Synopsis for 03-24-2021 what we need to know before the market opens DD
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**Author: [u/rensole](https://www.reddit.com/user/rensole/)**

[News](https://www.reddit.com/r/GME/search?q=flair_name%3A%22News%22&restrict_sr=1)

Good morning San Diago,

I am Rensole,

what do your elf eyes see Legolas? Fuckery...

*insert flashy intro card*

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/6kg131ln2yo61.png?width=680&format=png&auto=webp&s=a27f2d01120614e12ab00740b289d35327d26864)](https://preview.redd.it/6kg131ln2yo61.png?width=680&format=png&auto=webp&s=a27f2d01120614e12ab00740b289d35327d26864)

None of this is financial advice, I've been snorting crayons since last night

Ama with Dennis Kelleher

So lets start of with some good news, this friday we will have a AMA right here on [r/gme](https://www.reddit.com/r/gme/) with Dennis Kelleher, the guy from the last hearing who was really outspoken about shorting and the problems surrounding it.

<https://twitter.com/BetterMarkets/status/1374487638611095552>

The AMA will take place this Friday

1PM EST; he'll be talking [@GameStop](https://twitter.com/GameStop)[@citsecurities](https://twitter.com/citsecurities)[@RobinhoodApp](https://twitter.com/RobinhoodApp)[#paymentfororderflow](https://twitter.com/hashtag/paymentfororderflow?src=hashtag_click) & much more!

Thank the mod [u/redchessqueen99](https://www.reddit.com/u/redchessqueen99/) for setting this up!

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/65lcq6bl3yo61.jpg?width=500&format=pjpg&auto=webp&s=a5d212e4912b2e5575b921a9bd730352f3accddf)](https://preview.redd.it/65lcq6bl3yo61.jpg?width=500&format=pjpg&auto=webp&s=a5d212e4912b2e5575b921a9bd730352f3accddf)

The Sec filings

Ok so a lot of people didn't understand the legal wording of the SEC 10K filing so lets do a little rundown of it.

The 10k filing can be found here:

<https://sec.report/Document/0001326380-21-000032/>

In that they DISCRIBE what a short selling is, so let me take you step by step on what this legal talk means ok?

*A "short squeeze" due to a sudden increase in demand for shares of our Class A Common Stock that largely exceeds supply has led to, and may continue to lead to, extreme price volatility in shares of our Class A Common Stock.*

(short description right? but that's not enough in legal paperwork you need to explain it further)

Investors may purchase shares of our Class A Common Stock to hedge existing exposure or to speculate on the price of our Class A Common Stock. Speculation on the price of our Class A Common Stock may involve long and short exposures.

To the extent aggregate short exposure exceeds the number of shares of our Class A Common Stock available for purchase on the open market,

( the particular degree to which something is or is believed to be the case = to the extent.

here they're saying they believe it may be over 100% shorted, not sure if that means at end of fiscal year or now)

investors with short exposure may have to pay a premium to repurchase shares of our Class A Common Stock for delivery to lenders of our Class A Common Stock. Those repurchases may in turn, dramatically increase the price of shares of our Class A Common Stock until additional shares of our Class A Common Stock are available for trading or borrowing. This is often referred to as a "short squeeze."

(they are describing what most of you have seen on [Iborrowdesk.com](https://iborrowdesk.com/) the % of interest).

Like always don't panic guys, this is an emotional response and I've been telling you to use logic.

Now is this common that they address this kind of stuff in a shareholders letter? no this type of disclosure is very rare, as in extremely so. ([as can be seen here](https://www.reddit.com/r/wallstreetbets/comments/mbtpwa/with_regard_to_the_theyre_just_defining_a_short/))

From [page 29 of today's 10-K filing](https://news.gamestop.com/node/18661/html), under

Liquidity and Capital Resources

> Based on our current operating plans, we believe that available cash balances, cash generated from our operating activities and net availability under our revolving credit facility will provide sufficient liquidity to fund our operations for the next 12 months as well as the foreseeable future.

Yes, the company retains the option to make an ATM share offering, but they are plainly stating that as it stands right now they don't need to do so to raise capital to meet their plans.

Why wont they do it ? because they don't need the capital. and as far as I understand these are not STOCKS this refers to BONDS.

On page 30 you can find this:

*Based on our current operating plans, we believe that available cash balances, cash generated from our operating activities and net availability under our revolving credit facility will provide sufficient liquidity to fund our operations for the next 12 months as well as the foreseeable future.*

so everyone chill

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/pdor5ce7byo61.png?width=320&format=png&auto=webp&s=f4a7048e1e110ffea1820822de5314cba3f4bdc8)](https://preview.redd.it/pdor5ce7byo61.png?width=320&format=png&auto=webp&s=f4a7048e1e110ffea1820822de5314cba3f4bdc8)

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/8tig9e58byo61.png?width=640&format=png&auto=webp&s=3db8f0c74f0a3dc4b00e004e6d19c60f75dc8887)](https://preview.redd.it/8tig9e58byo61.png?width=640&format=png&auto=webp&s=3db8f0c74f0a3dc4b00e004e6d19c60f75dc8887)

So why are people saying they missed their annual mark?

Good question young ape, normally at the end of the fiscal year a company makes a "prospectus" of what will be going on in the next year. meaning in simple words they "guess" how much the company will make in the next year.

But if you take into account that this was made pre covid, and pre knowing most of their stores would need to be closed they still did very well in my book.

They started to turn around the company mid pandemic, us apes started buying a lot at GME in February and still going strong, so the Q1 Earnings are going to be lit.

BUT WHY DID THE STOCK GO DOWN?

Relax my chimpy bro, a lot of people called that this would happen regardless of how the earnings would come out, because it all depends on how you look at the report, and well we by now have learned that the media sure as hell has an agenda.

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/snaw8zrx5yo61.jpg?width=700&format=pjpg&auto=webp&s=db664d59a8adbbc0fc021c4861e2998bd284b9f6)](https://preview.redd.it/snaw8zrx5yo61.jpg?width=700&format=pjpg&auto=webp&s=db664d59a8adbbc0fc021c4861e2998bd284b9f6)

So... this all doesn't sound great why are you still bullish?

Normally speaking when an earnings report they move the date as close to the weekend as they can, but for some reason they moved it up, moving it earlier in the week. and it was a meh report.

It wasn't great it wasn't bad. so why did they move it up?

Because I think we will see some surprise announcements.

Why do I think that? easy

Anyone who had listened in yesterday must have noticed how George Sherman fumbled about, he just read the earnings report and overlooking a lot of important stuff, had zero motivation and felt like he was reading his bad report card with zero interest.

He overlooked to say how the board is refreshing, how the company is planning on changing (important to mention when you bring out a meh report don't you think?), the expenses reduction.

it feels like the current CEO may be out soon. this is pure speculation on my part but I feel like this guy doesn't have long on the board.

You know why?

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/8s7zgnoc9yo61.png?width=640&format=png&auto=webp&s=37168cad7d8a9be9d5416e975af8b79bf9ecd32f)](https://preview.redd.it/8s7zgnoc9yo61.png?width=640&format=png&auto=webp&s=37168cad7d8a9be9d5416e975af8b79bf9ecd32f)

The board of directors.

lets take a look at the 10k filing again because a lot of people focused on the shares part but forgot about the other things in there of worth.

upcoming changes to who will stand for reelection to the board in June:

> Reference is made to the Current Report on Form 8-K that we filed with the SEC on January 11, 2021 that disclosed that on January 10, 2021, we entered into an agreement (the "Agreement") with RC Ventures LLC and Ryan Cohen. This Form 8-K also disclosed that, pursuant to the Agreement, we agreed that effective at our 2021 annual meeting of stockholders (the "2021 Annual Meeting"), the size of the Board would be reduced from the current 13 directors to nine directors and that the Board would nominate for election the individuals identified in the Form 8-K for election as directors at the 2021 Annual Meeting. As of the date of this Form 10-K, the Board has not determined the definitive slate of nominees but currently expects that the following incumbent directors will retire from the Board at the 2021 Annual Meeting: Lizabeth Dunn, Paul Evans, Raul J. Fernandez, Reginald Fils-Aimé, William Simon, James K. Symancyk, Carrie W. Teffner and Kathy P. Vrabeck. The contemplated retirements are not because of a disagreement with us on any matter relating to our operations, policies or practices.

This change would leave only George Sherman and Kurt Wolf remaining from who was on the board prior to the deal with RC Ventures.

That's like... nearly the entire of board directors. Current board

<https://news.gamestop.com/corporate-governance/highlights>

George Sherman

~~Jim Bell~~ <-- assuming he won't be on the board since he won't be CFO anymore

Dan Reed <--- don't know too much about him

~~Kathy Vrabeck~~ <-- current chair board

~~Carrie Teffner~~

~~Raul Fernandez~~

~~Lizabeth Dunn~~

~~William Simon~~

~~James Symancyk~~

~~Reginald Fils-Aimé~~

Kurt Wolf <-- was with Hestia Capital, one of the activist shareholders

~~Paul Evans~~

Alan Attal <-- Cohen's people

Ryan Cohen <--- obviously will stay on the board

Jim Grube <---- Cohen's people

Jenna Owens

Start noticing something here? because I do, this board is lining up to get all the boomers out and make this a fresh new board that knows what it's doing.

because of this I am expecting some "surprise" announcements in the coming weeks and who knows what is going to happen.

Addendum: this does not mean these people will leave, "the Board has not determined the definitive slate of nominees" this means there have not been a decision made on who will leave.

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/rlxl4jjh8yo61.jpg?width=640&format=pjpg&auto=webp&s=a09ddda4c6025dd598feea6f760f9f8c7f64c90d)](https://preview.redd.it/rlxl4jjh8yo61.jpg?width=640&format=pjpg&auto=webp&s=a09ddda4c6025dd598feea6f760f9f8c7f64c90d)

So in short, what has changed?

Nothing, nothing at all.

The fact that the stock would go down was the easiest way of getting it down and it was to be expected, again expect fuckery all along the way.

These guys stand to lose everything, and they will try to wriggle their way out of it by making people paperhand.

if you look at the level 2 order book you can see that it's still all just algo trading.

Also Thank you [u/jamesroland17](https://www.reddit.com/u/jamesroland17/) who found out they shorted the ENTIRE Russel 2000.

EVERY ETF WITH GME got shorted yesterday.

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/4lwxbc0jayo61.png?width=828&format=png&auto=webp&s=8b2f6e2e80cac4ee5d42e7dd9968bdf8e16a3006)](https://preview.redd.it/4lwxbc0jayo61.png?width=828&format=png&auto=webp&s=8b2f6e2e80cac4ee5d42e7dd9968bdf8e16a3006)

This just reminds me of Frieza blowing up Namek just because he couldn't win, a hail Mary, a fuck it if I don't win no one wins.

We see you hedgies, we don't care we can wait.

I'd also personally like to thank Kenny G here for giving me another steam sale today, on the day I get payed of all days <3 love you booboo

DFV is still in

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/3jkkmr6s9yo61.png?width=960&format=png&auto=webp&s=6abff7b23808d35367fe2999d5046746d1eead48)](https://preview.redd.it/3jkkmr6s9yo61.png?width=960&format=png&auto=webp&s=6abff7b23808d35367fe2999d5046746d1eead48)

This dude didn't sell a single god damn share, this dude has been right on his prediction all the way, don't you think that if he thought this was over he would've been out by now?

Nah because he knows just as well as we do that this is far from over.

DTCC

so another smart ape did a great write up on the new filings, so it saves me a lot of time to write up my own version. go check it out here:

<https://www.reddit.com/r/GME/comments/mc0zfn/too_ape_didnt_read_summary_of_srnscc2021801/?utm_source=share&utm_medium=ios_app&utm_name=iossmf>

So what is the big take away from all of this?

Well GameStop knew we would be going through the Q4 Earnings report with a fine toothed Comb. They put the part of "short squeezing" in there for a reason, because even with disclosure they would've been fine with just shortly mentioning it.

The fact that they wrote out a full page saying "hedgies R fuk" should tell you smooth brains enough.

the fact that people can still expect "volatility" with it's stock right now due to this should tell you enough.

GME has literally said the short interest is OVER 100%

Seriously this makes me more bullish then anything

So what has changed my apes?

nothing. nothing has changed, we do what we always do, get some nacho's get the dip and sit back and relax. the hedgies are digging their graves deeper and deeper and all we have to do is say thank you and relax.

0:00

3:07

made by u/__Just_

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/88nilrn5dyo61.png?width=554&format=png&auto=webp&s=1f35a4228f6c23771091b576c46800c9e4f2db7f)](https://preview.redd.it/88nilrn5dyo61.png?width=554&format=png&auto=webp&s=1f35a4228f6c23771091b576c46800c9e4f2db7f)

as always!

Be friendly, help others!

as always we are here from all different walks of life and all different countries.

This doesn't matter as we are all apes in here, and apes are friends.

Doesn't matter if you're a silverback a chimp or a bonobo.

We help each other, we care for each other.

Ape don't fight ape, apes help other apes

this helps us weed out the shills really fast, as if everyone is helpful, the ones who aren't stand out.

remember the fundamentals of this company are great, they should be above the current price point, so for the love of god if someone starts with trying to spread FUD, remind yourself of the fundamentals.

There is no sense of urgency, this will come when it comes, be a week, be it a month be it six.

We don't care, just be nice and lets make this community as Excellent as we can!

[![r/GME - Synopsis for 03-24-2021 what we need to know before the market opens DD](https://preview.redd.it/qixhtkc9dyo61.png?width=400&format=png&auto=webp&s=6fd059deab18bf1bfbb44c87ad597c69a041bd6e)](https://preview.redd.it/qixhtkc9dyo61.png?width=400&format=png&auto=webp&s=6fd059deab18bf1bfbb44c87ad597c69a041bd6e)

Remember none of this is financial advice, I'm so retarded I'm not allowed to go to the zoo 'cause they'll put me in the cage with the rest of my ape brothers.

If anything happens throughout the day I will be adding it here.

backups:

<https://gmebackup.tumblr.com/>

<https://twitter.com/rensole>

<https://twitter.com/warden_elite>

<https://twitter.com/HeyItsPixel1>

Edit 1:

Reevaluating senior board members

On page 17 of:<https://news.gamestop.com/static-files/55a92a3e-144e-4d2b-8ee6-930db9045593>

```
Turnover in our senior management or our inability to attract and retain qualified personnel could have a material adverse impact on our business and results of operations.

Our success depends, in part, on the continuing services and contributions of
our leadership team to execute on our strategic plan and to identify and
pursue new opportunities. Through a committee of directors, our Board is
currently evaluating our executive leadership team skill sets related to
meeting changing business requirements and has engaged a third party firm
to assist in its evaluation and exploration.
This evaluation and exploration could result in a change in one or more of
our senior executives.

Turnover in key leadership positions within the Company could adversely
affect our ability to manage the Company efficiently and effectively,
could be disruptive and distracting to management and may lead to
additional departures of current personnel, any of which could have a
material adverse effect on our business and results of operations.

Our success also depends, in part, upon our ability to attract, motivate
and retain a highly trained and engaged workforce, management for our stores
and skilled merchandising, marketing, financial and administrative personnel.

In addition, the turnover rate in the retail industry is relatively high,
and there is an ongoing need to recruit and train new store associates.
Factors that affect our ability to maintain sufficient numbers of qualified
associates include associate morale, our reputation, unemployment rates,
competition from other employers and our ability to offer appropriate
compensation packages.

Any turnover in senior management in the future or inability to attract
and retain qualified personnel could have a material adverse effect on
our business and results of operations.

```

In other words, an outsider will evaluate if the current "senior management" is fit for the task at hand.
