A brief thread with a spicy new find at the end 🔥🌝

The question of Dragonfly's involvement in the BBBY acquisition gains credibility through a network of relationships, investment strategies, and timely associations that, together, paint a coherent picture.

Starting with a refresh of the timeline:

On June 23, 2023, CNBC reported that Sixth Street Partners might make a credit bid for BABY in collaboration with an e-commerce platform. A Wall Street Journal report earlier on June 15 also noted an acquisition bid involving debt forgiveness, though specific details were not disclosed. This raises the question: Could Dragonfly be this platform?

Dragonfly, a technology-driven platform focused on acquiring and scaling e-commerce brands, fits the profile. Founded in 2019, Dragonfly is based in Boston, has 127 employees, and boasts impressive financial backing from L Catterton—the world’s largest consumer-focused private equity firm with $34 billion in assets. Following a $500M investment from L Catterton's Flagship Buyout Fund on March 2nd, 2022, Dragonfly is certainly equipped for acquisitions of this magnitude.

Strategic Board Movements and Kirkland & Ellis Connections

RC’s position on the Dragonfly board was made public on March 14, 2022 via an annual report, 12 days after the L Catterton investment. His connections to Larry Cheng of Volition Capital, another backer of Dragonfly (Volition Fund V had raised $675 million for 2023 and beyond), and Blake Day, former CTO of Chewy—all of whom are board members at Dragonfly—further underscore RC’s influence in the company.

Reminder that Cheng who was the only venture capitalist to support RC’s Chewy venture and is a GameStop board member, has been interacting with BBBY’s retail community online, even joining a community live-stream event, tweeting subtle references to acquisitions and company transformation narratives—like Berkshire Hathaway’s origin as a textiles company.

Adding more weight to the connection, Kirkland & Ellis, a legal powerhouse recognized as M&A Firm of the Year by U.S. News for multiple years—including 2020, 2021, 2023, 2024, and 2025 establishing it as the #1 M&A firm in the country—played a crucial role for both BBBY and Dragonfly.

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Kirkland & Ellis advised Dragonfly during L Catterton's $500M investment in early 2022, as well as BBBY’s credit agreements with Sixth Street and it’s Chapter 11 bankruptcy later in 2023. Here is the investment from L Catterton in February 2022, according to Pitchbook. Notice Kirkland & Ellis's name as the Service Provider:

Remember, on August 19, 2022, the day after Cohen announced his BBBY stock sale, the company engaged Kirkland & Ellis for counsel. Who did they hire?

Olivia Acuña.

Olivia Acuña, a Kirkland & Ellis attorney specializing in financing and mergers, plays a critical role in linking Dragonfly to the potential acquisition of BBBY. Acuña not only established the L Catterton IX fund supporting Dragonfly’s growth but also arranged Sixth Street’s FILO loan for BBBY, creating a direct connection between both Sixth Street and Dragonfly. During BBBY’s bankruptcy, she applied for—and was granted—a pro hac vice admission (dockets 720 and 912), a status allowing her to represent BBBY in a jurisdiction where she isn’t ordinarily licensed. This raises an important question: why did BBBY specifically seek her expertise despite her limited jurisdictional practice? This decision underscores Acuña’s strategic value to both Sixth Street and Dragonfly, suggesting her role goes beyond legal counsel to encompass the orchestration of complex, high-stakes M&A transactions.

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Let’s take a moment to reflect on Black-Palestinian solidarity—🧵 /12. From the streets of Ferguson to the occupied territories of Palestine exists a powerful alliance that transcends borders, cultures, and continents. This relationship is more than just a political stance; it is a profound, familial connection born out of a shared recognition of oppression and resistance.

In the United States, the civil rights movement and the fight against systemic racism both parallel the Palestinian struggle against Israeli occupation and apartheid. This kinship blossomed in the 1960s and '70s when visionaries like Malcolm X and organizations such as the Black Panther Party openly supported Palestinian liberation, viewing it as part of a broader, global struggle against imperialism and colonialism.

—🧵 1/12.

I will be making a video summary of the TEDDY thesis from my perspective that will be published in the coming days. For now, I prepared some tit-jacking DD for all of you to enjoy in the meantime. 🧵👇🏽 1/ Checking the "Claims" section of the Kroll site for Bed Bath & Beyond Inc. leads you to identify two abnormally large claims submitted by Brandon Adam Meadows, the first on 07/14/2023 for just over $1 billion dollars and another for $10.85 billion filed 10/26/2023:

This morning I attempted to lawfully enter Jerusalem. I was immediately escorted and my phone confiscated. Every photo, text, Twitter post scrutinized. Following 7+ hours of grueling delay and invasive interrogation, I was denied entry and subsequently deported. Why? Because I answered every question with honesty (as requested). I proudly expressed my desire for Palestinian human rights and equal status. I was unashamed of my anti-imperialist ideology. Because I expressed disgust with Apartheid.