They can't simply "wind down" the business because that would violate their fiduciary duty to the shareholders. You can't just tell your investors "I give up!" and go home. Besides, the moment they announced "we're winding down the business," the stock would immediately go to zero or close to it and the bankruptcy would be immediate.
Of course they can "wind down" the business. This is exactly what their fiduciary duty to their shareholders is if they know that the business is not viable (i.e. they are supposed to minimize the losses to the shareholders). Businesses do this all the time when continuing the business just destroys shareholder value. This is what Kodak should have done long ago.
I do think this does come down to greed. Kodak's management has known all of this for decades. If they had any honor they would have wound down the business to minimize the inevitable loss rather than dragging out the death so that they could maximize the stripping of the remaining value in salaries and bonuses.
Kodak's management who are far smarter than 99.9% of the posters on
Never attribute to stupidity that which can be explained by greed.
There is an interesting side note where the article calls Google a middle aged technology, and it cites the historically slow adaptation of technology by attorneys as evidence.
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