Regarding GME: Hypothetical my solution may be, yet it is remarkable how a scalpel can be used differently than a meat cleaver. The reason I put so much thought into my structure.was not to make ir complicated. I wanted to avoid dilution and recourse debt, and I felt Ryan would want to maximize his ownership of the combined entity. I also was interested in preserving NOLs. All while achieving similar post deal EBITDA to more debt heavy, dilutive approaches.

As well, I took the challenge as breaking new ground and revolutionizing capital markets strategy at face value.

Perhaps I just thought it was obvious that maximizing function while minimizing blood loss ,and recovery time would be the goal.

What is happening instead makes perfect sense. Ryan is following the incentives before him. His compensation package by focusing on incentivizes on market cap and EBITDA obvious incentivized 10x dilution of shareholders while guaranteeing that in that event, he would mostly be kept whole.

While most GME bulls are taking this as that 100B market cap is a 10x type of incentive for shareholders, Ryan is proving the opposite. The whole structure, if done twice, gets him a stake 10x more valuable by diluting shareholders 10x. His proposal is almost halfway. By done twice, I mean he would do eBay then do a similar trick again.

Ryan is promising huge cost cuts and massive jumps in profitability. This also makes sense. It is the Wall Street playbook. If eBay doubles its EBIT margin of 20% to 40%z, it would be on par with Meta and 50% better than Alphabet.

But it will would not get eBay to a spot where it could pay off the debt in a few years, as Ryan is promising.

The debt level needed to get this deal done would likely take 7-10 years to pay down and even then only if all capital was directed to such a task.

My solution would have broken new ground and would have required a CEO in full control of its board to ignore the incentives in his new pay package. Makes perfect sense that did not happen.

It almost never happens. Which is why Warren Buffett is so respected.