@WhatCanIMT The margin calls may not necessarily come directly from intrinsic warrant value (unless the stock price goes above $36-40 for some reason), but rather from the astronomical borrow fees as the pool of available warrants dwindles when people start exercising or selling.
@WhatCanIMT The legal obligation for delivering the warrants would have to be satisfied before their expiration, otherwise there are no warrants to deliver.
This gives some credence to a potential warrant squeeze in Uptober if they go ITM and broker-dealers start dishing out margin calls
@ShaunFitzzzy Assuming a CB of $29-30 for the remaining $178M, that's around 6M more shares, putting him at just over 50.5M shares, putting him right around/just over 10% I believe (also taking into account warrant dilution).
@ShaunFitzzzy Another possibility is to count the total amount he has already invested in GME towards the $500M, i.e., $203M.
As you say $119M for the warrants, this leaves leaves $178M over 20 trading days.
This means either $45M per week or (more likely) he simply keeps buying after October