@HumbleandH Especially with a lock up period that in effect creates scarcity (illiquidity)
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Good Tines Ranch
2.9K posts
@HumbleandH Those basing their investment decisions on headlines and share price might have this all wrong.
If this is any where near correct, this could get explosive.
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@HumbleandH @JeroenMensen @Doc3411 @fleckcap @AlderLaneEggs @hawk4075 @pawn_sauce @SunshineX2020 @dougblazers @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO I would assume my position has been made clear already... but I'll state it again here since it's showing up in my notifications.
I want a better deal period. Jeroen has posted solid reasoning why.
My contention was unfounded accusations. That's just being a moral person.
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@goodtinesranch I think the evidence speaks for itself it's called leverage. Both sides have something needed to succeed, so the deal needs to find a way to satisfy everyone. It's simple: equity holders need the conversion, and #tZROP holders also need it to happen. Since both parties are equally dependent on this deal getting done, I'm not sure why equity holders shouldn't share equal dilution. When both sides need each other just as much, the fair outcome is an even split anything less ignores the leverage sitting right in front of us. Don't forget one more thing: the goodwill of retail, who will be needed as customers and as part of the exit strategy as well.
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All $tzrop holders should join forces here. This is not a fair treatment of investor capital from day 1. Pref B and ordinaries are multiples better of vs $tzrop holders and have a significant position in the vote. >50pct and they could push it through. But Board maintains a fiduciary dury. The pref position is irrelevant vs the amount raised (40m vs 130m) and upside non existent with 11pct. On a net basis all other instruments are much better of. $tzrop holders lose preferred position and undiluted dividend. This is a horrible deal, window dressed with some nice rings pre funding round. It is nonsense and they know it. All that support this deal like $bbby have multiple instruments at play. The vote should be contested with so many insiders with opposing positions controlling the vote. DM me. @tZERO
Jeroen Mensen@JeroenMensen
My conclusions without further details on the cap table regarding the @tzero conversion. 1. The liquidation preference of B is a non meaningful position at c.USD2. There preference should be the initial capital raised at c.130m. That is when tzrop has been made whole 2. The converted B only participates at c.11% of the proceeds while the ordinaries remain to have almost 50% of the economics. This should be the other way around $tzrop holders will be made whole at c.1bn valuation in the current proposal. Here pref B makes c.4x and the ordinaries a killing at 500m. This is highly skewed to the favor of the ordinaries. Note that the parties voting here and holding large positions in $tzrop like $bbby hold more exposure in the ordinaries. So I suggest you do your own work. More structured disclosure is required from the Board of @tzero and @Alan_Konevsky . The Board has a fiduciary duty towards all capital providers here. Especially retail who is heavily invested in the instrument. Simple majority maybe but this should be contested given the holder dynamics. This is an instrument issued under Delaware law. My suggestion is not to vote yet until there is more disclosure. We as $tzrop holders are new to the cap table dynamics and should be informed accordingly.
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Good Tines Ranch retweetledi
@Alan_Konevsky Some analysis on the offer made by @tzero to retail investors holding $tzrop based on the public information I have. Retail should be informed properly what is in front of them (orange line). A start. Happy to adjust if I am wrong @tZERO
tZERO@tZERO
@tZERO is seeking the consent of all tZERO holders to enable the conversion of TZROP security tokens into tokenized Series B preferred equity, strengthening alignment with long-term shareholders and supporting potential future capital formation and strategic transactions. If approved, the proposal would: • provide TZROP holders with equity participation in future value creation • simplify tZERO’s capital structure • support a potential up to $10M capital commitment from @BedBathBeyond Resulting Series B shares are expected to remain tokenized and custodied on-chain within tZERO’s regulated infrastructure, with planned semi-annual, auction-based liquidity opportunities over time. If you are a TZROP holder, please visit our secure voting portal, available here, to learn more about our proposal and to cast your vote. Voting ends at 5:00 p.m. EDT on April 28. 2026. Link to full release in the comments section.
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@Doc3411 @JeroenMensen @fleckcap @AlderLaneEggs @hawk4075 @HumbleandH @pawn_sauce @SunshineX2020 @dougblazers @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO When you end up having irritating interactions with a 1000 other people, maybe the common denominator is not ALL of them...
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@goodtinesranch @JeroenMensen @fleckcap @AlderLaneEggs @hawk4075 @HumbleandH @pawn_sauce @SunshineX2020 @dougblazers @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO People like you just get off being irritants. Seen it a thousand times. It’s a sad life. Good luck to you.
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@Doc3411 @JeroenMensen @fleckcap @AlderLaneEggs @hawk4075 @HumbleandH @pawn_sauce @SunshineX2020 @dougblazers @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO I didn't intend to hurt your feelings again.
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@goodtinesranch @JeroenMensen @fleckcap @AlderLaneEggs @hawk4075 @HumbleandH @pawn_sauce @SunshineX2020 @dougblazers @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO You’re a freaking weirdo dude. You inserted yourself in this and then say I’m not being civil over a very minor thing? 😂. Get lost, we’ll handle it from here.
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