Zen Apes

👁👁👁
GME❤️/ BBBYQ🦋

[Zen Apes @zen_apes]

That SpaceX "genius play" was something else ✌️ Didn’t realize we were watching a circus, Big Helicopter Bill. @pulte

[Zen Apes @zen_apes]

@ThePPseedsShow Please ask Pulte about SpaceX shit.

[Zen Apes @zen_apes]

@ThePPseedsShow

[Zen Apes @zen_apes]

@alpha5tate Nothing 🍔

[Zen Apes @zen_apes]

@RuoKdaM 👀👌

[Ḥ @RuoKdaM]

https://t.co/DLS5zteecC
​24h after joining MDL, both sides flooded the docket to onboard their heavy-hitting antitrust teams. Keurig is visibly scrambling, bringing in top defense counsel to face DK🦋.
This rapid mobilization proves Keurig takes this massive threat dead seriously

[Zen Apes @zen_apes]

@ThePPseedsShow Wut?

[Zen Apes @zen_apes]

@RuoKdaM I hope it's just bonus.😊

[Ḥ @RuoKdaM]

🚨 FAST-TRACK SECURED: MDL SHORTCUT APPROVED!
​The court officially ACCEPTED the case as related to the massive Keurig MDL. This bypasses years of legal hurdles, plugging the estate into a decade-long war chest of evidence. We are now on the fast track toward financial recovery💥

[Zen Apes @zen_apes]

👀

[Goatbeardz @GoatBeardzDD]

COHEN IS POSITIONING FOR THE EBAY AGM: THE 10Q IS THE SIGNAL

Everyone is waiting $GME’s 10-Q for the numbers.

The numbers dropped June 2. They’re old news.

What matters is the date it lands on - and what it lands in front of.

——————

Start with what Cohen actually needs right now.

His nomination window for eBay’s board closed months ago.

He can’t run a slate at their annual meeting on June 17. Most people read that as “he’s locked out until 2027.”

Wrong. He doesn’t need a slate.

He needs a referendum.

——————

Here’s what’s on $EBAY‘s June 17 ballot.

Proposal 4: lower the threshold for shareholders to call a special meeting.

The board is recommending AGAINST it and paying a proxy solicitor to fight it.

Director elections: eBay just adopted majority voting with a resignation policy.

Directors who poll badly now carry it formally.

So picture June 17 going Cohen’s way. Proposal 4 overperforms.
FOR votes on key incumbents crack.

That’s eBay’s own shareholders, using eBay’s own brand-new governance machinery, telling the board exactly what would happen if Cohen ever puts something to a vote.

A board can stonewall a hostile bidder but it cannot stonewall its own election results.

That’s what June 17 is.

And every move Cohen has made this month is aimed at it.

——————

Look at the cluster:

June 2: earnings released a week early. Record quarter. $2B buyback.

June 3: HSR antitrust clearance. His eBay options can now convert into REAL voting shares.

June 5: 13D filed. Stake at 9%. Direct shares jumped from 25,000 to 827,648. Talk became money.

June 4–5: the Barron’s interview. “I want to own eBay for the long term.”

All of it landing in one window.

Why this window?

Because eBay shareholders are voting RIGHT NOW.
Ballots lock June 16 at 11:59pm ET.

He’s making a closing argument.

——————

Which brings us to the 10-Q.

The 10-Q is the official quarterly report.

GameStop’s quarter ended May 2, the rules give 40 days, so it’s due June 11.

June 11. Five days before eBay’s ballots lock.

It will be the final document GameStop files in front of eBay’s voters.

GameStop’s quarter ended May 2.
The eBay bid was May 3.

The entire saga: the offer letter, the rejection, HSR clearance, the share purchases, the buyback all happened AFTER the quarter closed.

Which means it all lands in one section:

Subsequent Events.

The part of a 10-Q where a company must disclose everything material that happened between quarter-end and the day of filing.

Management describing the whole campaign, in their own words, signed off by lawyers, in front of eBay’s voters, while the ballots are open.

And because that section runs to the filing date: anything that happens THIS WEEK - options converted to real shares, movement on financing, goes in too.

——————

What I’m looking for, in order:

The Subsequent Events note.
How they characterize the bid and the financing. Any action from this week itself.

The derivative footnote.
First full look at how the eBay position is engineered: the value, the terms with TD, why $983M sits pledged as collateral.

The cover page share count.
If it’s shrinking, the $2B buyback is live. If it’s frozen, the cash is being saved for the deal.

The financing language.
If it repeats the offer letter verbatim, holding pattern. One new word about the equity partner is signal.

——————
TL:DR:

If Cohen wants June 17 to break his way, and everything above says it’s the only thing he’s wanted all month, then this week is when he plays the loudest card he’s willing to show with the 10Q.

[Zen Apes @zen_apes]

@GoatBeardzDD 😎👌

[jake2b @jake2b]

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?

[Zen Apes @zen_apes]

@jake2b Jake, what do you think - is this what we’re waiting for with BBBYQ, or are we expecting a different event? All the previous dates have already passed. Could you please share any new dates?🙏😊

[Zen Apes @zen_apes]

@ThePPseedsShow

[Joshua Hall @JoshHall2024]

🚨BREAKING:🚨"THE JUDICIAL COUP": MASSIVE RING OF FEDERAL JUDGES CAUGHT IN GROUP CHAT PLOTTING TO WEAPONIZE JUDICIAL BRANCH TO TAKE DOWN PRESIDENT TRUMP, EFFORT BEING LED BY "TRUMP HATING" DC JUDGE RICHARD LEON - A sting operation approved by new Acting Director of National Intelligence Bill Pulte has reportedly uncovered an encrypted group chat on the messaging app Telegram wherein DOZENS OF DEMOCRAT AND RINO FEDERAL JUDGES HAVE BEEN CAUGHT PLOTTING A COUP to weaponize the judicial branch to undermine the agenda of President Trump in an effort to DESTROY his presidency. This TREASONOUS PLOT is allegedly being led by TRUMP HATING DC judge Richard Leon, who has been RELENTLESSLY BLOCKING President Trump's efforts to build a White House ballroom and openly putting our national security at risk in the process. The group chat is said to include not only DAILY WAR PLANS on battling The Trump administration - but memes as well as VILE, JUVENILE PERSONAL INSULTS directed at President Trump by the activist judges, which along with Leon allegedly include Biden-appointed radical left Supreme Court Justice Ketanji Brown Jackson, Obama-appointed DC judge Tanya Chutkan who infamously presided over President Trump's politically motivated criminal case and ANTI-TRUMP DC Chief Justice James Boasberg, among A LAUNDRY LIST OF OTHERS. Do YOU want Director Pulte to RELEASE THE FULL LIST of these TRUMP HATING JUDICIAL ACTIVISTS WEARING ROBES who are involved in this ongoing COUP ATTEMPT against President Trump and the 80+ million of us who elected him?

[Zen Apes @zen_apes]

@JoshHall2024 Yes! Pulte 💜

[Zen Apes @zen_apes]

@7thDean LFG!

[Zen Apes @zen_apes]

@jake2b 🍀😊👌

[jake2b @jake2b]

I started a YouTube channel that will begin with my $BBBYQ video series uploaded if you prefer to watch or listen there. I've starting with Part 1: Interests; here is a direct link: https://t.co/4zhjZCplht

more soon!

[Zen Apes @zen_apes]

@ThePPseedsShow 😂👌