They concluded that even if the gift didn't violate insider trading law or company policy, "it was not advisable from a corporate governance perspective" since it raised the possibility of insider trading. Then there was the sale of more than 250,000 Kodak shares by Moses Marx, the father-in-law of board member Philippe Katz, on the day after the announcement. Akin Gump says Katz had told Marx about the upcoming announcement on July 24, but by the time of the sale, the deal had become public so Marx may not have been trading on nonpublic information. Marx declined to speak with Akin Gump. Another big investor, Southeastern Asset Management, a Memphis investment firm, sold 4 million Kodak shares the day of the announcement and another 30 million shares that it had received in a notes conversion, on Aug. 4. Those sales took place after the announcement; the company said it had concluded that Kodak's price had gotten too high, and that the firm had no access to inside information.