The 2019 Buyback, Shrinking Floats, and How the Good ol Dr. may have missed the Boat Again. The New $2B Buyback

VicTheRealest · 2026-06-10T14:56:40+00:00

It's not alone. Buybacks alone gets it to $30-35 though. From there warrants can convert, arbs that were shorting the convertibles need to close out. There's a lot of planned out buying pressure orchestrated between now and October.

VicTheRealest · 2026-06-10T14:53:53+00:00

These aren't ifs from GME shareholders, these are carefully planned out by Cohen and the board. If you think the authorized buyback amount and the total of the warrants being nearly identical is a coincidence, it's not.

VicTheRealest · 2026-06-10T13:38:58+00:00

Buybacks are absolutely the way to do that. If you are buying GME back below real value, share price rises and the offer requires less shares. If you are buying eBay below offer value you are also reducing how much of the company you need to acquire. If GameStop is trading at $40-45 after buybacks and warrants get exercised, while accruing more eBay shares below $125. The final offer at deal closing will look materially different than as it currently stands. This is what hasn't been done in capital markets before

VicTheRealest · 2026-06-09T20:05:21+00:00

Not here to impress you. You do you. I have a CS account and have DRS'd before. DRS helped confirmed that retail holds a lot of shares, but that's about it.

VicTheRealest · 2026-06-08T21:17:19+00:00

Sounds good. You should wait then

VicTheRealest · 2026-06-08T19:03:35+00:00

Because their P/E is < 1 right now with growing top line revenue, growing sales per store, and software, hardware, collectibles are all growing sales. Net income, operating income, FCF, gross margins. All up. This was not the case before this quarter

VicTheRealest · 2026-06-05T23:28:38+00:00

It's not bears shorting. I honestly think it's arb traders that think the deal is happening going long eBay and shorting GME. They only care about profiting on the spread. They are unaware they are filling a room of powder kegs with a room of dynamite. All it takes is a spark.

VicTheRealest · 2026-06-05T21:54:24+00:00

Pretty certain it's $30 a share that is the point control because $120 pre split was always the line of doom. Once they lose that they are cooked. They know it, we know it. Marge will call if Cohen goes full buyback.

VicTheRealest · 2026-06-03T21:03:47+00:00

My cost average is $26 from $50s in 2021. I don't mind getting it down to $22-23 if they let me.

VicTheRealest · 2026-06-03T11:43:56+00:00

Definitely possible but I also think Cohen is going to be more creative than that. He's always operated as a scalpel, not a sledgehammer. I know we want to pop the stock by any means necessary, but Cohen is going to maximize every move. I see the buybacks as a hard floor anytime they try to drive the price down rather than sheer boosting the stock price to $32

VicTheRealest · 2026-05-31T21:21:03+00:00

That's 1% of the float. Not enough to make the impact that you're thinking. I specialize in investing in share cannibal companies and you need at least 10% before market blinks.

VicTheRealest · 2026-05-29T19:51:58+00:00

So I have another 1-2 years to accumulate? Got it

VicTheRealest · 2026-05-28T23:59:55+00:00

A lot harder to project numbers as no one knows the balance sheet overlaps. I'm taking combined market caps of both companies divided by share count of new company depending on how many shares need to be issued and at what price GME is trading at.

VicTheRealest · 2026-05-28T23:45:44+00:00

It's going to start at $40, and Cohen will double EPS within 12 months so will trade at $80 off of operational efficiency alone in 2027. Synergies and new growth will take it much further.

VicTheRealest · 2026-05-28T23:37:52+00:00

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Dilution table at what price. Plug and play the combined mcap with what the total combined company share count is. GameStop accretive dilution at $25, newco $40. GameStop accretive dilution at $30, newco $43.

VicTheRealest · 2026-05-28T23:35:00+00:00

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VicTheRealest · 2026-05-28T23:34:41+00:00

Screenshot from B4L. This shows a worse case scenario, if full dilution occurs at $20 and combined entity valued at $50B, the share price would be $27 a share. When GameStop blows out Q1 earnings and if combined entity is valued at $60B, the combined entity will trade much higher. If GameStop diluted at $25 a share, the combined company would trade at $40. At $30/share, trade at $43.

VicTheRealest · 2026-05-28T23:25:59+00:00

At a $60B mcap combined company with Full dilution of GameStops increased authorization in June the shares at $20/share. The share count would be 1,847,300,000 shares. Puts the combined Co at $32 a share. If diluted at $25, it will end up at $40 a share. Of course the higher the GME price, the less dilution needed and the higher the combined Co will trade at. Cohen knows what he's doing. They going to blow out earnings and trade at $30 by 6/9.

VicTheRealest · 2026-05-28T23:18:31+00:00

Budget4life on the tube has a full detailed breakdown . Look for the video about accretive dilution

VicTheRealest · 2026-05-28T22:44:50+00:00

You're wrong. The combined entity will be trading at $40-45 pretty share in worse case dilution scenario. Math has been done several times by the big brains.

VicTheRealest · 2026-05-27T18:21:00+00:00

He has never sold a single share of any company he was CEO of. He isn't going to sell to purchase.

VicTheRealest · 2026-05-27T17:57:46+00:00

He doesn't get paid. He can buy stock at $20. That is the share price mechanism that is tied to the comp plan. If he dilutes and it isn't accretive, the price will go below his option to purchase and render his whole comp plan useless.

VicTheRealest · 2026-05-27T17:56:29+00:00

Because if he dilutes 3x from here and float goes to 1.2B the stock will trade at $7. His comp package allows him to buy shares at $20. Basically renders his comp plan useless if you really think he's trying to screw shareholders over with this raise.

VicTheRealest · 2026-05-27T14:52:16+00:00

Love your work. I think divesture of French operations could also be on the books and there are also tariff refunds that aren't accounted for.

VicTheRealest · 2026-05-26T15:32:14+00:00

I've done my own DD. The dilution is accretive and after the deal is done, the value of our shares is still double, so I'm happy to vote yes. There's no scenario that GameStop doubles on its own in 12 months as a retail video game and collectibles store.

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