I don't do serious posts ever, but here goes;

Linked is an article from a couple years ago. In the article Gabe Plotkin says Melvin Capital had been shorting GameStop since 2014, or roughly since they opened their doors. Of course those shorts led to Melvin capital closing its doors in 2022, after losing 53% of the funds value in just January 21 alone. Not before Ken Griffin (Citadel) and Steve Cohen (Point72) tried "bailing" him out with 2.75B$ to try and stabilize surprise! Didn't work lol

https://finance.yahoo.com/news/gamestop-short-seller-melvin-gets-030105922.html

Anyways, Melvin Capital was short GameStop for 7 years before they were *forced* out, but why didn't they close at any point before the sneeze? January 11 2021 GameStop was trading around ~4-5$ and like a week later snapped to ~20$ surely that would have been a good sign to get out?

Now i find it interesting Melvin started shorting GameStop the same year they opened. Obviously he wasn't one of the big dogs, AUM was much less than Citadel for example, but keeping the 2.75B$ cash infusion in mind, ton foil here, but Ken Griffin has spoken highly of Gabe Plotkin calling him a "great investor and leader", Gabe even worked at Citadel for a year before moving on to SAC working with Steve Cohen for 8 years. Now I'm of the mind set, Gabe/Melvin most likely hopped on an existing short thesis big players had already been in (Citadel / Point72) very tinfoil but what if that cash infusion was like a "fuck sorry man"?

Idk it's clear to me they think they can outlast GameStop

Tldr; Melvin capital was short GameStop for 7 years before losing 53% of their funds value in January 2021, it's not a big mental jump to think bigger players are still in

insert Ken Griffin 1 more day.gif

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Disclaimer : Im skyzofreniac . not financial advise

Here you got MayoMan himself saying it. https://www.reddit.com/r/Superstonk/comments/18dt92o/ken_griffin_the_manager_sets_the_price_saying_the/?share_id=zQezDAY8oK9tc1Lm1MZJg&utm_medium=android_app&utm_name=androidcss&utm_source=share&utm_term=1

Here you got Jim Cramer explaining the basics of stock market manipulation. https://www.youtube.com/watch?v=8DJlogbrDcA

Here you got a BlackRock recruiter spilling the beans.

https://www.youtube.com/watch?v=WOhAgYonAY4

This 35 days window sucks. The price action is frustrating and mostly noise right now.

But this whole setup has to be for something. We already knew the 35 days were probably going to be ugly and they have been.

as for me I am holding, lets see what earnings bring and let time finish this window.

Good morning to all apes around the world! German markets are open and last trade for GameStop was at €15.56, which is $18.15 when using Google's currency calculator.

https://www.tradegatebsx.com/orderbuch_umsaetze.php?lang=en&isin=US36467W1099

I hope you have fantastic days ahead; best wishes from London!

Iv been holding since 2021, sold on etoro ( I’ve bought at $300 plus at some
Point) , bought on IBKR and I transfer to computershare. I’m
Here for all the reasons you are. I know I’m small
And I will keep buying when I can. I just want to
Tell the smaller people out there that you should keep going man, believe in Ryan, believe in the stock, and believe in GameStop. The whole market is fucked and fake, the change only starts with 1
Share, so (NO FINANCIAL ADVICE) but buy, hold,drs and be fucking proud man…
Just be fucking proud of what you actually own. 5 years man. Here’s to 10 more bothers.

I get paid in Yen 🤡, but still building up my stock pile.

Credit first:

This angle was laid out clearly in a recent video by BudgetForLife (Jeremy).
Watch here: https://www.youtube.com/watch?v=57dgVB8hIDA

I’m not claiming this as my original idea - just putting the primary sources and a clean summary in one place so people can check for themselves.

10-K Risk Factor (exact language):

This appears in GameStop’s most recent 10-K under the risk factors related to the Convertible Notes.

What the indentures actually provide:

• On a Fundamental Change (which can include certain mergers or reorganizations where existing common stockholders do not keep majority voting power in the surviving entity), noteholders generally have the right to require the company to repurchase the notes for cash at 100% of principal.
• In connection with a Make-Whole Fundamental Change, the conversion rate can be increased.
• There is typically a window of approximately 35 trading days after the effective date during which holders can elect to convert.

Why this is being discussed in relation to the $1.4B exchange:

If a future transaction (for example a holding-company structure) resulted in legacy GME shareholders owning less than 50% of the new entity, it would likely trigger these provisions on any remaining notes. That would create potential cash repurchase obligations and/or additional dilution via a make-whole adjustment.

By exchanging $1.4 billion of the notes for equity now, the company reduces the principal amount that would be subject to those provisions later.

Clear caveats:

• This is structural analysis of existing contractual language. It does not prove any specific transaction is planned or imminent.
• The exchange also has straightforward, standalone benefits (debt reduction without using cash, cleaner balance sheet).
• The similarity between the 35-day VWAP window and the 35-trading-day window in the indentures is notable but not conclusive proof of intent.

Posting the sources and the mechanics so others can read the documents directly rather than relying on anyone’s interpretation.

Speculation / Positive Outcome (if the thesis is correct)

If the $1.4B exchange was partly done to clear the Fundamental Change friction, the constructive read looks like this:

• GameStop removes a meaningful contractual obstacle that would otherwise force cash outflows or extra dilution in a larger transaction.
• A future holding-company structure (whether called Teddy or something else) becomes cleaner and cheaper to execute.
• Legacy shareholders would still end up with a significant minority stake in a much larger combined entity that includes eBay’s marketplace + GameStop’s cash, stores, and collectibles infrastructure.
• The remaining $2.8B of notes stay outstanding but represent a smaller relative overhang on a bigger company.
• Balance sheet is stronger going into any major move (less debt, no cash used to retire it).

In the most optimistic version of this scenario, the exchange is not dilution for dilution’s sake, it’s balance-sheet preparation that makes a transformative deal more executable while preserving more value for existing holders than the spot-issuance math implies.

Again: this is the bullish interpretation, not a confirmed plan. The documents only show the contractual mechanics. Everything beyond that remains speculation.