beatlejuice42069

[beatlejuice42069 @c6driver13]

@rnewton7777 Give yourself more credit and have a awesome day

[beatlejuice42069 @c6driver13]

@DrClownPhD Enjoy the day use sunscreen

[beatlejuice42069 @c6driver13]

@magsonthemoon The strongest tin of them all. Been what 5 years now since this was posted lol

[Southern Mama @SouthernMB82]

Is someone at Schneider Electric telling the foreigners who I’ve featured to remove their LinkedIn pages? I’ve had someone else check their pages when I couldn’t find them anymore. He couldn’t find Saicharan Suryadevara or Pinky Thakkar either.

If they are, they do realize this doesn’t make them or Schneider Electric look any less shady, right?

[Western Lensman @WesternLensman]

The strategy CNN management chose was silence. Just say nothing, and hope the controversy fades away.

It's been almost 10 days since Fauci diary entries revealed that two of CNN's top anchors were private pals with the man they were supposed to be objectively covering.

From "friendship building" dinner parties, backchanneling interview questions, to texting insults about Republicans, none of it has been addressed by Tapper, Bash, Stelter or anyone else at CNN.

Just pretend like it never happened.

And to many people who aren't on 𝕏 or don't consume right-leaning media — it never did.

Ethics. Transparency. Journalism.

This is CNN.

[Tony Farmer @Tonysmarkettips]

The Associated Press will not release its ballots so we can see if the woman on the left voted for the man on the right for Coach of the Year, and see who she voted for in slots 2-5.

If Russini left Ben Johnson off her ballot like she did the prior year [Assistant COTY] when he received 29 1st place votes, then that would be really tough to explain.

[rnewton @rnewton7777]

Any of these thoughts could be wrong, but here's what's on my mind regarding early exchange of about a third of the converts.

The bond buyers were never interested in the underlying equity. I think people need to start with understanding that. By buying the bonds in 2025 they were going both long delta (equity price) and because of the embedded call option feature they were gaining exposure to volatility. That was the market they were after. So they bought the bonds and immediately delta hedged out price exposure by shorting the stock. Then they played the options game to make money against the embedded call. But the volatility on GameStop collapsed over the last year and price fell away from their strike.

So now they've pretty obviously approached leadership and asked to early exchange, because I don't believe it would have happened the other way around. That still doesn't mean they want exposure to the equity. They simply want to offload the bond from a neutral position, in my very humble opinion. So they went to leadership and gave terms by which the company could keep $1.4B cash with no further obligations. Essentially, X number of shares. And they figure they can sell out those shares at the price they are after over the next 35 trading days.

So what this means is that by 35 trading days from now these bond desks will be neutral on the bonds (the $1.4b they are exchanging). They are going short now and will get the shares later so their book will be clean. Consider what's happening now a pre-sale.

They have a really good algorithm to price the whole thing out so I doubt they'll get burned on the deal unless price rises super hard into the tail of their 7-week VWAP or something, but even then, they still have plenty of bonds remaining with which to benefit and against which to hedge and play gamma.

One must remember that they actively manage their book, plus it's a lot of different desks doing a lot of different things. But for the majority of the position you must imagine that they got in when GME was ~30 and their hedge they built was based on that number. Now they are getting some sort of more favorable terms I imagine on this exchange so they can sell more, quite a bit more if today's volume is any indication. Rough math says they are getting about 60-70m shares for the $1.4b instead of the 48m shares priced last year at $29 strike and that means whatever short they had they were able to add a bit onto today.

Essentially:

Step 1: Longed $1.4b in bonds (ignore the other part)
Step 2: Delta neutral short the position
Step 3: Play options game until IV vanishes
Step 4: Request early exchange
Step 5: Short again into the exchange
Step 6: Get shares, pay back shorts from 5 & 2

Bond Desk Result: Nothing on your books, some profit
GameStop: +$1.4b, Outstanding shares increases

Just a super slow dilution that took 15 months and crushed out IV but maybe got us more favorable pricing than if we had simply ATMd it all like 2024. Maybe. We'll see how it all shakes out down the road. Maybe the first tranche to exchange gets a good rate and the later ones still go out at $29. In that case, good deal.

In any case, market is absorbing the shares and cash stays on the sheet, debt falls off. Just hope it's not a lot of shares getting added but seems like a lot from today's action.

[beatlejuice42069 @c6driver13]

@rnewton7777 Volatility has been crushed so I could see this playing out how you say. Time will tell

[beatlejuice42069 @c6driver13]

@rnewton7777 @AirCare0 Great price to buy today get a bunch of Premium. just have to wait for the other side of the trade.

[Svetlana Lokhova @RealSLokhova]

Dana Bash's former husband is Jeremy Bash, Obama's CIA Chief of Staff.

Dana Bash kept her husband's last name.

Jeremy Bash was one of the signatories to the Biden laptop letter used by the CIA to interfere in the 2020 election.

Dana Bash is a Deep State operative.

[Z3nY @z3n_y]

How about crediting me?

[beatlejuice42069 @c6driver13]

@Sellsword193 @rnewton7777 Been telling myself that for that last couple of months. Thought I would have caught some value by now

[Polymarket @Polymarket]

BREAKING: GameStop stock crashes -13%.

[beatlejuice42069 @c6driver13]

@Polymarket Great job Ryan celebrations are in order 👏 @ryancohen

[beatlejuice42069 @c6driver13]

@JuniorsFinest24 @lucky_425056 Sorry man but life will get better

[beatlejuice42069 @c6driver13]

@lucky_425056 Same

[beatlejuice42069 @c6driver13]

@Stonkfather2021 I mean how much more worse can it get 😂

[beatlejuice42069 @c6driver13]

@Kidsmealstudios Arrogant asshole @ryancohen