Texas Toast

Electrical Engineering student. Be nice. Lift heavy weight. $GME

[Ron Paul @RonPaul]

The Israel Lobby is throwing a "Hail Mary" pass amid growing US opposition to support for that country:

Language has been inserted into the US National Defense Authorization Act for 2027 that would essentially merge the US and Israeli militaries and obligate the US to continue fighting Israel's wars.

Former US Rep. @Dennis_Kucinich joins today's program to discuss how we can stop it:

[Peter St Onge, Ph.D. @profstonge]

Taxes should be for things so existentially important it's worth robbing your own people at gunpoint.

So maybe 1% of what's spent today.

[Liz Morton ~ Value Added Resource @ValueAddedRS]

$EBAY Content Manager Georgea Mpampanis takes her responsibility to "preserve years of customer knowledge" form the eBay community very seriously - as long as those years are between 2023 & 2026. 🤦‍♀️
https://t.co/R5i0ftbBkW

[MD @MorgenHatton]

@GameStop Is No Longer Surviving. It’s Preparing to Strike.

A thread on what the shareholder meeting really told us about $GME, @RyanCohen, @eBay, collectibles, authentication, and the future of commerce:

[Reese Politics @ReesePolitics]

BREAKING: Ryan Cohen delivers strong message at GameStop Corp. annual shareholders meeting citing eight consecutive quarters of profitability and declines to talk further about eBay today. $GME

[Texas Toast @tweakindeacon]

@ReesePolitics Honest question from a Feb 2021 holder watching from a distance and full faith in Ryan’s vision, what’s the deal with the share increase to 2.5B?

[Liz Morton ~ Value Added Resource @ValueAddedRS]

eBay is seeking to send most of a former employee’s whistleblower & retaliation lawsuit to arbitration, including claims tied to workplace accommodations, FMLA, pay equity & Promoted Listings concerns. ⚖️

$EBAY
https://t.co/M2ZH1lSKu7

[Tucker Carlson @TuckerCarlson]

This month, unless Donald Trump stops it, our treasonous Congress is likely to merge the US military with Israel’s genocidal armed forces. Dennis Kucinich on the end of American sovereignty.

0:00 The Attempt to Merge the US Military With the IDF
6:08 The Subversion of Congress
12:30 Why Is So Much Money Spent on Defense?
25:15 Israel's Genocide
26:59 Who Is Pushing This Bill?
45:33 How Can America Remain Independent?
48:38 Are People Getting Radical?
52:41 Will Democrats Vote Against This Bill?
55:46 Was This System Designed to Hurt Our Country?
58:50 Has Anyone Explicitly Defended This?
59:24 Will Trump Veto This Bill?
1:03:10 Is It Possible to Fix the System?

[Larry Cheng @larryvc]

full episode: https://t.co/kmqM4XLeE0

[Larry Cheng @larryvc]

Great to catch up with Nick Moran on The Full Ratchet podcast - had an awesome time covering a lot of ground! Link below... @thefullratchet @TFR_Pod

[The Full Ratchet @TFR_Pod]

Why did the first investor in @Chewy bet against @amazon—and win?

@larryvc explains why consensus kills outsized returns, whether software is dead, how AI is changing investing, and what @SpaceX and @gamestop can teach us about building enduring businesses. Link in bio.

[Ryan Cohen @ryancohen]

Your Bell is safe. Your job is here when you get back. See you in February. 🇺🇸🫡

[Texas Toast @tweakindeacon]

@binding_broken Someone help me while I wait on Winds of Winter

[Alan MacLeod @AlanRMacLeod]

This article is 22 years old.

[Texas Toast @tweakindeacon]

@5149jamesli Done been that way, James. Quit playing games

[Goatbeardz @GoatBeardzDD]

WHAT IS TEDDY?

Everyone knows GameStop. Most people know Ryan Cohen, the CEO of GameStop who founded Chewy.

But did you know that since 2022, Ryan Cohen has quietly run an online bookstore called https://t.co/oaPe4EnB4M?

It sold children's books, stories inspired by his late father Ted Cohen and the lessons he taught him about work ethic, delayed gratification, and doing things the right way.

Except it's been the single biggest unresolved question in this entire saga.

And this week, it started resolving.

————

Let me take you back.

In January 2022, Ryan Cohen began accumulating a position in Bed Bath & Beyond.

That same month, an entity called Teddy Holdings LLC filed trademarks with the USPTO for children's books, but also across a wider range of consumer categories.

By August 2022, Teddy Holdings had filed marks in line with BBBY and $GME ’s businesses respectively and one that stood out from the rest: "Provision of an online marketplace for buyers and sellers of goods and services."

The online marketplace classification had actually been filed even earlier, August 2021 with a first-use date of July 2021.

Before Cohen touched BBBY.

Before GameStop pivoted into collectibles.

Before $EBAY was ever mentioned.

The very first thing Teddy was, in the trademark record, was an online marketplace.

—————-

https://t.co/cjwOvO6VdH went live as a children's bookstore November 19th, 2022.

Cohen exited his BBBY equity position in August 2022.

Rumours swirled that he had secretly taken a position in the BBBY bankruptcy through Teddy Holdings and that Teddy was being set up to acquire the brand and revitalize it.

This speculation even aired on CNBC before being dismissed.

BBBY's IP was sold to Overstock but the company renamed itself DK-Butterfly-1, Inc. and entered liquidation carrying approximately $3.5 billion in net operating losses.

A significant amount of time and legal effort went into preserving those NOLs through the bankruptcy process.

And then nothing.

The bookstore stayed up.

—————-

Three years passed.

Under IRC §382, a corporation's net operating losses are tested against a three-year lookback window for changes in ownership.

That window matters because a change above certain thresholds severely limits how those NOLs can be used going forward. Three years of stability preserves the asset.

Then Teddy woke up.

On March 2, 2026, Teddy Holdings filed a fresh Class 35 online marketplace trademark.

Two months later, on May 4, GameStop proposed acquiring eBay for $55.5 billion.

'Half-cash, half-stock'

—————-

THE RECENT UPDATES:

On the All In podcast, Cohen laid out three strategic pillars for eBay and said the third one was something he had never publicly discussed before: a digital collectibles marketplace.

Teddy Holdings had filed a trademark for exactly that category in August 2022: "Provision of an online marketplace for buyers and sellers of downloadable digital art images, music, and videos authenticated by non-fungible tokens."

And then, in the last few weeks, https://t.co/oaPe4EnB4M started moving.

June 1: password-gated on Shopify.

Last week: DNS migrated to Cloudflare.

Two days ago: https://t.co/oaPe4EnB4M now redirects to https://t.co/BQoUHvres4.

The children's bookstore is GONE.

The domain that has been the biggest open question in this story for three years now points DIRECTLY to GameStop and five days before the July 7 annual meeting where shareholders vote on Proposal 5: increasing GameStop's authorized shares from ~448 million to 2.5 billion.

That authorization is the mechanical enabler of a stock-heavy bid against a target five times GameStop's size.

And it authorizes roughly ten times the shares one eBay deal would need.

—————-

WHERES THE INFO?

GameStop said it would release a detailed presentation and strategic rationale for the combined company. It's been eight days. Nothing on Investor Relations. Nothing new on EDGAR. Just the 425s.

Teddy Holdings LLC has held online marketplace IP since 2021.

It filed a digital collectibles marketplace mark in 2022 in the exact category Cohen would call his never-before-discussed third pillar four years later.

It refiled its marketplace mark two months before the eBay bid.

It owns https://t.co/jWuPImmRaD as a standalone online-marketplace trademark.

And this week, five days before the vote, its domain is being staged onto infrastructure that preserves the option to serve something new at any moment.

—————-

There’s precedent for this as well.

During the 2024 proxy fight between Disney and Nelson Peltz’s Trian Partners, Disney launched a dedicated microsite at https://t.co/51VvLLZk3q where it hosted branded content explaining the board’s case directly to retail shareholders and instructing them how to vote.

Animated videos, narrative-driven messaging, targeted specifically at the investors who would decide the outcome.

Teddy is THE most important piece of this puzzle.

And the next five days are about to make that obvious to everyone.

—————-

TL;DR: https://t.co/cjwOvO6VdH is being staged to reveal the full plan for the combined company and the next five days will prove it.

[Going Underground @GUnderground_TV]

Julian Assange’s 55th birthday:

“I want to be totally clear, I am not free today because the system worked. I am free today after years of incarceration because I plead guilty to journalism.”

[Larry Cheng @larryvc]

Ryan Cohen announces $500M investment into eBay transaction: https://t.co/Vzt9wdD8Ar

[Larry Cheng @larryvc]

The difference between improbable and inevitable is often just attitude.