At 11

@MollyJongFast Perhaps reputationally, but some people are getting really rich so it won’t matter much?

It’s wild to watch people just ruin themselves for trump

Oh oh $OMEX. I’m back in. I just can’t quit you.

@TheRickWilson Posting that a whole civilization will die tonight is so troubling. So wrong for the leader of the free world to say this. So terrifying for the innocent people in Iran to hear. Mr. President: please don’t murder innocent people tonight. Please sir.

He wants his war crimes.

WTF @CharlesSchwab #schwab we can’t trade during one of the most volatile times in U.S. history?!?! Bravo!

@michaeljburry Approaching $3, however, I can’t help but think $FNMA and $FMCC are worth a look. Certainly better odds of winning than buying a lottery ticket or betting on Wisconsin.

@michaeljburry Worries me that the whole package hinges on political will (or won’t). Other variables don’t seem to matter, no matter how succinctly or compellingly they’re explained. Not like I’m going to join a lawsuit if POTUS decides not to move. Super risky. $FNMA $FMCC

Despite price action since, regarding Fannie Mae $FNMa and Freddie Mac $FMCC, I stand by every single thing I wrote in December. This scenario was contemplated. open.substack.com/pub/michaeljbu…

Getting even worse… $FNMA $FMCC

$5. This isn’t going so great, is it? $FNMA $FMCC

@ethRolando Sometimes silence says it all. $FNMA $FMCC

Maybe I’m an idiot, but I’m staying in. I honestly don’t understand why Bill Pulte or anyone from the government isn’t saying a word. Why is no one defending the stock? Why does everything feel so deliberately uncertain? $FNMA $FMCC

As I type this, $FUN and $PLAY are trading at the same price - down to the ha’penny. And I love them both.

$PSNY Shorts may overshoot this one. Binary trade at the moment - bk or buyout.

@manateeman12 @scbower @LayinProps Starlink didn’t steal anything. $Gogo still on NetJet fleet with 10 year deal signed last year. NetJet looking to offer Starlink on some jets - healthy competition.

@scbower @LayinProps Think it’s more about the datapoint that Starlink stole an incumbent relationship that should have been $gogo Can u help me understand how this relates to this prior agmt with netjets from 2024? Seems like the 2024 agreement was an “option” that netjets is not going to exercise?

“no customer accounted for more than 10% of our revenue in 2024” $gogo

@CapitalRojas No, $gogo signed a 10-year deal with NetJet last year.

@GalzusResearch Someone should make a $.10 offer for $ADAP - immediately pays you back and possible $30 million to come. Just need to keep the Tecelra transition team in place. Sell everything else off.

@mcshmooty Assumption at this point would appear to be a reverse merger that massively dilutes current shareholders, rather than continuing to move forward (difficult with no staff to do R&D) or liquidating (doesn't help the CEO since his share count is low)

Here’s what I would do with $ADAP if I were in charge: spin off a security to receive future payout from sold assets; give shareholders a one-time $.10 dividend; and keep remaining company/assets as a wind-down holding co to wrap things up and see if new drug emerges.

@tuduylinh @PDRennert @dhovekamp42 @bradloncar No lenders now though, right?

@PDRennert @dhovekamp42 @bradloncar $adap sarcoma franchise, in the eyes of the lender(s), ain't what it has been advertised to be by mgt.

pls explain wtf hap'd w $ADAP as i've no clue... and

@FreeFannie @BillAckman When you say “pre-conservatorship shareholders,” do you mean that anyone who bought shares in Fannie and Freddie in the last several years (including, oh I don’t know, today) would be excluded from the deal and wiped?

What if they create a holding company ( $gamc ) for $fnma & $fmcc ❓️ General Example of Parent-Subsidiary Reorganization Hypothetical Application to Fannie Mae and Freddie Mac, scenario: Assume the government has exercised its ~80% warrants in both Fannie Mae and Freddie Mac (GSEs), leaving ~20% with pre-conservatorship shareholders. A reorganization creates "Great American Mortgage Corporation" (GAMC) as the parent to merge operations, recapitalize, and privatize partially—ending with the government at 51% of GAMC. This could preserve subsidiary-level ownership to mitigate "takings" claims, while allowing an IPO/sale at the parent level. • Pre-Reorganization (Current Hypothetical State): • Fannie Mae: 80% government-owned (via warrants), 20% old shareholders. • Freddie Mac: 80% government-owned, 20% old shareholders. • Both in conservatorship under FHFA; combined assets ~$7+ trillion in mortgages. • Reorganization Steps: • Form GAMC as a new holding company, potentially with a GSE-like charter for housing finance. • The government (Treasury/FHFA) contributes its 80% stakes in Fannie and Freddie to GAMC in exchange for GAMC shares. • Old shareholders' 20% stakes in each GSE remain at the subsidiary level but are effectively subordinated; optionally, they receive GAMC shares proportional to their holdings (e.g., via a stock swap) to maintain economic interest. • GAMC raises capital: Issues new shares in an IPO, selling ~29% to public investors (raising funds to address ~$195 billion capital shortfall and repay bailout senior preferred stock). • Government dilutes its GAMC stake from ~80% to 51% via the IPO/sales, retaining majority control for oversight. • Post-Reorganization Structure: • Parent Level (GAMC): Centralizes strategy, MBS guarantees, risk management. Ownership: Government 51% (voting control), public/new investors ~29%, old shareholders (via conversion) ~20%. • Subsidiary Level: Fannie Mae and Freddie Mac operate as wholly or majority-owned subs, handling day-to-day mortgages. Their ownership stays ~80% GAMC (government-transferred), ~20% old shareholders—but dividends/profits flow up to GAMC. • Implications: Old shareholders' property rights are "preserved" at subsidiaries (no direct seizure), but value is tied to GAMC performance. Government maintains influence without full nationalization. Synergies could save billions annually; however, this might still face lawsuits if dilution feels unfair. this would need FHFA approval.

@Sun_Kiiing And values any other existing assets retained by $ADAP at $0 (which they well may be worth, but I don’t know). Also, we don’t know the cash balance before the close of the deal. You can balance that against the short term cost to keep the comply afloat. “Reorg” not BK ahead.

@Sun_Kiiing And that’s before any of the potential additional $30 million future payouts generated by the sold assets. That’s another $.11 or so.

Big Investors Are Selling $ADAP One of the biggest investors, a firm called EcoR1 Capital, sold over 10 million shares between July 28–30, right around the time the price started spiking. They sold @$0.10 and $0.11. They still own about 10% of the company #ADAP #pennystocks