🚨 Docket update in 20230930-DK-Butterfly-1 v HBC Investments LLC
2 volumes of a "Sealed" Joint Appendix were filed last Friday with the Court of Appeals by the estate in preparation for the hearing that is scheduled for 6/23
The Joint Appendix is the official compiled record of key evidence, filings, transcripts, and exhibits from the lower court (SDNY) that both sides agree the appeals judges need to review
Your redactions are back bro
$BBBYQ 🏴☠️
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Interesting timing on this email from @RobinhoodApp today, reminding me that I have warrants for GameStop and giving me a voluntary offer to exercise them
🚨 @SpaceX has chosen Fidelity Stock Transfer as their transfer agent (FST is a subsidiary of @Fidelity). This is surprising because all Mag 7 companies use @Computershare (including @Tesla). Why did @elonmusk choose FST over Computershare? Credit to @lawsondt for the find.
CHINESE GIRL WITH CLAUDE 5.0 JUST DROPPED THE FULL 31-MIN TRADING BOT BUILD GUIDE
(Build Apps & Automations)
bookmark it and watch when you've got 31 quiet minutes, you will forget what losing manual trades are forever.
Claude Code's creator said something that stopped me cold:
"I don't prompt Claude anymore. I write loops — and the loops do the work. My job is to write loops."
Most developers are still crafting the perfect prompt.
The person who built the tool moved past prompting entirely.
In 30 minutes Boris reveals his actual daily Claude Code setup.
Claude Code + loops + dynamic workflows.
Worth more than any $500 vibe-coding course.
Watch it.
Then read this - everything you need to know about loops to actually apply what he says ↓
Bookmark both. This is your weekend.
Yes I absolutely do believe that common stock shareholders will ultimately be given distributions as allowed in the confirmed Plan. "The other discretionary provisions in the Plan, including the Plan Supplement, are appropriate and consistent with... provisions for the allowance of certain Claims and Interests..." That's from docket 2172, page 25.
And the situation hasn't been that RC could have done everything all this time and simply hasn't. He did the winning move 3 years ago, but he had to wait 3 years, as @jake2b explains due to bankruptcy code surrounding retaining NOL's as an acquirer with what was a non-consenting (in this case corrupt) Board. Watch Jake's video here (https://t.co/nz5ovj6M0h), he traces back the conversion of the Acquirer from Series A Preferred shares to COMMON STOCK shareholder (like us!). The big sudden change in total ownership percentage in 2023 as he went through that process via HBC is what required the 3-year waiting period, TO RETAIN the $Billions in NOL's. The fact that the Holder of Interests became a holder of Common Stock (like us) is what guarantees that what he gets, we will get a piece of too!
Prediction:
These videos will be used as reference material for future generations of investors that are curious as to how a bunch of shareholders devoted the better part of a decade to learn about and align themselves with a good man to help save and profitably grow a business, and equally important, because it was the right thing to do.
Bravo Jacques2b & your Lion Friend, Salvatore' too.
🥷🦁
I almost done listening to Part Deux..
BBB(Y) Hearing
06/09/26
Remaining Texas tax claims were adjourned again, to 06/23/26.
Today's other matter was about a personal injury claim motion dating back all the way to 11/10/23 (docket 2679). Something (it was disputed today what kind of object, see below) fell on a customer's foot in a store, and now she has an extremely painful neurological condition from it. This is about the dispute of Bed, Bath owing (or not) a $1 million SIR (Self-Insured Retention) payout before their liability insurer (Safety National Casualty Corporation) pays coverage for the rest of the claim.
This matter first came up for hearing on 05/29/24 and I reported on it here:
https://t.co/KqRdr6gY92
Most of the hearing was about everyone catching each other up on what progress has been made after 2 and a half years on this matter: not much. A couple of the lawyers thought today's hearing would be about arguing on the merits of the case, but Judge Papalia kept interjecting and pointing out that key facts and figures are still in dispute, or at least were not filed in a way that shows agreement.
Judge Papalia: 'I'm asking for an update... There's a lot of things in there that really are case-related, administratively related and otherwise that were the basis of the motion before and now, frankly, time has passed and it doesn't sound like the floodgates have opened, right?'
Erin Gray (representing the Plan Administrator for the Estate): "Yes, Your Honor that is true, and what's also true is that the Estate continues to be what we believe is administratively insolvent. So, that has not necessarily gotten better, we've reduced the administrative claims but the issue of the defense costs which is our primary opposition; even with respect to this one lawsuit which could be substantial, that has not changed."
[Papalia suggested reconvening in 20-30 days to get more facts straight.]
Papalia: 'I think the plan admin and Safety National need to talk. I want it fair, and relatively quickly. There wasn't a big push to move it before this, but I'm willing to move it quickly now.'
[Lawyers for the plaintiff and Safety National debated whether the original source of the injury to the plaintiff was a picture frame falling on her foot, or a set of woks.]
...
Gray: This is about resolving what the debtor's obligations are. I'm concerned about the motion turning into a full-blown evidentiary trial about the claim itself because we're concerned about the expenses of this whole process.
...
Papalia: 'What I'm hearing is that Plaintiffs already got their doctor reports, Safety National got medical reports but didn't yet provide them, and the Plan Administrator has no medical reports and probably won't get involved with that. So why not have the Plan Admin update status of case and other arguments in support of their motion, Safety National updates its position about its motion around the SIR, but then it feels like the plan admin and Safety National might wanna respond to each other as well... you see why I'm saying you guys need to talk this through? And why I wasn't ready to decide this today? I don't have the right record... Why don't we set a conference in a week?'
[Date set for a conference on June 16th at 11am to submit info]
Papalia: "Here's the bonus: If you guys agree, we don't even need to be here."
looking for clues it seems quite clear in my opinion that when $GME counters or amends their purchase offer of $EBAY there will be a rather significant change in the deal structure.
the key to the financing is TD Bank seeing an "investment grade" credit rating. if you do the math you know that this is not possible under the current terms because it would bring the combined company's leverage to somewhere around a ~9x ebitda.
I think that is pretty far out and would not meet "investment grade". this has been documented and I highlight it because I do think the credit rating will be achieved. how could the offer be amended to be <5x ebitda? I think there is one realistic pathway and it is through forming an investor group or a private equity co-investor.
what if a deal sponsor enters with a large cash infusion into $GME? in exchange they could get a large minority stake of the company in shares, be issued preferred shares or convertibles. the reason for it is in corporate credit agreements rating agencies look at private equity cash injections as equity/ownership and not debt. so lowering the leverage vs. ebitda becomes simple you have someone that sponsors the deal for x amount of dollars and the company doesn't need as much from TD Bank and the bond market.
i.e. for half cash half stock they need 28 billion in cash. PE or a friendly investor shows up with an 18 billion investment to be a part of the deal, the need from TD Bank comes down to 10 billion and voila! a debt multiple to ebitda <5.
I still believe that we will see GameStop issue bonds but it won't be the only way they raise funds. I wonder if there is anyone out there who sees value in big dog?
🚨Anthropic just showed a 24-minute workshop on how to actually do prompts for Claude.
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In a Chapter 11 Type G reorg, initial equity distributions avoid a taxable ownership change, allowing full NOL use. Using Bed Bath & Beyond’s shell for eBay/GameStop unlocks billions in tax savings—preserving the shell is a major bonus.
$BBBYQ