SCOOP (1/4): @FoxBusiness has confirmed Melvin Capital considered a "range of options" including selling itself or liquidating amid massive $GME losses, but the firm has sharply reduced leverage & ppl there believe the worst is over. Obviously the situation is fluid. Sources also
(2/4) say Citadel @citsecurities discussed a buyout w Melvin mgt, but Melvin ultimately demurred through a massive deleverage. The firm believes it can survive now that it has money from Pt. 72 and Citadel combined w much lower leverage that will reduce portfolio volatility.
(4/4) so there will be losses to his portfolio. Unclear if they are significant and keep in mind that his Melvin investment made a lot of money over the years. Story developing
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BREAKING (thread) For now (and these things can change) bidding for @Mets is coming down to Steve Cohen and Harris Blitzer. Despite all the leaks of investors, the @AROD group doesnt appear to have enough cash to compete, at least not yet. Again, this could change with another
Repole/Viola bidder willing to put up multiple hundreds of millions of dollars in CASH. But if this is Cohen v H&B, big question whether H&B will seek to outbid Cohen and his $2b valued offer for the team. H&B have said i the past they wouldnt but that doesnt mean they wont. ALSO
My sources say Cohen has made some calls about his ability to survive an owners vote because of his insider trading issues, and because he might spend on players. He has been told by @MLB execs he should be OK. Cohen also continues to say he wants @SNYtv,