Serengeti’s LaNasa Recommends Eastman Kodak, Fortress

Jody LaNasa, founder of $1.6 billion hedge-fund firm Serengeti Asset Management LP, recommended buying shares of Eastman Kodak Co. and Fortress Investment Group LLC.

Kodak, which filed for bankruptcy in January 2012, is worth as much as $59 a share, almost three times its current price, because it can grow in its traditional and digital printing businesses and patent portfolio, LaNasa said today in Toronto at the Sohn Canada Conference presented by Capitalize for Kids. Fortress is worth as much as $12.60 a share, about double their current value, he said.

“Both these names have been impacted over market issues in the past month,” LaNasa said.

Kodak rose 5.3 percent to $20.08 and Fortress climbed 3.9 percent to $6.96 at 11:31 a.m. in in New York.

LaNasa called Fortress “exceptionally cheap” and said the company is set to return a “significant portion of its balance sheet to investors in the next couple of years.”

LaNasa founded New York-based Serengeti in 2007. He was previously a partner at Goldman Sachs Group Inc., where he headed the multi-strategy investing business in the special situations group.

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