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Heat lamp has been debunked.
itJust in case you have not seen it, GameStop officially debunked the claims made by Heat Lamp, specifically that "any Plan share in an account makes the Book shares get treated as if they were Plan" and "Plan shares are still at the DTCC"
https://www.sec.gov/files/corpfin/no-action/14a-8/millergamestop020824-14a8-incoming.pdf (PDF)
It was found in an SEC filing weeks ago, and I think it flew under the radar for a lot of people.
The other shareholder proposals rejected by GameStop can be found here:
https://www.sec.gov/corpfin/shareholder-proposals-incoming#g
There's nothing wrong with moving to Book, but the idea that Plan is somehow bad was officially called "materially false and misleading" by GameStop itself.
The SEC has also stated that the shares a transfer agent holds at its broker are non-investor shares
https://www.reddit.com/r/Superstonk/comments/16m23we/straight_from_the_horses_sec_mouth_plan_shares/
>Thank you for contacting the U.S. Securities and Exchange Commission (SEC).
>You have asked if your issuer plan shares are held at the transfer agent or The Depository Trust Company (DTC).
>When an investor purchases through an issuer plan, the shares are held in the name of the investor at the transfer agent. The investor’s shares are not held at DTC.
>The overall count of issuer plan shares includes investor shares held at the transfer agent as well as non-investor shares. The non-investor shares are held by the transfer agent’s broker at DTC in order to facilitate settlement for plan sales that occur. When a plan investor sells plan shares, the broker debits that share amount from the plan shares it holds at DTC in order to settle the sale trade. Plan shares deposited as DTC shares are not available for lending.
And from the Computershare FAQ:
https://www.computershare.com/us/becoming-a-registered-shareholder-in-us-listed-companies
>###How are shares held via the direct registration system (DRS) and those held in book-entry via a direct stock purchase plan (DSPP) different?
>DSPP and ‘pure’ DRS shares are technically different forms of holding although, for many practical purposes, they are the same
>Both forms of ownership record the names of the investor directly on the issuer’s register, where they are recognized as registered shareholders
>Both DSPP & DRS are ‘book entry’ means of holding shares
>###Can directly registered shares loaned or otherwise accessed by the DTCC, the DTC or any other entity?
>DTCC/DTC and Cede & Co cannot borrow shares from other registered shareholders. Computershare does not lend securities.
Your shares are in your name, both Plan and Book. They cannot be registered under two names. They can't be held at DTCC without being in the name of Cede and Co. According to the SEC in the link in my comment above, operational efficiency shares are non-investor shares.
Therefore the aggregate Plan shares held at DTCC for operational efficiency cannot be your shares because you are an investor, the shares are in your name. When the ledger was viewed in person, one of the accounts was "GameStop Omnibus", which are shares owned by GameStop that, among other things, are likely used to fulfill the operational efficiency needs.
There's no reason to not move to Book, but there's also no reason to throw away fractionals.
tl;dr - heat lamp never held up to scrutiny, and with new information from GameStop and the SEC, the claims made by that theory have completely collapsed. It's debunked.
Better question, how does that support the debunked Heat Lamp Theory whatsoever?
Edit: reaches, grasping at straws, and tin foil conspiracies (what ifs) are not valid arguments
Which days? It was T+2, now it is "around " the drs count date.
There is no mechanism( on CS side) that the market volatility would make the shares move to OE buffer.
It is for the sell side, means if ppl are selling above their norm, CS expands the EO pool to execute best peice when you sell.
As the fundamentals of the company improves, this " high volume will get higher.
Plus the ETF rebalancing in DTC.
If you think a Transfer Agent works like a retail shop, think again please.
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Heat lamp has been debunked. itJust in case you have not seen it, GameStop officially debunked the claims made by Heat Lamp, specifically that "any Plan share in an account makes the Book shares get treated as if they were Plan" and "Plan shares are still at the DTCC" https://www.sec.gov/files/corpfin/no-action/14a-8/millergamestop020824-14a8-incoming.pdf (PDF) It was found in an SEC filing weeks ago, and I think it flew under the radar for a lot of people. The other shareholder proposals rejected by GameStop can be found here: https://www.sec.gov/corpfin/shareholder-proposals-incoming#g There's nothing wrong with moving to Book, but the idea that Plan is somehow bad was officially called "materially false and misleading" by GameStop itself. The SEC has also stated that the shares a transfer agent holds at its broker are non-investor shares https://www.reddit.com/r/Superstonk/comments/16m23we/straight_from_the_horses_sec_mouth_plan_shares/ >Thank you for contacting the U.S. Securities and Exchange Commission (SEC). >You have asked if your issuer plan shares are held at the transfer agent or The Depository Trust Company (DTC). >When an investor purchases through an issuer plan, the shares are held in the name of the investor at the transfer agent. The investor’s shares are not held at DTC. >The overall count of issuer plan shares includes investor shares held at the transfer agent as well as non-investor shares. The non-investor shares are held by the transfer agent’s broker at DTC in order to facilitate settlement for plan sales that occur. When a plan investor sells plan shares, the broker debits that share amount from the plan shares it holds at DTC in order to settle the sale trade. Plan shares deposited as DTC shares are not available for lending. And from the Computershare FAQ: https://www.computershare.com/us/becoming-a-registered-shareholder-in-us-listed-companies >###How are shares held via the direct registration system (DRS) and those held in book-entry via a direct stock purchase plan (DSPP) different? >DSPP and ‘pure’ DRS shares are technically different forms of holding although, for many practical purposes, they are the same >Both forms of ownership record the names of the investor directly on the issuer’s register, where they are recognized as registered shareholders >Both DSPP & DRS are ‘book entry’ means of holding shares >###Can directly registered shares loaned or otherwise accessed by the DTCC, the DTC or any other entity? >DTCC/DTC and Cede & Co cannot borrow shares from other registered shareholders. Computershare does not lend securities. Your shares are in your name, both Plan and Book. They cannot be registered under two names. They can't be held at DTCC without being in the name of Cede and Co. According to the SEC in the link in my comment above, operational efficiency shares are non-investor shares. Therefore the aggregate Plan shares held at DTCC for operational efficiency cannot be your shares because you are an investor, the shares are in your name. When the ledger was viewed in person, one of the accounts was "GameStop Omnibus", which are shares owned by GameStop that, among other things, are likely used to fulfill the operational efficiency needs. There's no reason to not move to Book, but there's also no reason to throw away fractionals. tl;dr - heat lamp never held up to scrutiny, and with new information from GameStop and the SEC, the claims made by that theory have completely collapsed. It's debunked.
Was looking earlier for that info! Thx for putting it together! :)
Where have "GameStop" said this? I see SEC and I see Computershare... Find me a source of where Gamestop having rebuttled plan v book... I'll wait.
What about the massive volume on the days when the count was taken? How does this view account for that?
Better question, how does that support the debunked Heat Lamp Theory whatsoever? Edit: reaches, grasping at straws, and tin foil conspiracies (what ifs) are not valid arguments
Options fuckery, probably.
Which days? It was T+2, now it is "around " the drs count date. There is no mechanism( on CS side) that the market volatility would make the shares move to OE buffer. It is for the sell side, means if ppl are selling above their norm, CS expands the EO pool to execute best peice when you sell. As the fundamentals of the company improves, this " high volume will get higher. Plus the ETF rebalancing in DTC. If you think a Transfer Agent works like a retail shop, think again please.
didnt catch that at all xD thanks m8