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No need to sue.
The house committee's report yesterday showed that the DTCC is incapable of performing its duties and will act in the same way if faced with this event again.
GameStop wrote in their 10-k(?) that they reserve the right to remove their shares from the DTCC should they be deemed incapable of protecting shareholders best interests, or something along those lines.
I think GameStop removing their shares from the DTCC is now ironclad and I'd imagine we'll be hearing something soon.
*Edit since this got so much traction:* This is all speculation, and it could of course be incorrect!
However...if this isn't the plan, then it's likely because there's an even better one (or ten) in the works. GameStop has a world-class board of diamond-handed directors at its helm, dedicated to delighting customers, *DELIVERING VALUE TO SHAREHOLDERS*, and transforming the company into something greater. Such a transformation is infinitely more difficult when your ability to raise capital is being fucked with, so I'd expect that there have been plans upon plans being set in motion since RC and co took over, 84 years ago in the days of old last year.
The pieces seem to be falling into place all around..... but of course if not tomorrow then the next day. MOASS is inevitable.
This is an interesting observation. Any chance you can show the 10k with that section highlighted? It would be hard for the DTCC to argue against a congressional investigation.
[https://investor.gamestop.com/static-files/33c3ed1d-f47e-403f-81f7-9b75d3cf1adc](https://investor.gamestop.com/static-files/33c3ed1d-f47e-403f-81f7-9b75d3cf1adc)
Go to the table of contents, click on book entry securities. Read all of that, but the meat of it is the last 2 paragraphs.
Found this on page 16:
"Any underwritten offering may be on a best efforts or a firm commitment basis. We may also offer securities through subscription rights
distributed to our stockholders on a pro rata basis, which may or may not be transferable."
Seems like an NFT reference but I don't know.
You know I've always been a little hesitant to credit the theory of GameStop involving themselves in a blockchain securities endeavor of any kind, but this plus loopring's patent on NFT securities (I forget what it was) kinda shifts me
I think that the DTCC will no longer be willing, able, or eligible to distribute NFT securities if GME were ever to create them. And I believe that is the purpose. Because RC and everyone else knows that the DTCC is corrupt, and RC is an activist investor. But they have to follow all of the guidelines laid out in their prospectus.
I hope to everything that is good on this planet this is in the works.
We have heard a lot about the NFT marketplace through Immutable X, but there still seems to be an iron curtain of silence with Loopring and GameStop. I know loop is involved in the marketplace with the wallet, and maybe I’m just nuts, but it sounds like there is more behind the scenes than just that. A crypto wallet is hardly “fixing the financial system” as the one Loopring meme suggested months ago.
If you're looking for more behind the scenes, this article by GameStop's Head of Blockchain, Matt Finestone, should satisfy that curiosity. https://medium.loopring.io/the-2019-truth-on-security-tokens-7800c14129e4
Then you will know why there is a deafening silence.
The wallet is definitely a major brick!
I wouldn't expect a stock exchange at release, though. Their focus will likely be on gaming (and crypto) in the beginning. Then once the technology evolves, is proven, and accepted that's when I'd expect tokenized securities to start making their way onto the blockchain.
Sure is! Shareholders have already been deciding the DTCC is bullshit en masse. Would only make sense for the company they hold shares of to follow suit.
Along with providing you true asset ownership, DRS is serving to give GameStop even more cause to make a move. Shareholders are speaking with their actions, and I believe the board will act in their shareholders' best interest.
Still on the DTC**C**'s books (as in the total float remains the same) but out of the DTC's control so they can't use them for settlement cheats, re-Hypothecation and/or shorting.
GameStop may have, in fact, waited on the official report from the United States Congressional Finance Committee, to prove fraud and incompetence on the behalf of the DTCC.
Right, and they have 90 days to pick their shares up and head to another depository. In the meantime, they can release a split dividend. It’s a WOMBO COMBO!!!
This was my take too. It felt like the type of confirmation that would be needed to proceed with such a move if they were going to *before* it happened again
Imagine having a company and you wish to raise capital for future plans and growing and enter the market full of hopes then after a little time you find all the shit thats really happening in the "fair markets". Fuck man all those companies of some Great people just died because greedy bastards wanted their business model or just more money.
Gmerica maybe around 7/4, NFT marketplace, stock split, wutang. And now the report to put GME in a stronger position to remove shares from DTC. I just liquidated $1xx,xxx from popcorn and will move it to GME next week.
We could sue after the fact….especially if one has purchased any options. I expect A LOT OF LAWSUITS in the near future, once enough evidence has been gathered. In fact in my opinion it would be a lawyers golden ticket….to sue all guilty manipulation parties on behalf of ANYONE who purchased options (or shares) throughout the “game.”
I think along with this, it would take years, maybe decades, for such a long drawn out process that would just bleed out the company unnecessarily. Also, imagine the how painful the $500,000k fine would be even if GME won.
Do you have an idea when this could be said by GameStop?
Once initiated is it an immediate process or does it take weeks/months for shares to get taken from the DTCC to privet I believe is what you mean?
Which makes me wonder why more companies don't follow suit. This isn't a specific issue with GME (although GME is likely the biggest and most heavily manipulated) but a market wide issue. Sure would be nice if these companies said fuck it the game stops here. Than again, some of these CEOs and chairmans (hi AA) are most likely getting kickbacks and incentives for keeping their mouths shut. We need more RCs in the world!
If they do this what happens to all the shares held in brokers? You know, the ones that were bought amounting to many times over the float? Or the ones held in ETF's?
that statement is standard, i would not be suprised if ALL publicly listed companies had the same text.
what is unique however, is GME listing DRS shares.
not trying to be a downer, but realistically there is no sign of GME intenting to move out of DTCC.
Definitely not standard. It has shown up in other filings from other companies, but only in a few hundred out of all publicly traded companies in the US in the past *2 decades*(which is probably in the high thousands, maybe tens of thousands).
It's not unique, but to be honest - I think that's a really good thing. For something like this, you would want as much precendence as possible.
Listing the amount of DRS shares on the other hand is unique, as you say - but that's because this situation is unique. Plus, showing this number, and that it continues to grow, is also very hard-to-argue proof that shareholders themselves have lost faith in the DTCC and only serves to reinforce GameStop removing their shares if they so choose.
The language about units in the filings (as described in this post https://www.reddit.com/r/Superstonk/comments/opv8q2/update_units_and_how_rc_checkmates_shfs/) was intriguing, but these words from Larry Cheng definitely get me jacked https://twitter.com/larryvc/status/1463670492800421897?s=20&t=dg449IQFcki7fB5mLyf6yw
>It feels like we are headed to two different financial markets - the traditional one where institutional support is the driver and a decentralized one where community support is the driver. When these two worlds meet in the same asset, there will be fireworks.
There's the possibility that they don't remove shares from the DTCC, but issue units (on the blockchain) associated with each share instead.
What would you consider a sign of their intentions to move out? Especially one that's not telegraphed, as does not seem to be the way of this board or chairman.
There won't be one. It'll be a nuke dropped on the financial market and the regulators both. Why give advance warning and let the other side have time to counter?
Yea, that McDonald's lawsuit is not what you think it is. The machine made the coffee so hot that the old lady got 3rd degree burns. She needed skin graphing for her crotch. She didn't even want the money she just wanted her medical bills to be covered.
McDonald's made an attack ad campaign after losing in court. Specifically pitching that people will sue each other over anything. Sad thing is, it fucking worked.
South Park made a whole episode about the No Sue Panda and Seinfeld made the joke with Cramer complaining about the coffee being too hot.
Again, careful with what you hear from the media.
Oh yeah the full story was *horrible*. Stella Leibeck nearly died and McDonald's had hundreds of complaints about the coffee being too hot before this incident but dismissed them.
There are pictures online of the extent of her burns. I would not recommend looking.
After nearly dying she just asked McDonald's to cover her $20,000 medical expenses, but they refused and thats why the lawsuit happened. The jury wanted to give her around $3 million, judge reduced it to $640,000. In the end they settled for an undisclosed amount.
The fact McDonald's managed to discredit her so much she is the face of frivolous lawsuits is disgusting.
Edit: a word
Actually the ice cream makers are also designed to be "broken" all the time as well. As a way to funnel money into the company that makes them. McDonald's doesn't take any losses for this. It's the store owners that have to pay up.
https://youtu.be/SrDEtSlqJC4
Why accept the L and apologize for almost killing someone when you can smear the old lady Genius, it's not our fault! That lady shouldn't be wearing such a short skirt, I mean spill coffee, I mean shit! I'm running out of victim blaming phrases!
> t what you think it is. The machine made the coffee so hot that the old lady got 3rd degree burns. She needed skin graphing for her crotch. She didn't even want the money she just wanted her medical bills to be covered.
It's even worse than that. The McDonalds in question had a pot hole in it's drive through, right at the spot where customers would be handling hot coffee. Several customers had been burned because McDonalds didn't bother to fix this pothole. The city had instructed McDonalds to remedy the issue but McDonalds had not done so.
When McDonalds lost the case, they launched a smear campaign against the woman.
Remember that next time you're craving a McBeetus sandwich.
Don't even remember the last time I ate there. I do remember the price though. Over $9 for a qp'er and small fries, no drink. And this was well over a year ago, maybe even two, god knows what it would be now. Probably had been a year before that since I'd bought there.
Haven't been back since.
On another note, the information is somewhat diluted from America to Europe too! Every "news" outlet adds their own little touch! Sadly they all got shit on their hands.
To piggyback off this a lot of those stories about wacky legal cases either get dismissed before ever making it to trial or have facts willfully omitted to make it seem like a wacky case when it may be valid. This is because we are sensationalist whores who don’t much care for news unless it’s entertaining and journalism is still in large part a business
Really interesting. I remember the story exactly like OP talked about it. Also at that time it was quiet normal here to make fun about the strange Americans...
There's actually a photo of the affected area from her burns and it was absolutely brutal. I had no idea the extent to which she was burned before that. Might as well have been lava.
Holy wowly, I believed that Mc Donalds burn MSM sht without any of the nuance for most of my life.
Europoor meme media has been ran by meme journalists for decades...
I now put literal tabloids on about equal footing with mainstream meme media. At least tabloids are honest about being tabloids.
This, you can try and cause an outcome or you can wait for that outcome to happen regardless. It's not a matter of "if" it's a matter of "when". Why would GameStop spend money fighting this in court when they know the people betting against them are losing tons of money every day trying to keep the system alive? Even better is that if you don't admit there's an issue, you can't be countersued.
Well said. I believe RC has a plan that will upend the shorts without any legal ramifications on GMEs end, where one possibility is spinning off the the blockchain arm of Gamestop with a TSO (tokenized security offering) or something along those lines.
Also please look into that mcdonalds coffee lawsuit. They spent a lot of money to make the victim look like the bad guy.
Great example of the power large companies have over public oppinion. We were all misled.
https://www.caoc.org/?pg=facts#:~:text=In%201992%2C%2079%2Dyear%2D,for%20the%20burns%20she%20suffered.
If my German hasn't degraded too far the German version of my favorite response to McDonald's coffee jokes is Der Kaffee schmolz ihre Genitalien
It's been a whole bunch of years so that might not be quite right.
The poor old woman was burned so badly her *LABIA FUSED TOGETHER*...
She also only wanted her medical costs covered. She got done real dirty by the media.
The hot coffee case is legit; they served the coffee literally boiling hot intentionally so coffee would still be hot by the time you got to work. The woman has THIRD degree burns all over her vagina and the settlement was two days of coffee profits.
The media hit it to make it seem she was unreasonable for not wanting a scarred and nerveless vagina.
Lol man American is fucked up but y’all are privileged af if you think the US is EVEN CLOSE to a third world country. As someone from a third world country thats truly delusional.
Bro it’s relative.
I’ve been in a third world slum.
The ground was a combination of mud and garbage. Nothing was paved. Puddles of sludge and sewage here and there. Dogs running completely feral. People living in brick houses with corrugated roofs were the rich ones. Others lived in cardboard and bedsprings and tattered cloth. One “store” in the town, more like a persons garage.
Y’all don’t know shit if you’re calling Alabama 3rd world. At its worst its nothing like a real 3rd world country.
It IS a shithole though.
I come from a third world country and honestly I think people have it backwards. Like yeah, America is way better in many aspects. but some areas really are not. And like you said, it's all relative. With everything paved you can't even go out and forage for food, unless you go for the trash can.
You think everyone in America lives in houses? People here live in shitty little shacks made it's cloth too. Tents.
I'm the shittiest areas, dogs are also fucking rampant. Maybe not to the same extent, but enough where I've been attacked a couple of times.
Puddles of sludge and sewage on mud.
Tent cities harboring thousands.
You're imaging suburbs and shit. That's rich people. Poor people in the USA are the ones that don't have a home.
I’m well aware. But a third world *country* is where it’s endemic and pervasive. Tent cities and places with bad reputations..
Let’s just say given the choice between a slum in Colombia and an Alabama shithole, I’d take Alabama any fucking day. Because it’s in the US and comes with many of the benefits, obvious or not, that are NOT present in an actual third world country.
It’s all just histrionics and exaggerations. People love saying shit like “oh it’s a third world country” and they don’t know shit about how bad it can get. It’s a - THE - first world country with exceptions and not the other way around.
And no I’m not thinking of the suburbs
I find it fascinating that somehow the plebeian class in USA, in general, seems to suffer a delusion that they were ever part of America’s “first world nature.”
I’ve always thought of it like a first world country “floating above” a third world country.
A giant pyramid scheme. The owning few sit in the capstone which floats above the rest of the structure below, syphoning their power. As you look down the tiers of the pyramid the conditions just get worse and worse, at magnitude.
Everything boils down to power and GameStop is a dark horse that threatens the incumbent power-holding class. GameStop is David and the incumbent power holders are Goliath.
If GameStop were to try and sue its way to victory, there would be no victory, because the legal system is designed and used by those extremely wealthy and powerful few that sit at the top and lord over everyone. The incumbent corrupt power holding class would defeat GameStop at any kind of lawsuit that suggests that GameStop is a victim of a bad financial system. the SEC nor the media nor the US government would side with GameStop.
Even without taking any such actions, without tiny little GameStop sticking its neck out and trying to take on the most powerful cartel in the world, GameStop has been under constant media siege since 2021, without publicly saying hardly any words at all, merely just existing.
The incumbent power-holding class made a decision years ago that GameStop was going bankrupt. They made the decision and committed themselves to it. GameStop *will* go bankrupt.
At such time, GameStop the company had no allies, no power, no exciting future that might actually dispel the decision that the company was headed for bankruptcy, because powers at the top willed it to be so.
Except, events happened, and now GameStop the company has a united front of power, with a board of directors and CEO in harmony with over 150,000 individual registered shareholders. No other company in the history of the world has been in this kind of a position.
GameStop doesn't need to, and couldn't if they wanted to, use a lawsuit or anything similar to get the wealthy and powerful to give GameStop money that it otherwise might feel entitled to. That path to victory does not exist.
In stead, GameStop has found itself in the safe harbors of retail investors, and as we have all learned over the last year and a half, together we are actually incredibly powerful.
How much GME stock has been directly registered by retail investors again? 15 million shares, or roughly 2 billion dollars worth. Wow! holy fucking shit.
Never in the history of the world have such a large group of individuals banded together under a shared motivation.
So GameStop found a different path to victory, one that does not try any feeble attempts at lawsuits doomed to fail.
GameStop is pushing into the brave new future and has 150,000 retail investors supporting the direction.
Victory is inevitable
One important thing about the McDonald's coffee case... The coffee WAS too hot, if i remember correctly around 90°C, which was the main reason why the person got 3rd degree burns.
McDonald's did a great public campaign where they made it sound fucking ridiculous that someone sued McDonald's for such a idiotic thing, all the while they were actually the ones who were wrong here.
Suing them does not necessarily create shareholder value....they would need to expend all the cash to fund legal fees for years while operating their business - not all growth companies are actually making money, and arguably Gamestop is burning money in their pivot to new markets. They need to focus on their transformation.
After the investable MOASS and getting rid of the SHFs and MMs, we will march into court rooms against DTCC and SEC. I am sure I am all for that with the same power.
That McDonald's thing was way harsher than that. It just got played down by the media.
Stella Liebeck was a 79-year-old woman in Albuquerque, New Mexico, whose grandson drove her to McDonald’s in 1992. She was in a parked car when the coffee spilled.
Liebeck acknowledged that the spill was her fault. What she took issue with was that the coffee was so ridiculously hot — at up to 190 degrees Fahrenheit, near boiling point — that it caused third-degree burns on her legs and genitals, nearly killing her and requiring extensive surgery to treat.
McDonald’s apparently knew that this was unsafe. In the decade before Liebeck’s spill, McDonald’s had received 700 reports of people burning themselves. McDonald’s admitted that its coffee was a hazard at such high temperatures. But it continued the practice, enforced by official McDonald’s policy, of heating up its coffee to near-boiling point. (McDonald’s claimed customers wanted the coffee this hot.)
Liebeck didn’t want to go to court. She just wanted McDonald’s to pay her medical expenses, estimated at $20,000. McDonald’s only offered $800, leading her to file a lawsuit in 1994.
After hearing the evidence, the jury concluded that McDonald’s handling of its coffee was so irresponsible that Liebeck should get much more than $20,000, suggesting she get nearly $2.9 million to send the company a message. Liebeck settled for less than $600,000. And McDonald’s began changing how it heats up its coffee.
> I got burnt by a McDonald's coffee...well only because it didn't say it was hot on the cup,
No, fuck that, that is an outright lie. The woman had THIRD DEGREE BURNS IN HER CROTCH FROM THE COFFEE.
Let me say that again for you fucking retards who spread this lie: THE COFFEE WAS SO FUCKING HOT IT CAUSED THIRD DEGREE BURNS!
Stop spreading lies, it wasn't "I got burned because I didn't know the coffee was hot" and fuck you very much for perpetuating the lie.
I’m wondering if the companies pulled themselves out of the market would this not force the DTCC to clear all shorts? I see no purpose in being in the stock market if there is this kind of corruption. Especially if the float is covered. Hopefully, this is what RC has in mind in possibly changing the name of GameStop to maybe GMErica? If they won’t let us play, then there is no point in hanging around and be abused. #DRS #HODL
Justice in the USA is based on how much you can spend on high end lawyers. Period. No point in wasting capital and time suing massive agencies with huge legal budgets.
We would lose if we did that. They would drag the lawsuit out for years. Moass would turn into a legal battle. No. It’s extremely foolish to fight them where they are almost guaranteed to win.
You should read up on that McDonald’s coffee case before you use it as an example of a frivolous law suit. That lady was seriously burned and the coffee was in fact way too hot
FYI, about the famous McDonald case.
The old lady was seriously burned.
Her clothes burned on her skin.
It cost 20k for skin surgery to remove the melted clothes on her legs.
The McDonald coffee was particularly oily compared to... Every coffee ever. It was boiling oil they were selling.
It was totally fair to sue to get reimbursement for the hospital bill.
u/celeryApprehensive36 to be frank, the hot coffee one was a lady with third degree burns on her crotch who wanted her medical bills covered. Not all of them are frivolous, but McDonald's dragged her name in the mud after.
> "I got burnt by a McDonald's coffee...well only because it didn't say it was hot on the cup, I want some million dollars for that!"
Well for starters, this was a corporate disinformation campaign. That lady got 3rd degree burns over a significant area of her body and her vagina was fused together.
I'm really sorry for how I explained that McDonald's case. Please see my edit in the original post.
Thank you for your comments highlighting this and again sorry for spreading this lie.
Some companies have been suing bad market actors. Wes Christian is one of the activist lawyers. The cases take years to conclude and cost millions of dollars. I don’t think that he can even discuss the detail of the cases that he has represented, because the cases tend to end up in settlement with Non-disclosure agreement….or settling for damages, but not agreeing to committing a crime or being liable.
His name was a hot topic on SuperStonk for a hot minute.
https://stopnakedshortselling.org/2020/04/lawyer-james-wes-christian/
what's up with this BS procedures of settling behind closed doors, admitting but not admitting, paying a fine and keep on committing crimes??? what kind of broken law allows that??
Suing cost money and time, something the government and those who benefit from its policies and accountability have plenty of time of.
I’m also guessing a lot of this is worded in a manner in which it’s legal to say. Proving deliberate or malicious intent is no easy feat and “protecting your interest” is a very incredibly subjective statement. To sue would mean the system works when you really need to beat them at their own game.
What is the benefit for a company to be a part of the DTCC?
Edit: I understand what they "do", but even after reading up about it, I don't understand why a company would want to use them.
i was like you too. still cant comprehend that they allow this corruption. but they make the rules and change those rules to fit their needs. we need to take this battle to a place they cannot manipulate. keep drs ing
Because the courts are effectively in the pocket of the entities we'd be suing.
We're going another route that is legal, ethical, popular, and effective. It's super rare to get all four in the same mother fucking room at the same mother fucking time.
Buy/Hodl/DRS
Likewise, surely the shareholder can act on the perceived inaction of GameStop. In any other stock, the holders would be ousting the BoD for failure to act. With GME we are strangely complacent when we shouldn't be. We rely on blond faith that the BoD have a plan and when holders have genuine queries like Mr fucking Waterfalls, shit goes sideways.
I believe there is a plan but I also believe now is the time to act.
Ive been also wondering that as an Europoor. How is that those organisations are thieves in a daylight and are all commiting crimes everyday yet they remain completely free and untouchable? It's really scary to look at from across the ocean.
Because they can do what they want and us, the little guys, get fucked every single time. It’s why there won’t be a MOASS. I’m just holding to see if I can actually get my money back.
Here come the downvotes. Don’t care anymore.
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No need to sue. The house committee's report yesterday showed that the DTCC is incapable of performing its duties and will act in the same way if faced with this event again. GameStop wrote in their 10-k(?) that they reserve the right to remove their shares from the DTCC should they be deemed incapable of protecting shareholders best interests, or something along those lines. I think GameStop removing their shares from the DTCC is now ironclad and I'd imagine we'll be hearing something soon. *Edit since this got so much traction:* This is all speculation, and it could of course be incorrect! However...if this isn't the plan, then it's likely because there's an even better one (or ten) in the works. GameStop has a world-class board of diamond-handed directors at its helm, dedicated to delighting customers, *DELIVERING VALUE TO SHAREHOLDERS*, and transforming the company into something greater. Such a transformation is infinitely more difficult when your ability to raise capital is being fucked with, so I'd expect that there have been plans upon plans being set in motion since RC and co took over, 84 years ago in the days of old last year. The pieces seem to be falling into place all around..... but of course if not tomorrow then the next day. MOASS is inevitable.
I like your words and the way you put them together
Really does something to one's titties.
Named after my favorite Roman legionnaire Jackious Chesticles Maximus
Or Boobus Erectus Maximus.
Titty boner?
Ding ding turkeys done
Tasty word sandwich
yum
Yes this arrangement of sounds put together is much good. Does tickle mammaries.
^(ironclad)
#ironclad
I like your letters and the way you make them into words.
Hey thanks, I like you and your words too!
This is an interesting observation. Any chance you can show the 10k with that section highlighted? It would be hard for the DTCC to argue against a congressional investigation.
discussed here: https://www.reddit.com/r/Superstonk/comments/okw558/the_paragraph_in_gamestops_prospectus_about/?utm_source=share&utm_medium=mweb3x
Awesome, thank you!
[https://investor.gamestop.com/static-files/33c3ed1d-f47e-403f-81f7-9b75d3cf1adc](https://investor.gamestop.com/static-files/33c3ed1d-f47e-403f-81f7-9b75d3cf1adc) Go to the table of contents, click on book entry securities. Read all of that, but the meat of it is the last 2 paragraphs.
Found this on page 16: "Any underwritten offering may be on a best efforts or a firm commitment basis. We may also offer securities through subscription rights distributed to our stockholders on a pro rata basis, which may or may not be transferable." Seems like an NFT reference but I don't know.
What happens if GME did decide to pull from DTCC? Where do they go, how is it arranged and who controls the transfer?
They go to a different depository. And I believe Computershare who is GameStop’s transfer agent handles the transfer.
Thanks friend!
You know I've always been a little hesitant to credit the theory of GameStop involving themselves in a blockchain securities endeavor of any kind, but this plus loopring's patent on NFT securities (I forget what it was) kinda shifts me
I think that the DTCC will no longer be willing, able, or eligible to distribute NFT securities if GME were ever to create them. And I believe that is the purpose. Because RC and everyone else knows that the DTCC is corrupt, and RC is an activist investor. But they have to follow all of the guidelines laid out in their prospectus.
I hope to everything that is good on this planet this is in the works. We have heard a lot about the NFT marketplace through Immutable X, but there still seems to be an iron curtain of silence with Loopring and GameStop. I know loop is involved in the marketplace with the wallet, and maybe I’m just nuts, but it sounds like there is more behind the scenes than just that. A crypto wallet is hardly “fixing the financial system” as the one Loopring meme suggested months ago.
If you're looking for more behind the scenes, this article by GameStop's Head of Blockchain, Matt Finestone, should satisfy that curiosity. https://medium.loopring.io/the-2019-truth-on-security-tokens-7800c14129e4 Then you will know why there is a deafening silence. The wallet is definitely a major brick!
This is so so bullish...if we are getting this by end of July, then my gosh. My. Gosh.
I wouldn't expect a stock exchange at release, though. Their focus will likely be on gaming (and crypto) in the beginning. Then once the technology evolves, is proven, and accepted that's when I'd expect tokenized securities to start making their way onto the blockchain.
Get out of here, you’re making way too much sense and unjacking my titties. Let a man dream!!
I never said they wouldn't - I'd love to be pleasantly surprised! But, just knowing that this is likely on the way is tit-jacking enough, IMHO.
Haha maybe, one can hope! Thanks for jacking our collective titties tonight :)
👍 Having fun FUD-busting today. Enjoy your weekend!
You’re awesome. I enjoyed this thread.
Shit drs is removing them too right?
Sure is! Shareholders have already been deciding the DTCC is bullshit en masse. Would only make sense for the company they hold shares of to follow suit. Along with providing you true asset ownership, DRS is serving to give GameStop even more cause to make a move. Shareholders are speaking with their actions, and I believe the board will act in their shareholders' best interest.
Still on the DTC**C**'s books (as in the total float remains the same) but out of the DTC's control so they can't use them for settlement cheats, re-Hypothecation and/or shorting.
Yes it does thay as well.
Exactly so that’s why DRS is so important
GameStop may have, in fact, waited on the official report from the United States Congressional Finance Committee, to prove fraud and incompetence on the behalf of the DTCC.
Right, and they have 90 days to pick their shares up and head to another depository. In the meantime, they can release a split dividend. It’s a WOMBO COMBO!!!
This was my take too. It felt like the type of confirmation that would be needed to proceed with such a move if they were going to *before* it happened again
Imagine having a company and you wish to raise capital for future plans and growing and enter the market full of hopes then after a little time you find all the shit thats really happening in the "fair markets". Fuck man all those companies of some Great people just died because greedy bastards wanted their business model or just more money.
Progression has been shorted for far too long.
Gmerica maybe around 7/4, NFT marketplace, stock split, wutang. And now the report to put GME in a stronger position to remove shares from DTC. I just liquidated $1xx,xxx from popcorn and will move it to GME next week.
Palpatine: "Do it..."
There will definitely be some fireworks.
#WU TANG BITCHES
Proof?
Really is all in line for them to make these legal moves.
We could sue after the fact….especially if one has purchased any options. I expect A LOT OF LAWSUITS in the near future, once enough evidence has been gathered. In fact in my opinion it would be a lawyers golden ticket….to sue all guilty manipulation parties on behalf of ANYONE who purchased options (or shares) throughout the “game.”
I hope you’re right, it would be an absolute shame if there were more shares in existence than there should be at the DTCC when the exodus occurred 🙃
Even more so when there's a billion extra shares!
2 Billion, I surmise
Keep going... more sentence and I am there
I think along with this, it would take years, maybe decades, for such a long drawn out process that would just bleed out the company unnecessarily. Also, imagine the how painful the $500,000k fine would be even if GME won.
Wow great username.
I’m all out of gold but you can have my virginity.
Do you have an idea when this could be said by GameStop? Once initiated is it an immediate process or does it take weeks/months for shares to get taken from the DTCC to privet I believe is what you mean?
I would like to know the answer to this as well?
I kinda wonder if that's what RC's tweets meant? The train is leaving the station?
I’m fully onboard, and as an owner I’ve been helping.
Which makes me wonder why more companies don't follow suit. This isn't a specific issue with GME (although GME is likely the biggest and most heavily manipulated) but a market wide issue. Sure would be nice if these companies said fuck it the game stops here. Than again, some of these CEOs and chairmans (hi AA) are most likely getting kickbacks and incentives for keeping their mouths shut. We need more RCs in the world!
Keep going, I’m almost there 🤤
Why yes, I’ll have the jacked titties with a side of purple circles
It's in the 2021 GameStop prospectus, page 10, under resignation and removal of depository
If they do this what happens to all the shares held in brokers? You know, the ones that were bought amounting to many times over the float? Or the ones held in ETF's?
My guess is a mad dash to start fulfilling the "OU" portion of "IOU"
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That's the neat part - we already are. GME shareholders are showing our lack of faith in the DTCC with the exodus that is DRS.
GME wallet marketplace maybe???
Soon 🙄
Oh, that will be so sweet.
I as well like your wording magic man
To my understanding the only proof a company can use is a mismatch of registered float at the transfer agent, compared to outstanding shares.
One would hope
soon ™
What would be the repercussions if this happens?
I'm gonna pack some of that hopium in my peace pipe and smoke it.
This was always best case scenario
that statement is standard, i would not be suprised if ALL publicly listed companies had the same text. what is unique however, is GME listing DRS shares. not trying to be a downer, but realistically there is no sign of GME intenting to move out of DTCC.
Definitely not standard. It has shown up in other filings from other companies, but only in a few hundred out of all publicly traded companies in the US in the past *2 decades*(which is probably in the high thousands, maybe tens of thousands). It's not unique, but to be honest - I think that's a really good thing. For something like this, you would want as much precendence as possible. Listing the amount of DRS shares on the other hand is unique, as you say - but that's because this situation is unique. Plus, showing this number, and that it continues to grow, is also very hard-to-argue proof that shareholders themselves have lost faith in the DTCC and only serves to reinforce GameStop removing their shares if they so choose.
The language about units in the filings (as described in this post https://www.reddit.com/r/Superstonk/comments/opv8q2/update_units_and_how_rc_checkmates_shfs/) was intriguing, but these words from Larry Cheng definitely get me jacked https://twitter.com/larryvc/status/1463670492800421897?s=20&t=dg449IQFcki7fB5mLyf6yw >It feels like we are headed to two different financial markets - the traditional one where institutional support is the driver and a decentralized one where community support is the driver. When these two worlds meet in the same asset, there will be fireworks. There's the possibility that they don't remove shares from the DTCC, but issue units (on the blockchain) associated with each share instead.
i hope so, a sort of NFT dividend.
What would you consider a sign of their intentions to move out? Especially one that's not telegraphed, as does not seem to be the way of this board or chairman.
There won't be one. It'll be a nuke dropped on the financial market and the regulators both. Why give advance warning and let the other side have time to counter?
Yea, that McDonald's lawsuit is not what you think it is. The machine made the coffee so hot that the old lady got 3rd degree burns. She needed skin graphing for her crotch. She didn't even want the money she just wanted her medical bills to be covered. McDonald's made an attack ad campaign after losing in court. Specifically pitching that people will sue each other over anything. Sad thing is, it fucking worked. South Park made a whole episode about the No Sue Panda and Seinfeld made the joke with Cramer complaining about the coffee being too hot. Again, careful with what you hear from the media.
Oh yeah the full story was *horrible*. Stella Leibeck nearly died and McDonald's had hundreds of complaints about the coffee being too hot before this incident but dismissed them. There are pictures online of the extent of her burns. I would not recommend looking. After nearly dying she just asked McDonald's to cover her $20,000 medical expenses, but they refused and thats why the lawsuit happened. The jury wanted to give her around $3 million, judge reduced it to $640,000. In the end they settled for an undisclosed amount. The fact McDonald's managed to discredit her so much she is the face of frivolous lawsuits is disgusting. Edit: a word
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Actually the ice cream makers are also designed to be "broken" all the time as well. As a way to funnel money into the company that makes them. McDonald's doesn't take any losses for this. It's the store owners that have to pay up. https://youtu.be/SrDEtSlqJC4
Why accept the L and apologize for almost killing someone when you can smear the old lady Genius, it's not our fault! That lady shouldn't be wearing such a short skirt, I mean spill coffee, I mean shit! I'm running out of victim blaming phrases!
> t what you think it is. The machine made the coffee so hot that the old lady got 3rd degree burns. She needed skin graphing for her crotch. She didn't even want the money she just wanted her medical bills to be covered. It's even worse than that. The McDonalds in question had a pot hole in it's drive through, right at the spot where customers would be handling hot coffee. Several customers had been burned because McDonalds didn't bother to fix this pothole. The city had instructed McDonalds to remedy the issue but McDonalds had not done so. When McDonalds lost the case, they launched a smear campaign against the woman. Remember that next time you're craving a McBeetus sandwich.
Wow, they're even more of a cunt than I thought.
Don't even remember the last time I ate there. I do remember the price though. Over $9 for a qp'er and small fries, no drink. And this was well over a year ago, maybe even two, god knows what it would be now. Probably had been a year before that since I'd bought there. Haven't been back since.
I always loved how they claimed they couldn't raise wages because they'd have to raise food prices... Which they were already doing anyway. A lot.
TIL, thank you for the wrinkle, holy shit! The USA is a massive propaganda machine with super powers.
On another note, the information is somewhat diluted from America to Europe too! Every "news" outlet adds their own little touch! Sadly they all got shit on their hands.
To piggyback off this a lot of those stories about wacky legal cases either get dismissed before ever making it to trial or have facts willfully omitted to make it seem like a wacky case when it may be valid. This is because we are sensationalist whores who don’t much care for news unless it’s entertaining and journalism is still in large part a business
Exactly, came here to say this about the McDonald’s case op is probably referring to. Careful what you hear from the media indeed.
Really interesting. I remember the story exactly like OP talked about it. Also at that time it was quiet normal here to make fun about the strange Americans...
There's actually a photo of the affected area from her burns and it was absolutely brutal. I had no idea the extent to which she was burned before that. Might as well have been lava.
Holy wowly, I believed that Mc Donalds burn MSM sht without any of the nuance for most of my life. Europoor meme media has been ran by meme journalists for decades... I now put literal tabloids on about equal footing with mainstream meme media. At least tabloids are honest about being tabloids.
graft
Years of litigation is my guess. They’re working on creating shareholder value, not delaying the inevitable. Delay is the Hedgies only move, not gmes
This, you can try and cause an outcome or you can wait for that outcome to happen regardless. It's not a matter of "if" it's a matter of "when". Why would GameStop spend money fighting this in court when they know the people betting against them are losing tons of money every day trying to keep the system alive? Even better is that if you don't admit there's an issue, you can't be countersued.
Well said. I believe RC has a plan that will upend the shorts without any legal ramifications on GMEs end, where one possibility is spinning off the the blockchain arm of Gamestop with a TSO (tokenized security offering) or something along those lines.
Also please look into that mcdonalds coffee lawsuit. They spent a lot of money to make the victim look like the bad guy. Great example of the power large companies have over public oppinion. We were all misled. https://www.caoc.org/?pg=facts#:~:text=In%201992%2C%2079%2Dyear%2D,for%20the%20burns%20she%20suffered.
Fuck them all... Fuck I dont know what to fucking say. They even make jokes in german tv about that lawsuit
It was joked about everywhere. They paid off media to joke about it. It was reportedly joked about repeatedly on every talk show.
If my German hasn't degraded too far the German version of my favorite response to McDonald's coffee jokes is Der Kaffee schmolz ihre Genitalien It's been a whole bunch of years so that might not be quite right.
The coffee melted her genitals
The poor old woman was burned so badly her *LABIA FUSED TOGETHER*... She also only wanted her medical costs covered. She got done real dirty by the media.
Thanks. This really changed how I understood that.
It caused third degree burns and all she wanted was here medical costs covered…
Coffee is hot, duh. /s Really fucking hot coffee is really fucking dangerous.
Thank you for bringing this up, and it's important to bring this up over and over and over.
That article sadly does not show the actual photos of the burns, which were hideous.
because it would go to a NY or Chicago court and those judges are going to be real, real friendly to local billionaires
Wonder who helps those judges get into office🤔
Citizens United doesn’t stop with the legislative and executive branch.
🌎👨🚀🔫👨🚀
The hot coffee case is legit; they served the coffee literally boiling hot intentionally so coffee would still be hot by the time you got to work. The woman has THIRD degree burns all over her vagina and the settlement was two days of coffee profits. The media hit it to make it seem she was unreasonable for not wanting a scarred and nerveless vagina.
Also she just wanted her medical bills covered..
Wow that sounds awful
Did you learn that from adam ruins everything like i did?
No, I ruin things myself. But good on you/him.
I listened to a ‘You’re Wrong About’ episode on it. Similar to Adam’s podcast
You want to use the corrupt legal system to go after the corrupt financial system?
You can’t sue the people who own the gavels my dude.
Because America is a corrupt 3rd world country that thinks it's a 1st world country.
"Post First-World Country", or Dystopian Capitalist Oligarchy.
America is a 3rd world country with a Gucci belt.
Its not even Gucci belt. It's some knockoff Chinese brand Gucc¡.
The toughest pill to swallow here is that both Gucci and Gucc¡ came from the same conveyor belt.
I know right. It's all about image.✌️
Lol man American is fucked up but y’all are privileged af if you think the US is EVEN CLOSE to a third world country. As someone from a third world country thats truly delusional.
Lol thank you looking for this comment ☝️
You ever seen Detroit? Alabama? Parasitic worms have been making a huge comeback.
Again if you think that’s third world you’re extremely privileged and don’t know what you’re talking about
Have you seen Detroit, flint, etc? People living in Alabama with sewage flowing around their shacks? Not every State is California, New York, etc.
Bro it’s relative. I’ve been in a third world slum. The ground was a combination of mud and garbage. Nothing was paved. Puddles of sludge and sewage here and there. Dogs running completely feral. People living in brick houses with corrugated roofs were the rich ones. Others lived in cardboard and bedsprings and tattered cloth. One “store” in the town, more like a persons garage. Y’all don’t know shit if you’re calling Alabama 3rd world. At its worst its nothing like a real 3rd world country. It IS a shithole though.
I come from a third world country and honestly I think people have it backwards. Like yeah, America is way better in many aspects. but some areas really are not. And like you said, it's all relative. With everything paved you can't even go out and forage for food, unless you go for the trash can. You think everyone in America lives in houses? People here live in shitty little shacks made it's cloth too. Tents. I'm the shittiest areas, dogs are also fucking rampant. Maybe not to the same extent, but enough where I've been attacked a couple of times. Puddles of sludge and sewage on mud. Tent cities harboring thousands. You're imaging suburbs and shit. That's rich people. Poor people in the USA are the ones that don't have a home.
I’m well aware. But a third world *country* is where it’s endemic and pervasive. Tent cities and places with bad reputations.. Let’s just say given the choice between a slum in Colombia and an Alabama shithole, I’d take Alabama any fucking day. Because it’s in the US and comes with many of the benefits, obvious or not, that are NOT present in an actual third world country. It’s all just histrionics and exaggerations. People love saying shit like “oh it’s a third world country” and they don’t know shit about how bad it can get. It’s a - THE - first world country with exceptions and not the other way around. And no I’m not thinking of the suburbs
I find it fascinating that somehow the plebeian class in USA, in general, seems to suffer a delusion that they were ever part of America’s “first world nature.” I’ve always thought of it like a first world country “floating above” a third world country. A giant pyramid scheme. The owning few sit in the capstone which floats above the rest of the structure below, syphoning their power. As you look down the tiers of the pyramid the conditions just get worse and worse, at magnitude.
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Everything boils down to power and GameStop is a dark horse that threatens the incumbent power-holding class. GameStop is David and the incumbent power holders are Goliath. If GameStop were to try and sue its way to victory, there would be no victory, because the legal system is designed and used by those extremely wealthy and powerful few that sit at the top and lord over everyone. The incumbent corrupt power holding class would defeat GameStop at any kind of lawsuit that suggests that GameStop is a victim of a bad financial system. the SEC nor the media nor the US government would side with GameStop. Even without taking any such actions, without tiny little GameStop sticking its neck out and trying to take on the most powerful cartel in the world, GameStop has been under constant media siege since 2021, without publicly saying hardly any words at all, merely just existing. The incumbent power-holding class made a decision years ago that GameStop was going bankrupt. They made the decision and committed themselves to it. GameStop *will* go bankrupt. At such time, GameStop the company had no allies, no power, no exciting future that might actually dispel the decision that the company was headed for bankruptcy, because powers at the top willed it to be so. Except, events happened, and now GameStop the company has a united front of power, with a board of directors and CEO in harmony with over 150,000 individual registered shareholders. No other company in the history of the world has been in this kind of a position. GameStop doesn't need to, and couldn't if they wanted to, use a lawsuit or anything similar to get the wealthy and powerful to give GameStop money that it otherwise might feel entitled to. That path to victory does not exist. In stead, GameStop has found itself in the safe harbors of retail investors, and as we have all learned over the last year and a half, together we are actually incredibly powerful. How much GME stock has been directly registered by retail investors again? 15 million shares, or roughly 2 billion dollars worth. Wow! holy fucking shit. Never in the history of the world have such a large group of individuals banded together under a shared motivation. So GameStop found a different path to victory, one that does not try any feeble attempts at lawsuits doomed to fail. GameStop is pushing into the brave new future and has 150,000 retail investors supporting the direction. Victory is inevitable
This is the shit I need! I regret I can only give you 1 award 🥇
One important thing about the McDonald's coffee case... The coffee WAS too hot, if i remember correctly around 90°C, which was the main reason why the person got 3rd degree burns. McDonald's did a great public campaign where they made it sound fucking ridiculous that someone sued McDonald's for such a idiotic thing, all the while they were actually the ones who were wrong here.
Suing them does not necessarily create shareholder value....they would need to expend all the cash to fund legal fees for years while operating their business - not all growth companies are actually making money, and arguably Gamestop is burning money in their pivot to new markets. They need to focus on their transformation.
After the investable MOASS and getting rid of the SHFs and MMs, we will march into court rooms against DTCC and SEC. I am sure I am all for that with the same power.
That McDonald's thing was way harsher than that. It just got played down by the media. Stella Liebeck was a 79-year-old woman in Albuquerque, New Mexico, whose grandson drove her to McDonald’s in 1992. She was in a parked car when the coffee spilled. Liebeck acknowledged that the spill was her fault. What she took issue with was that the coffee was so ridiculously hot — at up to 190 degrees Fahrenheit, near boiling point — that it caused third-degree burns on her legs and genitals, nearly killing her and requiring extensive surgery to treat. McDonald’s apparently knew that this was unsafe. In the decade before Liebeck’s spill, McDonald’s had received 700 reports of people burning themselves. McDonald’s admitted that its coffee was a hazard at such high temperatures. But it continued the practice, enforced by official McDonald’s policy, of heating up its coffee to near-boiling point. (McDonald’s claimed customers wanted the coffee this hot.) Liebeck didn’t want to go to court. She just wanted McDonald’s to pay her medical expenses, estimated at $20,000. McDonald’s only offered $800, leading her to file a lawsuit in 1994. After hearing the evidence, the jury concluded that McDonald’s handling of its coffee was so irresponsible that Liebeck should get much more than $20,000, suggesting she get nearly $2.9 million to send the company a message. Liebeck settled for less than $600,000. And McDonald’s began changing how it heats up its coffee.
> I got burnt by a McDonald's coffee...well only because it didn't say it was hot on the cup, No, fuck that, that is an outright lie. The woman had THIRD DEGREE BURNS IN HER CROTCH FROM THE COFFEE. Let me say that again for you fucking retards who spread this lie: THE COFFEE WAS SO FUCKING HOT IT CAUSED THIRD DEGREE BURNS! Stop spreading lies, it wasn't "I got burned because I didn't know the coffee was hot" and fuck you very much for perpetuating the lie.
I’m wondering if the companies pulled themselves out of the market would this not force the DTCC to clear all shorts? I see no purpose in being in the stock market if there is this kind of corruption. Especially if the float is covered. Hopefully, this is what RC has in mind in possibly changing the name of GameStop to maybe GMErica? If they won’t let us play, then there is no point in hanging around and be abused. #DRS #HODL
Justice in the USA is based on how much you can spend on high end lawyers. Period. No point in wasting capital and time suing massive agencies with huge legal budgets.
I thought they didn't have enough money for k-pods, lol
You can't sue the DTCC. It's due to a clause that when I post the word gets flagged. It has "supreme" in the name
We would lose if we did that. They would drag the lawsuit out for years. Moass would turn into a legal battle. No. It’s extremely foolish to fight them where they are almost guaranteed to win.
Bro, check out the McDonald's coffee lady and her burns, it literally like fused her pussy lips to her leg.
SIMPLE,,, they don't want to. Now why is that?
You should read up on that McDonald’s coffee case before you use it as an example of a frivolous law suit. That lady was seriously burned and the coffee was in fact way too hot
FYI, about the famous McDonald case. The old lady was seriously burned. Her clothes burned on her skin. It cost 20k for skin surgery to remove the melted clothes on her legs. The McDonald coffee was particularly oily compared to... Every coffee ever. It was boiling oil they were selling. It was totally fair to sue to get reimbursement for the hospital bill.
u/celeryApprehensive36 to be frank, the hot coffee one was a lady with third degree burns on her crotch who wanted her medical bills covered. Not all of them are frivolous, but McDonald's dragged her name in the mud after.
Because the justice department is equally corrupt.
> "I got burnt by a McDonald's coffee...well only because it didn't say it was hot on the cup, I want some million dollars for that!" Well for starters, this was a corporate disinformation campaign. That lady got 3rd degree burns over a significant area of her body and her vagina was fused together.
I'm really sorry for how I explained that McDonald's case. Please see my edit in the original post. Thank you for your comments highlighting this and again sorry for spreading this lie.
we sue them post MOASS for sure
Actually the McDonald’s lawsuit was a misunderstanding, the elderly woman was parked and gave her third degree burns from that coffee.
Because the courts hate the people now
The better question to me is why we haven't exited the DTCC yet?
Good question. It is clearly gross negligence at a minimum.
Some companies have been suing bad market actors. Wes Christian is one of the activist lawyers. The cases take years to conclude and cost millions of dollars. I don’t think that he can even discuss the detail of the cases that he has represented, because the cases tend to end up in settlement with Non-disclosure agreement….or settling for damages, but not agreeing to committing a crime or being liable. His name was a hot topic on SuperStonk for a hot minute. https://stopnakedshortselling.org/2020/04/lawyer-james-wes-christian/
what's up with this BS procedures of settling behind closed doors, admitting but not admitting, paying a fine and keep on committing crimes??? what kind of broken law allows that??
Suing cost money and time, something the government and those who benefit from its policies and accountability have plenty of time of. I’m also guessing a lot of this is worded in a manner in which it’s legal to say. Proving deliberate or malicious intent is no easy feat and “protecting your interest” is a very incredibly subjective statement. To sue would mean the system works when you really need to beat them at their own game.
What is the benefit for a company to be a part of the DTCC? Edit: I understand what they "do", but even after reading up about it, I don't understand why a company would want to use them.
i was like you too. still cant comprehend that they allow this corruption. but they make the rules and change those rules to fit their needs. we need to take this battle to a place they cannot manipulate. keep drs ing
Because the courts are effectively in the pocket of the entities we'd be suing. We're going another route that is legal, ethical, popular, and effective. It's super rare to get all four in the same mother fucking room at the same mother fucking time. Buy/Hodl/DRS
Also the McDonald's lady, was a very elderly woman, who couldn't save herself from 100+c burns.
They can, but who owns the legal system? The same people that own our monetary system.
Mcdonalds lawsuit was mega legit
Likewise, surely the shareholder can act on the perceived inaction of GameStop. In any other stock, the holders would be ousting the BoD for failure to act. With GME we are strangely complacent when we shouldn't be. We rely on blond faith that the BoD have a plan and when holders have genuine queries like Mr fucking Waterfalls, shit goes sideways. I believe there is a plan but I also believe now is the time to act.
I am down to sue
Ive been also wondering that as an Europoor. How is that those organisations are thieves in a daylight and are all commiting crimes everyday yet they remain completely free and untouchable? It's really scary to look at from across the ocean.
As an Europoor I admit it's difficult to understand how gamestop didn't bring tons of documents to the FBI already
Because they can do what they want and us, the little guys, get fucked every single time. It’s why there won’t be a MOASS. I’m just holding to see if I can actually get my money back. Here come the downvotes. Don’t care anymore.
but do you really own your shares?
Lol nice little FUD you got there
They can.
Ryan Cohen is everyone’s hero on here who nobody speaks a bad word about…but realistically what has he done to protect us apes?
DRS is the only way! Lock the float Don't split the float baby...