive loan from the Trump administration was revealed, giving the company a quarter-century to repay the money, Kodak ’s stock soared by almost 2,000%.
Also, on Trump ’s list is Florida rapper Black, who in 2019 was sentenced to 46 months in prison on federal weapons charges. Two of the weapons were later found by police at crime scenes, including one with Black’s fingerprints and a live round in the chamber that had been used to fire at a “rival rap artist,” according to the New York Times.
Individuals on Trump ’s list, who he hopes to pardon in the final week of his administration, also include senior White House officials and family members, according to Bloomberg. Donald Trump and his team have prepared a list of individuals he is considering for pardons before he leaves office.
Lil Wayne pled guilty to a federal weapons charge last month stemming from a December 2019 incident after a handgun was found in his luggage at an airport. He also remains under indictment on charges of criminal sexual conduct in South Carolina, a case that’s been ongoing since 2016.
Kodak ’s stock price nearly doubled in early trading Monday after a government watchdog reportedly cleared the company’s deal for a federal loan to make drug ingredients. But Development Finance Corporation inspector general Anthony Make said he did not find “any evidence of misconduct on the part of AFC officials” or any signs that agency employees had conflicts of interest in the deal, The Wall Street Journal reported Sunday.
In November 2019, a U.S. District Court judge sentenced Black, who was born Dickson Octave and later changed his name to Bill Capri, to more than three years in prison for lying about his criminal record to buy guns. As his one-term presidency comes to an end, Trump has pardoned or given commutations to more than two dozen people, including his former campaign chairman, his son-in-law’s father and another of his allies convicted in special counsel Robert Mueller’s investigation.
Black was in attendance for the Ravens’ 2018 regular-season finale at M&T Bank Stadium and celebrated with the team in the locker room after it clinched the AFC North title. “True Trump,” Jackson replied, a mantra that’s been described in the Ravens’ locker room as an affirmation or form of acknowledgment.
The company's chief executive officer and a small set of insiders made hundreds of millions of dollars on paper, and possibly in cash in some cases, according to filings with the Securities and Exchange Commission and news reports. That required an uncanny chain of events starting with the investors acquiring millions of low-value shares of a company on the rocks, the Trump administration inverting the purpose of a foreign-development law and the shareholders riding a broader wave of market excitement over the government's newfound interest in Kodak to discover new riches.
“As a public company, Kodak is subject to securities laws and regulations overseen by the SEC, and we have no reason to believe they didn't comply with all necessary requirements,” said Allen. Marx, Garfunkel, Katz and Fink did not respond immediately to NBC’s effort to contact them through The Berkshire Bank.
Essentially, this small cohort of investors bought up a substantial portion of the 44 million outstanding shares of a company in dire need of a turnaround. In October 2018, President Donald Trump signed a reauthorization of the laws governing the Federal Aviation Administration that included an unrelated set of provisions creating the U.S. Development Finance Corporation.
The idea, which had bipartisan support in both houses of Congress, was to help the U.S. compete with China for hearts and minds by expanding American project-financing to developing countries. “From water purification in India, to energy in El Salvador; from a clinic in Cameroon to thousands of loans to women entrepreneurs throughout the world, AFC will work to improve conditions in developing countries,” he said.
In May, Trump issued an executive order inverting the purpose of the law to allow the tiny agency to finance projects in the United States. Sometime after order was signed, White House economic and trade adviser Peter Navarro, Bowler and Kodak executives worked out the blueprint for a deal in which the company would begin to make pharmaceutical chemicals in exchange for a $765 million loan that Allen said would be managed by the Pentagon under the Defense Production Act.
The company put out word of the previously secret agreement in a media advisory July 27 that was quickly pulled back, but the advance public notice prompted a run on its stock. In an interview with Fox Business last week, Navarro described the deal as “fully collateralized,” which Laura Allen said would be done through real estate, equipment and purchase orders.
Trump hailed it as “one of the most important deals in the history of the U.S. pharmaceutical industries” during remarks at the White House July 28. Lil Wayne performs on Day 1 during the 2019 Outside Lands Music & Arts Festival at Golden Gate Park on Aug. 9, 2019 in San Francisco.
With less than two weeks left in his term, President Donald Trump is prioritizing making the most of his power to issue pardons and commutations, particularly to those closest to him. The 23-year-old rapper admitted in August 2019 that on two separate occasions, he falsified information on federal forms to buy four firearms from a Miami-area gun shop.
He acknowledged owning the gold-plated handgun after his luggage was searched upon arriving in Miami on a private plane from Los Angeles in Dec. 2019, and told investigators it was a Father’s Day gift.