Submitted by Real_Eyezz t3_10av4vt in wallstreetbets
Edit: post approved -
Edit: 5:56 pm est - Going to stop adding for now. Been at this all day. Thanks for the time. Just thought you should know.
If anyone doubts anything just ask for the link or file and I'll send it.
jan updates-trimmed some other areas i reached the text cap lol
relevant updates: u/Whoopass2rb found a change of control occurred triggering the abl default with jpm. that's right, there's other things than missing your payment that can trigger it. the arguments for it be lack of ability to pay are weak. wont go over all them here but it appears someone has 40% of share ownership or will upon x date ,which jpm understands would break the change of control in the original abl, or board changes are significant enough. and/or. look at the 8 board members shuffling around recently, probably a clue there.
and rsa s cashed in yes, then went back to shares. and Gove ceo and Patty Wu president of Baby have a ton of RSU's which would be worthless in BK fyi.
also the 3.02 filed late Jan is for offering unregistered securities i.e. similar to the bond exchange offers for shares -- but no unregistered offering was done. hint hint my best guess is, oh yeah (insert kool aid man here).
the 11/16 dates mentioned below was also when Cheng of Volition capital who sits on the board with Cohen on 2 companies did a Form D 650 million dollar unregistered security offering - not yet sold....also he tweeted within 40 min of the 10q drop and said 2023 and beyond" in the tweet
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Hey everyone, i see some slight mis info at times so i figured i'd condense down several things you should know if you dont around bbby. Research we've gathered and verified over the past several months.
Not financial advice -
Latest earnings call highlights - I will say if you want the real break down on the companies fundamentals check out the king u/biggysmallzzz and his comments - He is set that the company could be acquired. He thinks it could be Icahn. Personally I think Icahn and Cohen have a partnership, among others.
CEO Gove clearly emphasized the word "fraud" in the latest earnings call, when talking about protecting customers, but if you read between the lines, I believe she's saying she's aware of the short and distort campaign in the media. Further, their at the money offerings warn of the potential of a short squeeze in several places.
Why are institutions long on this stock right now if they're in such trouble? " 88.7% of all institutions invested believe the price will go up and are only betting on that" (u/whoopass2rb post).
Earnings doc highlights -
Welcome Rewards membership surpasses 16 million, increasing from approximately 6 million in the second quarter of fiscal 2022, reflecting predominantly new members.
Potential to save an additional 80 to 100 million in shipping receiving etc. How would they do that? Seems teaming up with someone else could be a way.
On track to deliver approximately $250 million of SG&A savings versus last year for the second half of fiscal 2022, or $500 million on an annualized basis
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Late filings -
Late filings can be associated with major corporate actions. Some noteworthy ones
Cohen's 13 d/a and Form 4 - Over 3 months late (event date listed - April 21, BBBY's 10 k at the time when share count was declared from buy backs over several months making Cohen's ownership move from 9.8 to 11.8 %. Why so late in filing? The form 144 he filed by the way is signed showing that there was nothing wrong with "the books" as some have suggested.
His form 4 shows a financial interest despite having no shares at the time.
Dec 6 and Dec 19 S4 forms for bond extensions there- NOT FILED BY BBBY yet, at least not to the public. All the other bond extensions had these forms. BTW the new bonds gave second tier lein status. The old notes are unsecured - So who wouldn't exchange them to get a better status in the event of a bk? People convinced the bk is not happening - as well as an acquirer that could wipe out the debt holding them. They only received around a 14% participation rate overall among the three types of unsecured notes.
There are confidentiality options when you're doing M&A. An all cash buyout specific option would not appear to need an S4 according to a professional I referenced although I haven't verified this personally on the SEC website. A share exchange, merger acquisition would need one but they could be filed late. Good finds here by u/Dan23DJR
The N10 Q form filed is also often associated with M&A activity. Their 10 Q was "planned to be filed by BBBY by Jan 10" when this was filed on Jan 5. It still has not shown up. The penalties are modest, only severe penalties for late filing after 6 months. The fine is around 25k in this instance. So why the late filing?
If you look at a Tesla example their 10q from 2018 had a EX (exhibit ) 10.1 missing when they acquired a company. This form mentioning this wasn't public until 2022.
Now it's been noted Tesla is the acquirer here and how could BBBY be an acquirer? Worth mentioning, In the share offerings by BBBY they mention the ability to use funds to acquire a company. Good buy Gear - or a reverse merger - perhaps? Just FYI - another company Cohen is on the board of, a private company Dragonfly on Feb 24th increased authorized share count to 123 million shares close to a 1 to 1 with BBBY- A day after the HSR act adjusted brackets for pre merger companies - In a reverse merger a private company goes through a pre existing public company instead of a traditional IPO.
11/16 could be a significant date. Before 11/16 on the SEC Edgar search for BBBY it only showed the main branch but now shows BBBY, BBByCF LLC, BBBYTF LLC, BBB Canada Ltd., BBB Canada LP Inc., and BBBY Management Corp. Although this seems its just related to the 11/16 doc that was finalized on 11/21 this occurred after the first bond extension which could support support findings BBBY has been adding in legalese among the bond offers that makes a major corporate action available.
The form D's for the private bond conversions from 11/14 and 11/16 were also late 7 and 5 days respectively. The 11/16 Form D represents just under 10% of the total BBBY share count and was filed a day after institutional filing cutoffs for 13F's, which means any institutions that manage over 100 million dollars and received this exchange, wouldn't be viewable until this February.
Speculation paragraph - These roughly 14.5 mil shares from the form D's, is also the preferred (non voting share count) of Dragonfly (which are usually converted to common stock in a merger situation). 7 institutions are listed on this 11/16 form which as of 11/1, is the number of board members on Dragonfly not counting Cohen (with currently 8* state branches). Icahn also has 8 companies listed on his latest 13 d/a related to IEP. And of course there's BBBY and 6 subsidiaries listed as of 11/16 on the SEC Edgar search. The form D's are marked as not for merger or acquisition ,but the form has not been reviewed by the SEC and form D's are subject to change. Is there a way technically this could be true while these shares are in essence never to reach the market and at arms length from the merger/acquisition? A split among essentially 2 entities with separate branches, could keep them just under the 5% reporting limit each, splitting the 11.7 mil shares (9.9% outstanding of BBBY) among them. Then there's a Filo and ABL possible exchange happening. Maybe...
Regardless - whether BBBY is an acquirer or being acquired, or whatever is happening the late forms are interesting.
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Current marketcap
RC Ventures letter to the board written March 6th, put the value of Buy Buy Baby above the entire marketcap of BBBY at the time of 1.28 bil vs current .429 bil. Or 2.56 billion next day when it ran to $30 lol.
March 7, 2022 when letter filed on SEC site $19 - $30 candle from $16 day previous
BTW in 2015 for example, BBBY had 174 million shares and reached 79 dollars a share a 14.6 b marketcap . It reached an almost 17 bil mktcap in 2013.
We're currently trading below 1992 marketcap factoring in inflation (u/n3rdacalypso) https://www.reddit.com/r/BBBY/comments/zsybmx/bbby_historical_market_cap_total_shares/
Sycamore supposedly made an offer for Gamestonk in 2018 too btw, nothing burger/distraction.
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Other options for acquirers of BBBY - private bond conversions- amount done and known of -14.5 mil cumulatively. Outstanding share count btw is 117.3 mil
The bond deal didn't get adjusted really on extensions after the first deadline of Nov 15th - just small modifications. Which means they didn't really care if people converted the bonds to new notes- most likely (speculation here) because an acquirer can gather *bonds at was has been mostly 1/5th of their full value over the past year. Now even cheaper, wiping out debt cheaply.
Speculation part - u/1nceAgainTip Brought up a really interesting scenario. Imagine BBBY files the form that panics many. After the filing, the limited partner approaches (Icahn ) with the majority of the notes - They convert to shares at the current share price like what was done in the other form D private exchange but post Jan 2. Cohen and Icahn get majority ownership above what Cohen had already done through the M&A with the S4's in December being finalized. Brining collectively their share count in the company from 19.9% cap under the standstill running through Jan 2, to 50? 70%? including what they picked up on the open market.
Food for thought - dates around the bonds (speculate amongst yourselves section) 9-28 Icahn buys 10 mil shares of IEP 86% ownership one day before BBBY earnings on the 9/29. 10-17 Icahn / Cohen pic tweet*. 10-18 bond offering of BBBY. 11/14 and 11/16 bond private conversions. 11-16 first extension filing of bonds to 11-18. 11-19 first teddy (LLC bank holding company related ) tweet *. 11-20 date of Cohen interview...*(see my interpretation post) 11-21 IEP original ask of 1.2 bil in July adds 400 mil on 424b5. 11-21 bond offering extended to 12/5. 12-6 late filings of form D's private conversions.
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Their ATM offerings have all included the option for private sales.
Also in Game stonks most recent call- they talked about being able to acquire companies "at the right " price. Specifically they mentioned in the used market - Good Buy Gear is in partnership with Buy Buy Baby and Good Buy's Ceo talks of massive opportunity and big things coming on her Linked in.
Cohen sold at time BBBY needed its FILO deal done. 375 million Filo - Cohen's proceeds of 189 million represent 50.4% of that. u/whoopass2rb and I found that Six street has been known to also do Mezzanine loans.- What if someone /some entity could acquire the ABL debt and or FILO, and get better terms due to their better credit rating? Specifically with the FILO- it could be converted to Mezzanine debt in the form of shares, or warrants convertible on X date if X price is met for example. If someone were acquiring the company- that could be a quick way for them to get majority ownership.
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Squeeze speculation comparisons with hard data
Think of the VW squeeze where it was announced they had a similar option of warrants and had over 74% net ownership after conversion, sending shorts scrambling with a 500% share increase over 3 days.
Game stonks basically , depending on where you start did a 26x (2600% increase) over 14 days including non trading days.
Check the bb threads for more on cost to borrow rising, and other metrics.
u/region-formal has a crayon drawing post you might like as well as things related to the s4 and other areas about squeeze potentials.
I will say if you look at the 3 month chart on the ttm pro indicator, I've never seen another stock that has a multi year high pressure "squeeze" right around the midline. It looks like a powder keg imo.
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Team representing BBBY
Under the standstill agreement that ran through Jan 2 BBBY had from Cleary Gottlieb
2 time deal maker of the year Paul Shim. And someone who did over 4 acquisitions for Google. I would call that a heavy hitter team. David Lopez is there as well, and has extensive experience with IPOs.
If you do a search on Cleary Gottlieb's wikipedia - you can see a number of major M&A deals they've done over the years with US public companies.
Here's some examples -
In 2018, represented the Walt Disney Company and 21st Century Fox on antitrust matters related to Disney’s $71.3 billion acquisition of 21st Century Fox assets.[22]
In 2018, advised on the $146 Billion Sprint T-Mobile merger.[23]
BBBY switched from Berkeley Research Group (where a board member of Dragonfly used to be ) to Alix partners recently. CEO of Icahn Enterprises IEP was a head over there prior to being with Icahn.
The fud you'll hear is that how they work with bankruptcies. Just like when BBBY was reported (but never verified) to be in talks with Kirkland and Ellis. Even though Kirkland and Ellis was named 2023 M&A firm of the year. As well as in 2021 and 2020.
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GMEDD interview and Cohen speculation
GME flush with cash after the sneeze, bought back their bonds that would have prevented a merger (on Super somewhere , have to find it but it's in the bond terms). GME of course has short term treasuries earning interest right now (283 million worth) they could use quickly.
(speculative) - With treasury notes you can only have 50 in your cart at a time according to govt website.
First remember the timing of "At least her cart is full" tweet on Aug 12 , 4 days before his sales on 8/16 and 8/17 - is this dude gonna lose his whole future of activist investing he started with Game stonks, or have changed his mind on the company within 4 days of tweeting a signal like that?
And actually, if you see how he worded things he mentioned he was critical of the buy backs and the cash burn of the company at the time of his letter in March. He goes on to say, when i saw that, and I saw "the results" he sold. The thing people often attribute his sales to is the situation he walked into knowingly.
His sales at the time represented 50.4% of the Filo in late Aug that BBBY was looking to get. Among other things - If he is on the board of his holding company he formed in July 2021 Teddy Holdings, on the Dragonfly board, Game stonks, and to have ownership of BBBY at the same time where he crossed the 10% threshold to mark on the form 4- Just consider Elon's drawn out legal battle involving Solar City (picking up a company his shareholders say amounted to a bailout) and what happened at Oracle with Ellison. As a matter of fact - Teddy being a bank/ holding company has restrictions on executives being across boards.
Teddy and his kids book is more than that. The privacy terms talk of merger and acquisitions. Looking through the terms it is not boiler plate at all. There are links to the intellectual property trademarks for teddy dot com, filed through his law firm at Olshan - and the rest of the trademarks for an array of products including linens, toys, shower curtains etc. And a lot of the same categories of Gmerica's trademark which was approved for use as of Aug 23rd .
Speculation - Is it likely RC would create a competitor? I don't think so. In his interview he mentioned he's not interested in starting something up from scratch again like Chewy. In Game stonks history though, a holding company was formed and the former chairman of Babbages ended up being the chairman of the new holding company. "The merger was structured as a stock swap, where shareholders of Babbage's and Software Etc. received shares of NeoStar, a newly formed holding company. Babbage's and Software Etc. continued to operate as independent subsidiaries of NeoStar and retained their respective senior management teams.[9] Babbage's founder and chairman James McCurry became chairman of NeoStar.
A share swap is considered a vastly harder position for shorts to be in. You can read more about that elsewhere.
RC has also removed Game stonks from his twitter profile. Replaced it with the Book King, then removed that as well. Game stop Inc out of Minnesota is interesting. It holds all the IP rights of Game stop. Recently Liberty Procurement , a subsidiary of BBBY set up shop there ( u/hollyberryness found). Liberty only has a handful of branches in other states, the last happening in 2012. Why setup in Minnesota?? BBBY holds their IP rights under this Liberty subsidiary.
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Form 4 Cohen files after sales in Aug- pecuniary interest listed (financial interest). Letter to board referenced "financial sponsors interests" -
Jan 3- standstill of 19.9% cap ownership of shares among affiliates of Cohen removed. Standstill ran from March 25 through Jan 2. - Any statement - including the one released by BBBY about partnership after his sales had to be approved by both parties (Cohen and BBBY).
You can check the supplemental forms by BBBY (as mentioned as relevant in the standstill and their bylaws) to confirm the Jan 2 date is the end of the standstill.
Cohen can buy again now as of Jan 3 whereas before he was restricted. Check his twitter post about the jewel if you want some tin along with Icahn talks about a jewel on CNBC interview. Tinfoil aside....
10 days after being over 5% share ownership then you have to report on a 13d. Which could be as early as Tue.
Current share count 117.3 million BBBY - The standstill would have allowed 23 million shares owned.
Now a filing in Oct is really interesting- the way BBBY worded things. You can check my post titled "BBBY share count discrepancy...." It's not really a discrepancy. But basically...
Oct 25 and or Oct 26 there were 4 million + shares issued as part of their initial 12 million share offering. We had the biggest one day move UP on Oct 25 compared to the previous (over) 45 days of trading. Would that have happened if it wasn't for private sales? Decide for yourself.
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New hires and removals
David Kastin comes on Dec 12* (great catch @ adropot on twitter) .Ben Rosenzweig, an activist investor from Privet steps down from the strategic committee exploring options for Buy Buy Baby on Dec 20. So Ben out, David is in the since Dec 12. Check David Kastin's track record? lol Guy has never joined a company going bankrupt in his whole career. And has a track record of being at companies in merger /acquisition situations (u/n3rdacalypso).
https://www.vanguardlawmag.com/case-studies/david-kastin-the-vitamin-shoppe/
Who has been axed? - Here's a few. Triton former CEO earlier in summer
As of late Aug call- Melnick and Hartman removed as well. Hartman was heading Baby* with Wu under him. Wu gets new role Buy Buy Baby president.
BBBY recently switched their backend to handle more traffic to their website and fired their former tech head and replaced him. This was reported past few weeks. Would you bother to do so if you're going under?
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speculation -M&A language on phone calls and BBBY materials
Listen to the calls over the past several months, look at the letter to the board from March 7, and look at the materials. "Unlock has been used repeatedly. Do a google search unlock M&A. it's code word for sale of an asset, spin off, or merger (I did a whole post on this). RC himself put Buy Buy worth "several billion" in the right hands.
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Stock grants
Yes Gove has a small amount of RSA s which weren't turned in - but she has over 300k RSU's, and
Patty Wu (baby brand president) has several RSU's with her first being available as of Feb 10. Feb 10 has some strong tin - I'll avoid for now. But why is she getting so many stock grants? In addition to the July grants other new comers are getting (Wu as well). And those were not recalled.
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Insider purchases
You can see insider purchases here- some is outdated- but focus on the new hires. Why would they be buying with their own money? It's common in Wall St not to be invested in your own company. Why would they invest in a company with their own money. Some of these listed are stock grants.
https://www.secform4.com/insider-trading/886158.htm
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Patty Wu background and Baby president role
Formerly at Mattel COO of Baby division at Honest Company (recently branched out to China). I have my speculation on Baby getting big and a true "ultimate destination" for babies, but her late Aug call spelled out how Baby will travel with the parents for the life of the parent- similar to how Chewy (Cohen founded company) approached pet ownership and was able to take on Amazon. Although the value brand line didn't work at BBBY - it works in 2nd tier cities in China across the 200k stores there where you'd get your product in as opposed to opening up your own store. I don't think you can compare the baby segment to bed bath as far as a strategy will go anyway, but there's one example and how Pampers also did the same with their gold line of diapers.
Her new president role as spelled out in BBBY docs includes specifically "unlocking value"
Further in a late summer call (end of Aug update or Sept earnings) they mention they're on track to unlock value at end of year.
As far as BBBY end of Aug update saying they weren't selling baby, they said "at this time" specifically. One thing mentioned in the March letter is a spinoff of Baby. Legally you can't spin off baby until you are solvent, and it requires a shareholder vote within 10 days of announcement. Due to BBBY's financials they couldn't spin off at the time, if they wanted to, so if a spin off was indeed what they are going for, then of course it would make sense for them to phrase it as such.
In the latest earnings call they mention and emphasis exploring "ALL" strategic options. Baby sale or spin off is known as the strategic board that Cohen formed and placed people there. I believe exploring all options was a bit of misdirection.
In their filings they change the wording slightly removing partnerships for example in their forward looking statement as a possibility (from u/squaredenis post).
If you already have a partner, then a partner wouldn't be part of a future possibility, it's already done for example. The wording also is ambiguous enough to still include all potentials from previous wordings including aquation, merger, sale of Baby etc.
During the standstill by the way that ran through Jan 2- He was allowed open communication with the board at all times.
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Babiesrus stuff - basically one store flagship nothing burger competitionwise or baby has a cool US brand or international brand under their belt.
Speculation section - Babies rus website updated on Oct 31 for the first time in 2 years (check the waybackmachine if you dont believe me). Nov 1, two new Dragonfly filings and Catterton - who gave the 500 mil for M&A gets added to the Dragonfly board.
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Following the recommendations of the letter sent in March
Reducing exorbitant executive salaries. Cutting expenses, launch new offerings (Mighty Goods at baby) and satisfy customer demand (a refocus of national brands outlined in late Aug call).
Modernizing supply chain (80-100 mll savings as noted in Jan earnings call) improving tech stack (done in Dec).
Some fud you will hear is that they gave their plans away and thus weren't following the closely held moves Game stonks does. But if you actually see the letter he was criticizing Tritons 200 page picture book detailing every single move they would make.
The letter talks about the most value packed option is spinning of Baby shares to shareholders but also includes a sale option to a well capitalized acquirer. For a true spin off several things have to be in place. But also ones outside the box thinking wise. The letter also mentions a partial sale of Baby which may allow additional maneuvering around bond covenants.
-(Speculation) The letter mentions selling the core business to BBBY to a well capitalized acquirer as well. Icahn IEP his company where he owns over 85% of shares has billions on the sidelines and West Point Home does a lot of business with BBBY - they make sheets and stuff. He talks about a jewel as well (cue latest tweet tinfoil by Cohen and pic of Cohen with Icahn in Oct on twitter).
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The Ultimate Destination.
Chewy was described as the Ultimate Destination for Pets in the March letter to the board. Gamestop was written as the Ultimate Destination for Gamers when Cohen wrote to the board before becoming chairman. He describes Buy Buy Baby as being the Ultimate Destination for babies. To me this screams he's getting it and not letting go. Can you imagine him mentioning the Ultimate Destination for x, every time he approached a company ? If you watch his interviews I think he sees its a business he can scale in a segment with a fanatical customer base. And if you find the little that's written about his long time business partner Blake Day, you'll see the guy is too ambitious to just be part of a full buy out team for Catterton. Since the market is not valuing Buy Buy fairly, others won't go as high as what he's offering.
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Following Game stonks playbook with store closures?
BBBY is closing unprofitable stores. I haven't looked much here so correct me if I'm wrong but i believe 150 stores is set with about 28 or so closed so far.
Game stonks was set to close about 500 stores in 2020. When Cohen became chairman they moved that number closer to 1000. Perhaps we will see more mentioned soon.
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Timing of purchases and Catterton connection
Catterton wrote a paper on the maternity and childcare market opportunities in China who recently went from a 2 child up to 3 child policy. https://www.lcatterton.com/pdf/2021-LC-Crisis_or_Opportunity.pdf found by (u/Movingday1)
Catterton gave Cohen's private company Dragonfly 500 mill for M&A. A day after announced, Cohen buys last of BBBY shares, and makes his call purchases days before public announcement.
Catterton has backed companies including Honest Company (Jessica Alba who just entered China) where Patty Wu - new and current Baby president as of late Aug, was at Honest Company during the time Catterton funded a round for Honest. The China paper was release Oct 6, 2021. Cohen begins his BBBY purchases on Jan 13th, 2022. With his first purchase at 14.769 lol
Olshan , Ryan's law firm has been making changes to BBBY's board, helping current CEO Gove arrive there in 2019 as well as board member Kirwan. and Schechter, directors still on the board.
Dragonfly total listed acquisitions (full buyouts their specialty listed on Crunchbase as of today only total around 30 million, and that's if you account for them doing all of the funding. Which means if the 500 million was specifically for Buy Buy Baby- Well over 450 million may be available to help that. Catterton moves big money around is regularly over subscribed to their funding rounds.
Edit: Found the link, they were hoping to raise 7.8 billion https://www.wsj.com/articles/l-catterton-seeks-nearly-7-8-billion-for-new-funds-11638914599 - And if you look at Catterton's acquisitions as of late, in 2022, they are modest so far.
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Dragonfly speculation section
Dragonfly added a new branch and a new officer for the first time in 2 years - from Catterton - a big funding wing related to LVMH (an over 50 billion dollar stock that includes Louis Vutton among others. The Catterton guy has a track record of being focused on companies in the 2 to 3 billion dollar market cap range.
Whether or not Dragonfly is directly involved where Larry Cheng of Gamestop, and Blake Day a long time business partner of Cohen is up for speculation only. One of the oddest things I've seen is that Dragonfly's outstanding (not authorized) common stock changed by 2 total shares this year out of over 9 million (which seems to point to the "Ryan Cohen by day, Warren Icahn by night" tweet, but I digress). Dragonfly is an E commerce focused buyout company for Catterton, and their head of M&A started a furniture LLC in Texas with paperwork signed days before the standstill started. It was later confirmed to be directly related to Dragonfly. He also picked up a warehouse through another LLC in Virginia where Good buy Gear paperwork is (a business partner of Buy Buy Baby). And a new branch of Dragonfly opened in Rhode Island which is for some reason associated with real estate via the NAICS codes. - RI is where kids2 expanded out of all places from their initial location in Atlanta. They have several products Buy Buy could sell including educational toys like baby Einstein. The warehouse, Rhode Island branch, and the new member of Dragonfly were recorded in filings from early November 2022.
The China market is hot with tutors and the government is trying to get people to have more babies. If they further crack down on tutoring as can be seen in china tutoring companies stocks, the next logical place is educational toys for them to turn to? When Wu was at Mattel, I believe she worked on this angle as well from a Linked in Post. Also Good Buy gear (if you check my furniture post) said big things ahead. Their paperwork for an LLC is not standard and mentions options for current shareholders in the event of a buy out. Most LLC's don't have such detailed paperwork. To make the ultimate destination for babies, it seems this would be a good company to add, rather than just giving customers gift cards for their gently used baby gear and then reselling to Good Buy Gear which Buy Buy currently does.
As of December Games stonk cobranded with Cybercrew whose other work has several other brands highlighted. I'm sure if there was an issue Louis Vutton and Nike and Apple and others shown in their NFT's would be filed against in a suit and they'd be removed) (credit u/edwinbarnesc ) but that has not happened. There was also a big fuss about Kagy leaving Gamestop but he left and has a role as head of Cybercrew and Protocol Gemini, which is working on metaverse pads and experiences. Dragonfly has branches in each state corresponding with the states shown in the main Gmerica nft's (5 shown so far).
Ok, im getting off topic. going to go back through and add more solid DD that should be known...
FYI a ton of people not mentioned collectively all found this. I'm just putting it together here.
Just a small piece of tin - The Bulid Buck BunnY (BBBY) store is next to Game stonk in this Gmerica NFT (a double decker bus obscures the view in the gif / nft, you have to paste it together). And the hidden secrets txt from the game stonk nft website from this last July has BBB (Buy Buy Baby) and BBBY in the skull as the only letters on those rows. I've also confirmed someone working with Metaboy who did the Gmerica NFT, that hey have a non disclosure agreement with Metaboy.
