B

[B @Anhs0n]

Let's gooo AMC @CEOAdam

[Adam Aron @CEOAdam]

Hey there @DanGallagherDC, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept.

I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino.

If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably?

Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact?

Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors?

Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit.

Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.

[Hycroft Mining @HycroftMining]

Vortex and Brimstone Continue to Expand With Higher Grades

Read the release: https://t.co/mwXd0usatQ

$HYMC #silver #gold #mining

[Adam Aron @CEOAdam]

More good news about AMC’s business prospects.

This new rating of our debt by the prominent ratings agency Fitch meshes with that of Standard & Poor‘s, which upgraded AMC’s debt in July.

“RATING ACTION COMMENTARY:

Fitch Assigns AMC Entertainment First-Time 'B-‌' IDR; Outlook Positive

The rating reflects AMC's leading market position, broad theater footprint, and strong exposure to premium formats, which support attendance, pricing, and operating leverage as the box office recovers. The rating is constrained by negative FCF and a complex capital structure relative to peers.

The Positive Outlook reflects Fitch's expectation for continued box office recovery, with performance approaching pre-pandemic levels and AMC's ability to monetize attendance through pricing and concessions, supporting revenue growth and margin expansion.”

https://t.co/O2yoEsQRta

[Adam Aron @CEOAdam]

Banner headline and article in Variety:

Summer Box Office Breaks All-Time Record With $4.67 Billion

“Need proof the movies are really, truly back? The summer box office was already the biggest since COVID upended the industry in 2020 — and now the season has become the highest-grossing of all time. Domestic ticket sales from May 1 through Labor Day on Sept. 7 stand at $4.76 billion, according to Rentrak.” https://t.co/MdY85Aztnn

[Adam Aron @CEOAdam]

August 2026 had the highest industry-wide domestic box office grosses for any month of August since record keeping started 50 years ago. See for yourself: https://t.co/F2DMd8G681

Experts moronically predicting movie theatres were dead?

What a total crock of - - - - !

[Adam Aron @CEOAdam]

In my opinion, one that is shared by others, that’s a terrible lapse in your judgement @vladtenev

Playing fast and loose with U.S. securities laws is not something that brings honor to Robinhood. It is not one that adds integrity or credibility to financial markets.

By your own admission, in this instance you are not adhering to U.S. securities laws, and therefore you can not offer or sell these offshore island of Jersey tokens to U.S. persons. And yet, your company boasts about them on your U.S. web site.

This practice is something that you should not be standing behind.

[Adam Aron @CEOAdam]

CEASE AND DECIST in all caps was my attempt at humor. It was a cross between Desist (which means to stop) and De-cyst (which would mean to remove a cyst, something that causes pain and discomfort).

What you know about U.S. securities laws apparently is that you are happy to ignore them if you simply disclose that you are ignoring them.

If your offshore Stock Tokens can not be offered or sold to U.S. persons, why are you touting them on your U.S. web site?

If it is not illegal, it should be. And in any case, it displays a terrible lapse of judgement on your part. Wisdom is displayed not just by obeying the strict letter of the law, but by doing what is right.

Shame on you.

[Brad. M @D1ssoluti0ng0v]

@vladtenev The concern is not mysterious.

You put AMC’s name on a Jersey debt note, sold it as an “AMC Stock Token,” and then asked the CEO of AMC what the problem is. That is the problem.

Retail is not confused about the wrapper. We know it is not a share. No vote. No ownership. No claim on the company. You said that in the fine print. You still used the ticker, the brand, and the price of a company that never hired you to package its equity.

Then you put that wrapper on a permissionless chain with a thin float. It trades 24/7. It sits in DeFi pools. It gets used as collateral and as the quote asset for memecoins. When a small token float gets shoved away from the NYSE print, that is not “innovation.” That is a second AMC market you created without AMC.

A 1:1 claim is not an answer. It only helps the listed stock if you buy real shares to mint. If you mint against inventory, hedges, locates, or delayed settlement, you created extra AMC exposure without extra demand on the tape. Discount arbitrage can hit the real stock. Premium minting can add more wrappers instead of lifting offers.

You blocked this from U.S. persons and still wrapped a U.S. company. Then you replied to the CEO with “What’s the concern?”

The concern is you built a synthetic AMC market, kept the economics, left AMC with none of the control, and treated a shareholder-rights question like a support ticket. @RobinhoodApp @RobinhoodCrypto

[Adam Aron @CEOAdam]

In addition to my own comments back to @vladtenev about about my strongly-held concerns about Robinhood’s Stock Tokens, read what someone named Brad (who I don’t know) insightfully had to say on this topic:

[Adam Aron @CEOAdam]

Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.

U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful.

Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts.

Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights.

This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse.

These are but a few of my concerns about your actions.

I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop.

I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.

[Adam Aron @CEOAdam]

And @vladtenev here is a similar view:

[Adam Aron @CEOAdam]

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.

We immediately are going to have our outside securities counsel look into this.

https://t.co/y3yf3VGdWz
Stock Tokens are not registered under U.S. securities laws and may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons. Offers and sales of Stock Tokens are subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland. A full list of the jurisdictions in which offers or sales are restricted or prohibited is available here: https://t.co/y3yf3VGdWz
Robinhood Assets (Jersey) Limited is a private limited company incorporated in Jersey, with its registered address at First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. The Issuer is registered under the registration number 162428.
Stock Tokens have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Stock Tokens may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S")), and (ii) may be offered, sold or otherwise delivered at any time only outside of the United States and to transferees that are not U.S. Persons (as defined in Regulation S)….

©2026 Robinhood Markets, Inc. All rights reserved.

[Adam Aron @CEOAdam]

#LeawoodFilms

[Adam Aron @CEOAdam]

We have secured the X/Twitter handle:
@LeawoodFilms

We also have secured the web site: https://t.co/0TMsiZRBgH

It is early days, of course. So no activity as of yet, but over time this X/Twitter address and web site will have significant activity. Here we go! #LeawoodFilms

[Variety @Variety]

AMC Theatres Launches Indie Distribution Label Leawood Films; Veteran Hollywood Execs to Advise https://t.co/bTqo20Hs8H

[Deadline @DEADLINE]

AMC Theatres Gets Into Distribution Game With Launch Of Leawood Films Label https://t.co/WcpjsXNRIy

[TheWrap @TheWrap]

AMC Theatres is going to distribute movies themselves.

After the success of self-released concert films from Taylor Swift and Beyoncé, the theater chain is launching its own film distribution label, Leawood Films, which will be led by former Warner Bros. film chairman Toby Emmerich.

More details: https://t.co/EVjoPxtRA3

[The Hollywood Reporter @THR]

AMC to Put Smaller Movies Into Theaters With New Venture https://t.co/UpoHPoPDvK

[Adam Aron @CEOAdam]

On Monday, AMC made quite a consequential announcement. We have created a new venture, Leawood Films. It’s a disciplined, low risk way for AMC to distribute movies to movie theaters in the US and around the world. Our goal is simple – get some movies made and released into theaters that might not otherwise be greenlit for theatrical exhibition.

Obviously, our bread and butter will always come from major Hollywood studios, and our other key distribution partners. But if we can get some extra movies made, it will be gravy for AMC as well as for other movie theater operators with whom we will work.

We are pleased to be taking this innovative step forward.

[Save Your Cinema @SaveYourCinema]

🚨 BREAKING: AMC Theatres is officially getting into the film distribution business.

AMC has launched Leawood Films, a new distribution company focused on bringing more small and mid-budget movies to theaters.

Rather than financing productions, Leawood Films will distribute movies that are already completed or fully financed by filmmakers using AMC’s massive theater network and marketing power to help get them onto the big screen.

The first releases are expected in 2027 or 2028. 🎬🍿

This could be HUGE for independent filmmakers and movie theaters.