Bill Miller Takes Whopping $550M Loss in Kodak Moment

Bill Miller, who estimated a decade ago that Eastman Kodak Co. was worth about $100 a share, sold his flagship fund’s stake in the imaging company for a lot less. Legg Mason Capital Management Value Trust, run by Miller since 1982, disclosed in a semi-annual report last week that the fund sold 18.2 million Kodak shares late last year and during this year’s first quarter for about $3.89 each on average.

“Both the board and long term investors understand we are building a new company and they know that this isn't accomplished overnight,” said Gerard Meuchner, a Kodak spokesman, adding that