Palouse Puma

"Wise words" That's what @ryancohen replied to Jeff Bezos on X this week. Two words. His direct competitor since the Chewy days. While his company files for 2.5 billion authorized shares, a comp package that vests at $100B, and a $55.5B bid for $EBAY sits on the public record. Cohen has stated he's building a Berkshire, and every move this year has pushed towards that. But there are a few open questions left to be answered that $GME has not addressed. CREDIT The highly confident letter TD Securities signed for the eBay bid (filed as Exhibit 99.1 in eBay's DEFA14A, Project Sling) requires investment grade credit ratings from at least two of S&P, Moody's, or Fitch. Condition one of nine in the letter. GameStop is not investment grade. How does it get there? TAX OFFSETTING GameStop has $700M in NOLs. A $55.5B acquisition generating $2B+ in cost reductions creates massive taxable income day one. $700M is a partial shield. A Berkshire needs to zero out taxes at scale, and a holdco can deploy NOLs from multiple sources without triggering 382 limitations. So where do the additional NOLs come from? CAPITAL STACK $9.4B + $20B = $29.4B. Bid is $55.5B. Cohen told the WSJ he may seek backing from Middle Eastern sovereign wealth funds. On the record. Who is the partner, and is that commitment already in place? ACQUISITION ORDER Collectibles at 29.2% of GME sales, 47.7% growth. Nat Turner on the board running Collectors Holdings. The vertical integration thesis is already seated at the table. Why lead with the biggest, hardest acquisition unless everything that follows depends on it? FINANCING PATTERN TD was sole initial purchaser on both convertible offerings. $1.5B after full greenshoe (March 2025). $2.7B after full greenshoe (June 2025). Both at 0% coupon. $4.2B in notes. Zero yield. Only return is equity conversion at a premium. Back-to-back 0% converts totaling $4.2B is not standard. Sole bookrunner both times is not standard. Then Larry Wieseneck, Head of Corporate and Investment Banking at TD, the person who runs the entire CIB division, personally signed that letter. Why would TD sole-run $4.2B in zero-yield converts and then have its top dealmaker personally back a $20B raise unless he had already seen the full plan? — None of this is accidental. Comp package in January. Converts through one bank. HCL signed before the bid went public. Bid timed. Rejection received. Proxy filed at the earliest window. eBay position increased the same week. Every step has landed exactly on schedule. Now look at the runway Cohen built for himself: May 22 — definitive proxy filed. Empty. No strategic disclosure May 26 — proxy materials mail. Voting opens June 9-12 — Q1 earnings and 10-Q. Mandatory. The quarter ended May 3 — the same week as the eBay bid and the HCL. Every material development from that quarter has to be disclosed in the 10-Q by law. July 7 — annual meeting. Vote closes. Cohen compressed his own timeline to the floor and placed a mandatory disclosure event right in the center of his voting window. The 10-Q isn't optional. It covers the quarter where everything happened. Only one structure resolves every open question above: a holding company. Cohen is shackled by his own chains - and the runway to break them is already laid. The project is named Sling. As in David's. Cohen has been telling you who Goliath is since the day he launched Chewy in Amazon's shadow. He loaded the sling with the HCL. Sent the stone with the bid. Got the rejection he needed. Filed the proxy. Built the eBay position to 6.55% through derivatives. And replied to Bezos. Wise words.

@Comedyorwat Now share gme next to spy YOY

@Comedyorwat You talkin about gas or the calls you sucker people into to offload your bags for a nominal fee

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