A strong possibility is that $GME could have parlayed with interested parties as part of the $EBAY deal. An article I posted a while back noted that the joint venture rumour that seemed planted by GameStop to help drop $EBAY stock for the premium. In that article, it was specific to mention Vanguard as the second largest institutional holder. If he got Vanguard and has around %20-30 ownership aligned, the exchange could have been with these parties as I outlined on this profile across multiple articles. If this is true, that means that Vanguard and other parties would get $GME at $18 and get more stock/cash during the tender. This is the cash/stock consideration mix I outlined. In this case, then $EBAY earnings is the perfect event to fire off this tender right before warrants expire and and have them all converted into the HoldCo as part of the merger. This imo, is the only option now that I think would be the catalyst that makes sense that Cohen didn’t really care for the bond unwind, rather, it was needed for the funds like Vanguard to reposition, right before a tender is fired off. Tomorrow will be a spicy day!