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David Simpson 🏴‍☠️🐗 Profile picture
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Feb 21 • 3 tweets • 1 min read
Here's my opinion on the recent #DRS chatter $BBBY Image
It's silly to believe removing shares from locates/lending/shorting is hurting price discovery. The entire point of DRS is to limit locates/lending/shorting in the event of a short squeeze. There has not been a short squeeze event yet, therefore we cannot measure it's impact.
I've been 100% DRS since August 4th.

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More from @pirateportfo

David Simpson 🏴‍☠️🐗 Profile picture
Feb 27
I'd Like To Solve The Puzzle:
A 60-Page Report detailing the Marriage of Carl Icahn and Bed Bath & Beyond, Image
🍎 WHAT: Leveraged Buy-Out, Spin-off BABY
📙 HOW: Bond Exchange, The Team & Kastin
🌲 WHY: Merger with WestPoint and Newell
🫐 WHEN: Filings, Earnings, Bond Payment ImageImage
🍎 WHAT: Leveraged Buy-Out, Spin-off BABY

On Jan 13th, an input into Pitchbook indicates a rumored leveraged buy-out was negotiated. The same day, certain events of default were triggered with the JPM loan. The ABL mentions a change in control is considered an event of default. ImageImage
Read 25 tweets
David Simpson 🏴‍☠️🐗 Profile picture
Feb 5
GM $bbby tomorrow is finally here! Sunday, February 5th, today is a FULL MOON!!🌝

I'm going to share insight on what happened 2/1 and why I believe today (or very soon) we may see @Carl_C_Icahn tweet, "IEP has acquired Bed Bath in a majority-equity transaction for $45/share."
In case you missed Friday's post, here's a brief introduction of the general conditions surrounding $bbby indicating a hostile bond takeover has been in the works for several months now.
2/1 was an interesting day. The WSJ reported bond payments had been missed, but the stock price remained green. Bond prices rose that day and over the week; 24s from 1.20c to 6.50c (!), 34s from 2.01c to 4.56c, 44s from 3.41c to 4.79c. Large volume too, particularly the 44s.
Read 17 tweets
David Simpson 🏴‍☠️🐗 Profile picture
Feb 3
Here's what's on my mind about the $bbby bonds situation.

If you've been following along w me since Oct, you'll know that the big move I'm expecting is a take-private acquisition via hostile bond takeover. On Oct 18th, the company offered to exchange all its senior notes.
Per this SEC filing, the exchange offered second/third lien notes for their unsecured notes. If holders of the 24, 34, or 44 bonds expect bankruptcy, it would be attractive for them to accept the secured notes before the company fails to pay the bonds at par value plus interest. Image
This bankruptcy waterfall analysis from u/BiggySmallzzz goes into greater detail about the nature of the exchange and these conclusions.

Sauce: reddit.com/r/BBBY/comment…
Read 13 tweets

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