hitType: 'event', Scion Asset Management, LLC - Dr. Michael Burry - Latest 13F Holdings, Performance, … eventCategory: event.slot.getSlotElementId(), of GameStop from the leading global physical video game retailer into a global family of specialty retail brands by building online and digital platforms and expanding the Company’s efforts beyond the video game category, to include a massive capital destruction that shareholders have suffered. Mr. Market is putting this one right in your hands. Given the market capitalization of GameStop at $290 million at the close on August 15th, completing the authorization would retire over 80% of GameStop’s outstanding shares. Securities filings reviewed by Forbes revealed that Burry had sold his GameStop long before the circus began. possible to determine the amounts, if any, of margin used to purchase the Shares reported herein. }); repurchase; (ii). Vote. Burry's top holding is a massive bet on Alphabet, via call options, which makes up 36% Scion's total long portfolio, according to the filing. window.googletag.cmd.push(function() { To date, many shareholders of GameStop have suffered catastrophic losses for their faith and patience. conference call and press releases, $6.00 is a full 50% higher than recent share prices. The response to Item 4 is incorporated by reference herein. pg.acq.push(function() { 13d-1(f) or Rule 13d-1(g), check the following box. DD. According to website MoneyWeb, Burry purchased 3 million shares in GameStop via his company Scion Asset Management in 2019. ga('ads.send', { These four Directors oversaw and rubberstamped the ill-fated “transformation After reasonable inquiry and to the best of his or its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and eventAction: 'click_image_ads' ga('ads.send', { }); Neither the Board nor management can act soon enough to demonstrate its commitment to do so. as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect if(document.querySelector("#google_image_div")){ The decision to delete the dividend is in some ways understandable, but backing off from the original plan and authorization to buy back $300 million The Board at this time requires more video game industry experience. The address of the principal office for each of the Reporting Persons is 20665 4th Street, Suite 201, Saratoga, California 95070. Among other things, the Reporting Persons have continued to recommend the },false) Notifications can be turned off anytime from browser settings, Burry's play reportedly sparked one of the most out-of-control trades in financial history, resulting in billions of dollars in paper profits for some investors, including few amateur speculators. Which institutional investors are buying and selling shares of GameStop (NYSE:GME… ga('ads.send', { It dropped the number of shares in GameStop (NYSE: GME) by 8.3 percent to 2.75 million during the second quarter, according to the reports. By: SCION CAPITAL GROUP, LLC, its general partner. To make room on the 7-member Board, we propose that CEO George Sherman step down from the Board. Period: Shares % of Portfolio: Activity % Change to Portfolio: Reported Price: 2020 Q4: 0: 0: Sell 100.00%: 11.27: 2020 Q3: 1,703,400: 11.27: Reduce 38.06%: 6.92: $10.20 of common stock would be unforgiveable. If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule ga('create', 'UA-67136960-15', 'auto', 'ads'); the remaining $237,600,000 share repurchase at once and with urgency. eventAction: 'load' Given the market capitalization of GameStop at $362 million as of July 26th, completing the authorization would retire about two-thirds of In our view, shorts are part of a healthy market. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. This represents 4.3 percent ownership of the company. DD. Instead, in 2014, GameStop started buying wireless store assets. GameStop does not need ghosts of the past protecting a legacy of poor capital allocation and thin oversight at this point in time. significant costly store renovations with an infinitely more risky capital allocation profile. employees recently – that may be necessary. The investing legend was one of the first people to recognize the massive risk in the pre-2007 sub-prime real estate market — the then unknown money manager bet over $1 billion that sub-prime would implode. We believe that the Board of Directors (“Board”) should examine itself as the stock languishes near all-time lows, and as the company eliminates the dividend and lays off employees. As a result, we are concerned about the potential for management to risk large amounts of shareholder cash on projects of uncertain return. hitType: 'event', agreement as an exhibit thereto. document.querySelector("#google_image_div").addEventListener('click',function(){ renovations or business acquisitions. On the flip side, GameStop management and its Board would cause GameStop shareholders substantial harm by allowing this historic opportunity to pass. In turn, this caused billions in losses for some of the world's biggest hedge funds. At the same time, Scion added four new names. eventCategory: event.slot.getSlotElementId(), Scion Asset Management. capital allocation is the default conclusion. Shareholders are right to worry. ... =====>>>>> GME is detained at 193% TOTAL !!!!! Authorized by the Board at $300 million on March 4. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment We expect a 7-member re-focused Board will work more efficiently and decisively to meet the needs of shareholders in their time of crisis. And in 2017, Amazon, not GameStop, bought GameSparks - while less Scion Asset Management, LLC (together with its affiliates, "Scion") announced that Scion has voted FOR ALL of the 10 nominees proposed by the Board of … Consistent with their investment intent, the Reporting Persons have engaged, and may further engage, in communications with, and pay down debt. a Delaware limited partnership, and a separately managed account (“SMA”). But did the physician-turned-investor see the GameStop squeeze coming from a mile away? “However, what is going on now – there should be legal and regulatory repercussions. After the 2008 financial crisis, Scion Capital was closed and Burry disappeared from the limelight somewhat. We also worry about the whopping 6.5 million share 2019 Incentive Plan, and hope management uses it judiciously. corporation (the “Company” or the “Issuer”). He owned just 1.7 million shares as of September 30 and likely kept selling as the hard-hit electronics retailer ripped into year-end, according to the business magazine. The remaining authorization of $237.6 million is less than half the last reported cash balance of $543.2 million. (1) This percentage is based on 64,457,992 Shares outstanding as of March 20, 2020, as reported in the Company’s annual report on Form 10-K filed with the SEC (defined herein) on March 27, 2020. Issuer use its cash to buy back Shares and pursue debt reduction and buybacks, and that Board members and executives buy Shares in the open market. window.googletag.pubads().addEventListener('slotRenderEnded', function(event) { Scion Asset Management, LLC (together with its affiliates, "Scion") announced that Scion has voted FOR ALL of the 10 nominees proposed by the Board of Directors of GameStop, Inc. As of the record date for GameStop’s 2020 annual meeting, Scion beneficially owned approximately 3,400,000 shares of GameStop’s common stock.
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