James

[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[jake2b @jake2b]

random $BBBYQ brainstorming because why not, it’s fun and I was asked to tinfoil. watch out.

Mr. Icahn pipe’s into Overstock, who step-by-step first acquire the ip, then acquire and absorb the shell of old Bed Bath giving Overstock the NOL benefits.

this is why the company rebrands to $BBBY and renames to Bed Bath because they want to be “obvious” with corporate identity for the NOL.

explains why Overstock has had a confidentiality agreement since the second-half of January 2023. in my opinion, the time when the plan was decided. they also get an actual business to operate in the future.

this is why they took the IP from DOM. they always were. DOM never wanted to run stores and their profit sharing is a pretty clear indication of future growth. conveniently this allows everything to be arms length.

thinking of the old company like a Lego, the Chapter 11 essentially facilitated breaking it into all into individual pieces, Overstock was designated to come in and rebuild it quietly in the background.

it all comes back with operations teams (like Kirkland’s) to run it in the future.

Overstock is no more, it is now Bed Bath. Overstock gets the NOL. Overstock (retail) had no good business model and no prospect anyway. this series of transactions allows them to return to retail and have a functioning business. it also.. has Medici.

not sure how Mr. Lemonis fits into all this. most likely explanation is he was tapped as an effective public executive to execute this and follow through all of this from October 2023 to the finish line.

this would explain why Mr. Johnson didn’t complain about stepping down. he’s a lifelong Overstock guy, maybe even happy the business had a path forward

this could explain why Mr. Lemonis is CEO of two companies. maybe his tenure at Overstock is simply to execute this plan and will hand it off, just a guy playing a role. who is even a long-term CEO of two companies?

OK so if that is correct.. who does he hand it off to? will Overstock be acquired? I don’t know but that would explain the selling of their corporate HQ. Mr. Icahn? I don’t know, I’m not convinced. I think he does what he does best, invested into an undervalued enterprise with future potential and he will get ownership (maybe shares?) that he can put into the IEP unit “bucket”. I believe he doesn’t sell and sees a long-term investment, sees the potential RC brings to the table and becomes a buy-and-hold forever investor.

does any of this explain how RC fits? I have no idea. I do not know if he acquires, merges, takes over, utilizes the GME investment policy or what.. but maybe someone believes that Overstock has hidden value in their Medici portfolio.

speaking of those assets.. will tZero ever licence their technology to a legacy exchange(s) and seamlessly integrate blockchain securities into brokerage accounts through parallel-chain smart contracts or their unique, regulatory-approved special-purpose broker dealer access for issuers, combined with a partnership with fireblocks to issue wallets at scale, with a high touch, customer delight-centric end-user experience at scale? I have no idea but it seems odd they aren’t already with how much everyone has heard the word “blockchain” in 2025.

RC buys, but doesn’t run operations? maybe this explains why Brett left the board of Newell. Will he be a board member of this new BBBY instead and couldn’t serve on both board because of antitrust friction or an interlocking directorate? that would explain having to leave Newell hastily and sell his shares at a 50% loss. wild guess.

I was asked to speculate and this is as close as my mind can come to imagining an outcome. surprisingly, most if not all of everyone’s theories combined into one mosaic is making the most sense in the moment.

sidebar—what are the odds that Overstock announced their rebranding and new identity exactly 30 days before the two-year anniversary of the old Bed Bath effective date?

1 in 824, but who’s counting.

[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

We are confirmed. Join @jake2b and I post market today

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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

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[jake2b @jake2b]

I am very excited for $GME earnings and I would bet one whole dollar that the Board is as well. not only because this may be the best Q2 in company history but FY25 will be the first year the Company is profitable every quarter for this Board room. to paraphrase RC: its hard to appreciate how much of a piece of crap GameStop was when I came in.

thanks to short-term treasury income on their massive cash, expanding the business from dependence on cyclical hardware cycles to include collectibles, unrealized gains on their $BTC holdings, shedding international presence that was not generating profit.. all while the Board does not take any compensation and only stands to see a return on their time and effort when the stock price increases. exciting times to see the fruit of hard work and a multi-year effort.

I just want to share my opinion on two things to hopefully contribute to the conversation; the Company’s cash and Notes. after listening to RC speak with Fox I was happy to see what appeared to be very honest and direct responses to the questions directed at decision-making by the Board.

cash—it seems to me that RC’s style is mimicking Buffett (1/2 Warren Icahn!) who himself is still over 50% cash to the tune of 350b+. the Buffett Indicator stands at 217% as of June 30, almost 2.2 standard deviations above trend line. in a really simplified explanation it measures stock market growth vs. size of the U.S. economy to determine if there is a bubble. the more the stock market grows and separates from the GDP, the more likely there is a bubble in the markets.

there are 5 levels to the indicator—strongly undervalued, undervalued, fairly valued, overvalued and strongly overvalued. 2 standard deviations above trend and higher in the indicator means the market is *strongly* overvalued.

one thing that stood out to me that RC kept saying in the interview: “assuming we are not foolish with our money.”

let’s assume you are in charge of the $GME cash pile and after reading the investment policy from December 2023, it seems clear that the end goal for using that money is to make investments into other companies that are a good value and will go up over the long term.

a relevant moment to share one other personal highlight from the Fox interview; when asked about how he decides about investing in companies, RC was clear—price. “an investment can be a good idea at one price and a terrible idea at another price.”

putting it together and considering the Buffett Indicator, it seems to me that RC does not want to make investments with GameStop’s money and hold them into a potential market correction. because of the size of GameStop’s cash pile, they can sit and wait for a market correction and in the mean time, collect a lot of money on short-term treasuries safely. low risk, guaranteed reward, Company balance sheet improves and strike when you like the price.

which in my opinion is also why they hold the $BTC. GME was never going to be a bitcoin reserve company, it is to hedge against inflation on their cash—just like RC said in the interview—and the real hedge is to not feel rushed to make a move and allowing the market correction to take as long as it needs.

not to mention that on top of the Buffett Indicator you have talks of interest rate cuts in an environment with high bond yields, ATH gold prices and “sticky inflation”. the trend is your friend until it’s not, or how RC put it: “the market can go from green to red and not flash yellow.”

it’s just smart business sense.

1/2

[Salvatore Linteum @PhantomBlack699]

It's explicitly clear to me that Ryan Cohen engaged Sixth Street Lending partners in April 2022, and once they confirmed they were agreed as the super senior lenders for BBBY in August 2022, he sold his shares and put the capital into their FILO loan.

We can confirm their actions since then have been to seize control over the estate from JPMorgan.

"Ask not what your company can do for you – ask what you can do for your company. "

Ryan Cohen - Aug 5th, 2022

[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

Let's discuss $BBBYQ recent news, events and the upcoming ticker change tommorow, post market.
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[Salvatore Linteum @PhantomBlack699]

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[Salvatore Linteum @PhantomBlack699]

Let's discuss how the $BBBYQ story closes, the methods to re-issuance from the Coquille, and the return of the BBBY ticker with BYON.

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[Salvatore Linteum @PhantomBlack699]

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REPOST THE SHIT OUT OF JAKES VIDEO