A macro system research approach to equity markets and crypto by studying things others ignore⚔️👐♟️🐝🎱💎🦍 OlDirtyBastard.ETH
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Joined June 2021
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Every great magic trick consists of three parts or acts. The first part is called "The Pledge".
The magician shows you something ordinary: a deck of cards, a warrant dividend or an ape. He shows you this object.
Perhaps he asks you to read the warrant indenture
to see if it is indeed real, unaltered, normal. But of course... it probably isn't.
The second act is called "The Turn". The magician takes the ordinary financial instrument and makes it do something extraordinary.
Now you're looking for the secret... but you won't find it, because of course you're not really looking. You don't really want to know. You don’t like to read. Especially SEC filings.
But you wouldn't clap yet. Because making something disappear isn't enough; you have to bring it back.
That's why every magic trick has a third act, the hardest part, the part we call "The Prestige"
🤖 Made with AI
👀🔥🦋 Montreal just posted “Harry ws Houdini.”
Harry Houdini, the legendary escape artist.
But notice the “ws” between the names. 👀
GME.WS expired October 30th, yet E*TRADE recorded November lending accruals, while Fidelity reportedly awaits instructions to close expired warrant positions.
Is Montreal playing with the idea of an unexpected escape from what everyone considers a finished story?
No confirmed warrant revival, but the timing and wordplay are fascinating.
What exactly is still happening behind the scenes? 🦋🧸🔥
SimpleJack retweeted
1/35
Walking away from buying eBay and selling the eBay shares GameStop already owns are two different moves.
One frees capacity. The other can raise cash.
The rest of the $GME sequence only works if those two stay distinct.
Full thread.
ALT Two different moves: pull the proposed eBay deal versus sell the existing eBay stake.
Partnerships are starting to finalize for the @x Everything App
Qualcomm CEO Cristiano Amon on partnership with @SpaceX
“We're very excited. It's going to be one of the largest 5G deployments in the United States. It's a great step on U.S. technology leadership. SpaceX is going to be building their base stations. We provide the silicon for the radio. It's going to be an AI native architecture. It's going to bring a lot of innovation.”
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1/35
Walking away from buying eBay and selling the eBay shares GameStop already owns are two different moves.
One frees capacity. The other can raise cash.
The rest of the $GME sequence only works if those two stay distinct.
Full thread.
ALT Two different moves: pull the proposed eBay deal versus sell the existing eBay stake.
21/35
The workhorse for a near-term cash retirement is already in the contracts.
Section 2.10 permits open-market purchases, privately negotiated transactions, tenders, exchanges, and arrangements through counterparties, including cash-settled swaps or other derivatives. No conversion stock-price trigger is required. The seller still has to agree.
GameStop can negotiate below par, at par, or above par. There is no contractual 105% rule. Buying the disclosed remaining $2.8 billion at an assumed 105% would cost $2.94 billion before costs. That is an illustration, not a forced-sale right.
Repurchased notes remain contractually outstanding until they are surrendered and canceled on Company Order. The company may also reissue or resell purchased notes, subject to law. My scenario means purchase plus cancellation, not a treasury recirculation.
A cash-settled swap can hedge exposure. It does not, by itself, cancel notes held by someone else. Institution exchanges under Section 14.12 also leave the notes outstanding.
A willing holder can also agree to cash, shares, or a mix outside the Article 14 conversion formula. September is the working example. That does not let GameStop shorten a mandatory conversion clock for holders who never signed that side letter.
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22/35
Public tenders have their own clocks.
An ordinary issuer tender for convertible notes generally must remain open at least 20 tender-law business days, then promptly pay or return the securities. Convertible notes take equity-tender analysis because the definition includes securities convertible into equity.
An April 16, 2026 SEC order permits a 10-business-day reporting-issuer tender, but only when its conditions hold. The offer must be for less than all outstanding securities of the class. It must be cash only at a fixed price. This is not blanket authority to retire every remaining GME note in ten days.
A June 30, 2026 order shortens certain tenders or exchanges to five business days. It expressly covers non-convertible debt. It cannot simply be imported for these notes.
If a qualifying partial fixed-cash tender began on November 9, excluding Veterans Day and assuming no extension, the minimum-period expiry would be November 23 at midnight ET. An ordinary 20-business-day tender beginning the same day, also excluding Veterans Day and Thanksgiving, would have a minimum-period expiry of December 8 at midnight ET. Those are clocks for a commenced offer. They are not proof one has commenced.
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