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As far as I understand it, Melvin left their rear end hanging in the breeze by shorting 136% of the actual outstanding shares of GME, a position that leaves you incredibly exposed to even small increases in demand for the stock. They are now calling for regulations to prevent anyone who isn't already in the club from being able to yell that Melvin's rear end is exposed and begging for a swing from a rat tail.
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Jan 27, 2021 22:46
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If you get in now, you're on the wrong end. The time to buy was probably a week ago.
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Jan 27, 2021 23:50
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Womyn Capote posted:thats what goons said about bitcoins when they were 5 cents each I think there's a decent argument it was undervalued at $20. It's sitting at around $290 in after-hours trading, down from a close of $347. The calls are on Friday, if I understand correctly, and now everyone is aware of what is going on.
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Jan 28, 2021 01:11
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John Lee posted:Yeah, as I understand it, and I am not in the slightest a lawyer, you can't actually, in practice, have a contract that makes signatories unable to seek legal restitution. It happens a lot that people TRY to, and render them practically immune from small-time prosecution, but in the same way the Spotify ToS that says "and you agree to give the CEO of Spotify all your possessions lol gottem" would not be legally enforceable, you can't have a contract that says "You agree that it's okay for us to break the law." I think the term you're looking for is "unconscionability," which can be a bar to enforcement of certain terms of a contract. I wonder if there's a plain old conversion claim to be made regarding the forced sale incidents.
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Jan 29, 2021 03:19
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K8.0 posted:Also, it's not that the entire industry was certain that Gamestop was in a death spiral. It's more that it was a fairly safe assumption that Gamestop would continue to decline, so one or more hedge funds made a sizable bet on it. Hedge fund managers are still human, they still engage in herd behavior, so lots of others did the same thing, and they collectively wound up shorting more stock than they could easily buy back, through a combination of laziness and greed. As they approached and passed the limit, the bet went from very safe to very greedy to an outright guaranteed loss if enough money noticed and was willing to take the opposing position.
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Jan 29, 2021 22:40
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