PlayΞr 741 🧸

$BBBYQ The bankruptcy wasn’t a normal liquidation. They structured it as an IRC Section 368(a)(1)(G) Type G reorganization through a 363 sale. For this specific tax structure to work and preserve the full NOLs (those billions in tax loss carryforwards) the acquiring NewCo must issue its own stock as a substantial part of the payment for the assets. That stock then gets distributed down the chain. The plan says equity gets “canceled, released, and extinguished” with no recovery. But @Jake2B’s DD shows they left specific language around “Holders of Interests” and structured the deal so the tax code itself forces consideration to old equity to keep the NOL transfer clean. The shell (20230930-DK-Butterfly-1) is still active in 2026, filing lawsuits, preserving assets, not wound down. That’s not what a dead company does. Ryan Cohen already took his $60 million off the top, but the real prize is those NOLs plus whatever IP and value sits in that butterfly. To unlock the full tax shield without the IRS blowing it up, they need to issue new shares in whatever entity absorbs this — whether that’s directly or folded into the bigger Teddy/GME play. The old shares are canceled, but the ownership records still exist. Brokers have to keep that data. The mismatch between reported short interest and the actual float created this entire situation. The only clean way out for them is a settlement: cash plus new securities in the reorganized entity. This isn’t hopium. This is how the tax code, the plan language, and the ongoing activity of the debtor shell all line up. The longer they drag it, the more obvious it gets. We are not wrong, we are just early. When it finally connects, the people who held through the FUD are the ones who eat. We’re getting paid.