eBay listed six reasons for declining GameStop's $55.5B proposal, most notably no. 6 essentially being Ryan Cohen's aversion to bloated executive compensation structures. That's telling. $GME
With the water restrictions placed on washing machines, a top load washer will not allow enough water to effectively wash your clothes. Without an actual demonstration, the details the salesman provided mean nothing. New top load washers just soak your clothes with just a little movement, not enough to "clean" them.
@GoatBeardzDD@ryancohen@michaeljburry Bbby is a dead-end. Stop digging into it if you arent an m&a lawyer. You can tell BBBY is a scam because they issued warrants (ex dividend date) the day before gamestop's warrant ex dividend date.
@marcuslemonis is scum and you are not helping by perpetuating bullshit.
In Part One, I showed that @ryancohen built $9.4 billion in permanent capital at zero cost of carry.
Insurance float by a different name.
But Berkshire needs two things.
Permanent capital AND tax-efficient compounding.
Without both, the model doesn’t work.
@michaeljburry on his sub-stack today: “I also was interested in preserving NOLs.”
$GME ’s 10-K shows roughly $1.4 billion in total Net Operating Loss carryforwards.
$EBAY generates roughly $2 billion a year in net income.
GameStop’s federal NOLs get burned through in a single year.
That’s a head start. Not a structural advantage.
If Cohen is serious about the Berkshire comparison, he needs a significantly larger tax shield.
So what was he doing during the three-year gap?
In August 2021, a company named Teddy Holdings LLC filed its first trademark with the USPTO for “provision of an online marketplace for buyers and sellers of goods and services.”
That’s eBay’s entire business in one sentence.
By December 2021, more filings followed — children’s books, toys, games. The TEDDY.COM trademark is owned by Teddy Holdings LLC — the same entity, represented by the same law firm as RC Ventures.
After years of dormancy and multiple abandoned filings, two months before the eBay bid, Teddy Holdings filed a separate trademark for TEDDY.COM under the same online marketplace category as that first August 2021 filing.
You trademark a brand name to protect it. You trademark a domain to launch it.
On March 6, 2022, Cohen sent a letter to Bed Bath & Beyond’s board.
He pushed for a Buy Buy Baby spinoff or a full sale of the company.
He got three board seats and a Strategy Committee.
The letter said nothing about NOLs. The push was entirely about the operating business.
But here’s what tax law tells us.
Neither option in the letter would have delivered usable NOLs at scale.
A spinoff leaves the losses with the BBBY parent.
A full sale triggers a Section 382 ownership change that caps annual NOL usage.
There is one path that preserves NOLs without that cap.
Section 382(l)(5) — the bankruptcy exception.
If Cohen went into BBBY for Buy Buy Baby and succeeded, where was he planning to get his tax shield?
Nine days after that letter, he tweeted: “Short sellers are the dumb stormtroopers of the investing galaxy.”
Cohen sold his personal BBBY stake in August 2022.
His board appointees stayed.
In February 2023, Hudson Bay Capital arrived with a death spiral convertible.
By April 23, BBBY filed Chapter 11.
On paper, BBBY was Cohen’s worst outcome.
He’s still being sued.
Here’s what survived.
The winddown entity is named 20230930-DK-Butterfly-1. It holds the estate.
The entity holding years of accumulated operating losses, preserved through the one section of tax law that keeps NOLs intact through bankruptcy, is suing the man who may need what it’s holding.
On April 12, 2023, Cohen tweeted: “I just got off the phone with what was once a great American brand. Lots of problems, no accountability for high paid execs and little interest in my help (at no cost). This could get interesting.”
Eleven days later BBBY filed Chapter 11.
Everyone assumed the tweet was about Bed Bath.
On May 5, 2026, Cohen confirmed on TBPN he reached out to eBay years ago.
The tweet was about eBay. He called. Offered to help for free. They said no.
So he built from the outside in.
Collectibles and authentication — eBay’s fastest growing vertical.
He put Nat Turner on the board — founder of Collectors Holdings, which owns PSA, PCGS, Goldin, Wata, and Beckett.
The entire authentication infrastructure for the collectibles market.
Turner holds zero GME shares. Takes zero compensation.
May 3, 2026.
$55.5 billion.
“Half cash, half stock.”
$125 per share.
“I want to own eBay forever.”
He didn’t try calling this time.
Final part of the series coming soon. 🔔
@ThePatsy_Sol@Useless_Cog@BarkingPuppy8 Uh yeah and it’s incredibly funny (and true I might add). You apes are so pathetic, you all would literally worship Hitler if he had the ability to pump your shitcoin.
I've changed my stance on @BarkingPuppy8 and the #BP / $BP community. They're actually a great community trying to do good in the world and not a scam. Kevin is a good dude that's just misunderstood. Just kidding, they're all grifting pieces of shit. Here's a Kevin tribute.
@SarahisCensored Taking what's meant to be a beautiful thing and twisting it into a vile attack on a group of people who's only crime is wanting to be who they really are inside.
I feel so sorry that any child of yours will have to grow up with such a hateful ghoul of a mother.
@nickshirleyy@NYflightguy@Tim_Walz … and you nick shirley are nothing but a liar! You defraud people by breathing. Go away and leave decent people alone.