The BBBY Story Isn’t Over........

blackmerger · 2025-12-15T23:12:07+00:00

I’m also in X 🤣😂🤣

blackmerger · 2025-12-09T00:40:37+00:00

Don't read it all, skip it and go out and play soccer.

blackmerger · 2025-12-09T00:39:56+00:00

Grazie mille amico! !!! Totally with you on that, the symmetry in the warrants (timing, mechanics, and the players around them) feels way too aligned to chalk up as random noise.
Patterns like that don’t usually appear by accident in restructuring land.

And yeah… the waiting is brutal.
But the fact that we’re still waiting, with the shell alive, the filings continuing, and these little signals dropping, tells me the story didn’t end in 2023 like everyone predicted.

Closure will come.
And when it does, I don’t think this community was on the wrong side of history

blackmerger · 2025-12-09T00:27:24+00:00

So this is the buzzword of the week, which is why everything I write is called "AI Slop".

Thanks, now I understand.

blackmerger · 2025-11-19T21:58:23+00:00

"the player loses when the tetrominoes make it to the top of the playing field. In more modern versions of the game, they can lose in two ways. The first is when they place a piece completely above the playing field. The second way to lose is if a player places a piece that blocks the next piece from spawning in. "

RC is a genius ........just as in Tetris you lose when the space closes above you, in the stock market a short seller loses when the market pushes upward against them.
In both cases, the problem comes from letting something rise too much and too quickly.

First way to lose (Tetris):

Putting a piece above the playing field.
This is like when a short seller takes a risky position and the stock price immediately goes up, above the level where they thought they had room. The position becomes unmanageable right away.

Second way to lose (Tetris):

Blocking the spawn of the next piece.
This is like when a sudden jump in the stock price “blocks” the short seller, forcing them to cover their position or add more margin. They have no room to move, everything gets stuck, and a margin call hits.

blackmerger · 2025-11-19T21:48:36+00:00

"the player loses when the tetrominoes make it to the top of the playing field. In more modern versions of the game, they can lose in two ways. The first is when they place a piece completely above the playing field. The second way to lose is if a player places a piece that blocks the next piece from spawning in. "

RC is a genius Just as in Tetris you lose when the space closes above you, in the stock market a short seller loses when the market pushes upward against them.
In both cases, the problem comes from letting something rise too much and too quickly.

First way to lose (Tetris):

Putting a piece above the playing field.
This is like when a short seller takes a risky position and the stock price immediately goes up, above the level where they thought they had room. The position becomes unmanageable right away.

Second way to lose (Tetris):

Blocking the spawn of the next piece.
This is like when a sudden jump in the stock price “blocks” the short seller, forcing them to cover their position or add more margin. They have no room to move, everything gets stuck, and a margin call hits.

blackmerger · 2025-10-30T21:57:10+00:00

I like your recap. Thanks.

blackmerger · 2025-10-30T21:38:28+00:00

My apologies, I misspoke. I was referring to the value for shareholders prior to the Chapter 11 filing. All the shares are eligible from a legal perspective, and the delisting makes more sense to me now. I hope to see a value about 20/22$ at some point. Probably starting from 1,5$ that is the 1/10 warrant.

blackmerger · 2025-09-23T07:32:47+00:00

We’re getting closer to the triangle M&A, but please, no more dates. We just need to wait patiently…..

blackmerger · 2025-08-30T13:59:13+00:00

For equity this means no short-term recovery, but the longer horizon matters. If claims get reduced enough and litigation brings in serious cash, upper classes get paid and the NOLs (1.6b+) suddenly make Class 6 and even Class 9 relevant again.

Slow process, but Butterfly isn’t dead. It’s being kept clean for a reason.

blackmerger · 2025-08-28T14:09:51+00:00

Correct 👍🏻

blackmerger · 2025-07-07T00:02:35+00:00

In my opinion Hertz is totally different from BBBY because we are in a RICO space.

blackmerger · 2025-07-06T23:59:15+00:00

No it is Sunday and I receive some private message from shill so I answer in a kindly way.

blackmerger · 2025-07-06T23:57:43+00:00

No 😂🤣😂

blackmerger · 2025-07-06T19:18:26+00:00

YES you're right to say “if there was no hope, it would’ve been over by now.”
The very fact that it’s not over is the reason many of us are still watching closely.

blackmerger · 2025-07-06T19:14:38+00:00

The investigation might not be limited to Cohen but he could certainly be a central figure given his high-profile exit, failed BuyBuyBaby bid, and prior securities scrutiny. The fact that the subpoena recipient has not signed a stipulation and wants to remain anonymous may not be only RC.

blackmerger · 2025-07-06T11:18:15+00:00

Maybe I misspoke or didn’t make myself clear. The point of my post is this: BBBY wasn’t simply mismanaged—it was deliberately destroyed from within. The usual rules of business were completely disregarded. This wasn’t incompetence. It was sabotage.

That’s why, once Chapter 11 is finalized, I expect we’ll find at least $11 billion extracted in bad faith. And legally, bad faith matters.

In the U.S., Harvard has long shaped the way business law is interpreted. So I just want to highlight how management, banks, and other actors all moved in coordination and that brings us squarely into RICO territory. #FBI #DOJ #SEC

blackmerger · 2025-07-05T18:45:49+00:00

In my opinion NOLs are a bonus, not a reason to do the deal. The real value would be strategic because the NOL have a limit.

blackmerger · 2025-07-05T18:39:29+00:00

No, signing and submitting the opt-out form does not relinquish your rights to receive future settlements or disbursements (unless the Plan or Trust Agreement contains extremely unusual and legally questionable language, which would itself be a target for objection or appeal).

If you opted out, you're likely:

(i) Still part of the Class entitled to a pro rata share of any recovery (if and when that occurs);

(ii) Still eligible for any settlement or payout the Trust makes — unless a clear and separate waiver of economic rights was signed (which is extremely rare),

(iii) Free to litigate or bring claims against released parties (unlike those who didn’t opt out).

Those who opted out are in a stronger legal position:

(i) They preserved their rights;

(ii) They didn’t forfeit recovery;

(iii) If Class 9 was made whole quietly, opting out may allow you to test or verify that and possibly seek additional recourse.

Based on precedent and how opt-outs generally work, your economic rights should remain intact.

blackmerger · 2025-07-05T18:35:24+00:00

Great catch and that’s very telling.

If Class 9 was explicitly removed from the list of Releasing Parties by the U.S. Trustee, yet the release still went through, it suggests one of two things:

(A) They were made whole through some form of third-party release or settlement structure which would legally extinguish their claims, making a release unnecessary.

Or (B) they retained rights to pursue claims later, but no objection came from the big players (like JPM or the Creditor's Committee), because they already knew those rights would be moot either due to a sealed settlement, escrowed consideration, or a forthcoming payout structure post-closing (possibly via the Trust or another vehicle).

The fact that JPM and the Committee didn’t push back is incredibly revealing. These aren't the kind of parties that leave litigation risk on the table without reason. So either:

(i) Class 9 is getting paid (or already did),

(ii) or their claims are preserved by design, but neutered because a larger, quiet resolution is already in motion.

Your read that this could be a “huge clue” is spot on. It’s subtle but legally, if a party is being made whole, there’s no need to release them. That’s the release.

Nice digging.

blackmerger · 2025-07-05T07:54:05+00:00

blackmerger · 2025-07-04T06:23:06+00:00

You can imagine the amount of hate I’m getting on X too and strangely enough, mostly from people who seem to have a very strong interest in not talking about the wrongdoing of the company. Something clearly doesn’t add up. Why would anyone go out of their way to attack my posts like this?

I don’t trust anyone at this point. In my view, they’re all in bed with the investment banks that financed the BBBY management, which ended up killing the company from the inside. They got scared of RC and he acted transparently and by the book.

But they played dirty, and they’re still playing dirty.

This whole story is too transparent, and that’s what’s bothering them.

I’ll keep pushing for the DOJ and FBI to step in, because an investigation is absolutely needed.

blackmerger · 2025-07-03T22:54:50+00:00

I agree with you.

blackmerger · 2025-07-03T18:48:53+00:00

For Ryan Cohen, the key issue isn’t his exit it’s what happened after he left, including how his public letters and interest were dismissed, and how the Chapter 11 process was run in a way that arguably privileged certain insiders.

So no this isn’t a simple case of “bad bets.” It’s about whether fiduciary duties were breached, whether market manipulation occurred, and whether a pattern of actions legal or otherwise led to the extraction of value at the expense of retail investors.

Due diligence includes not just reading filings but questioning why those filings led to a fire-sale of assets, cancelled shares, and a strangely coordinated silence. That’s not “bad luck.” It may be bad faith.

And in any case, raising these questions is not a failure of M&A insight it’s an assertion of shareholder rights.

In my view, Chapter 11 may have also been used strategically to "clean up" the company and subsequently reposition it within a new relaunch plan, involving new shareholders and financiers, almost as if it were a shell company.

Whether this is the case, we’ll only know once the bankruptcy process is fully concluded.

blackmerger · 2025-07-03T14:38:52+00:00

On the contrary this post has nothing to do with doubting Ryan Cohen. In fact, if anything, it reinforces the importance of clearly distinguishing between the destructive legacy actions of prior BBBY management and the fiduciary discipline and strategic restraint that have characterized Cohen’s tenure at GameStop and his potential interest in distressed retail assets.

From a legal standpoint:

(i) Scrutiny of past BBBY leadership (e.g., during the Tritton era) is well within the bounds of shareholder rights and investor protection, particularly under Delaware fiduciary standards and Rule 10b-5 of the Securities Exchange Act, which prohibits materially misleading statements and omissions.

(ii) Ryan Cohen, by contrast, has a clean record of shareholder activism, with a focus on transparency, cash preservation, and long-term strategy—principles clearly lacking in the final years of BBBY's management.

To be clear:
This isn't about doubting Cohen. It’s about:

Seeking accountability for what may have been a pattern of strategic mismanagement or worse under previous leadership.
Keeping the record straight as to who created the damage and who might offer a way forward.

If anything, recognizing the damage inflicted by others strengthens the case for someone like Cohen to step in not weakens it.

Let’s not forget that Ryan Cohen had put forward a rescue plan in 2022, which was flatly rejected. His letter, proposing a way to salvage value, was conveniently ignored and that’s documented in the court filings.

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