friends, I feel confident that we have solved the mystery of RC's co-debtor status with $BBBY. looking back at old posts is fun and very neat to see the threads we were pulling on.
as always, looking back at older documentation is invaluable, especially with new understanding. I find it very funny that it was there the entire time, we just had to look. admittedly, it does help to have a better understanding as we go along as well.
in the case of #BBBY, I believe that RC is a co-debtor because he is a cosigner/offered a guaranty on $BBBYQ's Texas Tax obligations. let's start back in May:
RC himself and RC Ventures (alongside JP Morgan Securities and Sue Gove) are listed in docket 568 as co-debtors for a handful of places and I've picked this page as an example. the creditor is the City of Tyler and look at the Schedule, E/Fâthat's important.
if we read through the 1,176 page docket we can find the E/F Schedule, here's a page:
here we have our first aha! moment. this section of the Schedule is titled Taxing Authorities and it is here that we find the cities where RC is listed as the co-debtor.
note: some cities are listed twice, once under the Taxing Authorities and then again under Trade Payables (i.e. for the City of Tyler, this is where the utility water bill is located).
I know, taxes are boring but hang in there, here's where it gets fun.
back in September when the Kirkland August fee statement came out, this would have been a very easy detail to miss:
but in fact, it was likely the largest confirmation of RC's involvement in all public disclosuresâbut, only if you knew what you were looking at.
first, what is a non-debtor party?
a "non-debtor party" or"non-debtor third party" refers to an individual or entity that is not a party to the bankruptcy case but is nonetheless affected by or involved in the bankruptcy proceedings.
you guessed it, like a co-debtor. so, now that we know what a non-debtor is, we can ask the really important question:
WHY is Kirkland preparing Bed Bath tax determinations for someone who is not the Company?
remember, a non-debtor is not a party to the Chapter 11 case, so this is not referring to Bed Bath or any of its subsidiary entities.
also worth noting is when Ms. Geier is documenting this work in the Kirkland feeâon August 29, three days before the end of the voting on the plan. this is not something she would be working on "that maybe would not come to fruition."
now, let's set up a quick timeline:
May 30âRC is revealed as a co-debtor.
August 29âMs. Geier is preparing the Texas taxes for (I believe) RC.
September 12âwas the Confirmation Hearing for the #BBBYQ Chapter 11 Plan.
September 14âthe Plan is confirmed.
on September 14âafter the confirmationâwe get docket 2172. why after? because they can give some more disclosure (while still being light on details) since they know the Plan can be effectuated.
look what we find inside:
in case you did not know (like me!) what the Texas Comptroller was:
"The Texas Comptroller's office is the state's chief tax collector, accountant, revenue estimator and treasurer."
emphasis mine.
so:
⢠they are the main tax collector for Texas, one of the two main states where RC is listed as a co-debtor (the other being California),..
⢠and the findings of fact to support the Plan states that their rights are not preserved to pursue any non-debtor third party for tax debts,..
⢠and the co-debtor counterparties to RC are taxing authorities.
well, would you look at that.
â
Ryan Cohen, you sneaky fox.
gosh, that sure gives me a new perspective on why RC is not buying any $GME, as this would give credibility to the theory that he is under a material info blackout period.
it could also explain why the #GME investment policy has not been utilized yet, which could also explain why Mr. Attal is also not able to purchase, since he may be on the oversight committee.
and yes, I believe that RC is one side of the "third party release." more on that, soon.
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