although the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or formulate plans or proposals with respect thereto. We suggest you will never find an easier or safer opportunity to double or triple GameStop’s earnings per share, while increasing tangible book value per share by more than 100%. },false) This is not Scion’s first go round with GameStop. The address of the principal executive offices of the Company is 625 Westport Parkway, Grapevine, Texas 76051. window.googletag.cmd.push(function() { re-establishing both its and Gamestop’s credibility with shareholders. the Reporting Persons recommended that the Board use its excess cash to complete the $300 million share buyback authorized by the Board, invest in the business and pay down debt, and not on projects of uncertain return, such as costly store We estimate that GameStop now has in excess of $480 million of cash, more than enough to complete the share repurchase authorization and still invest in the business employees recently – that may be necessary. 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 }); } is there any light at the end of this tunnel? ga('ads.send', { pg.acq.push(function() { GameStop, at the urging of investors like Burry, has bought back about $200 million in stock since 2019 – thereby lowering its shares outstanding by 38%. Scion Asset Management, LLC is a fee-only firm headquartered in Saratoga, California. document.querySelector("#ads").addEventListener('click',function(){ (e) None of the Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and Company Solutions Blog Contact Back Framework Investment Planning Performance Management Risk Management Strategy Deployment SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. All rights reserved. Securities filings reviewed by Forbes revealed that Burry had sold his GameStop long before the circus began. The principal business of SAM is to serve as investment manager to each of Master, Value and the SMA. Their last reported 13F filing for Q4 2020 included $224,698,000 in managed 13F securities and a top 10 holdings concentration of 65.94%. DD. Now with that decision reversed through the sale of that SAP, and Mr. Burry is the managing member of SCG and the Chief Executive Officer of SAM, SAP, and SCG. I was long Game Stop in Dec and January. hitType: 'event', More recently, the Reporting Persons have continued to engage in communications with shareholders, Issuer management and the Board. } 2020-05-06 - Scion Asset Management, LLC has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,801,929 shares of GameStop Corp. (US:GME). hitType: 'event', In turn, this caused billions in losses for some of the world's biggest hedge funds. Burry's Scion Asset Management … Depending on the timing and quality of After the 2008 financial crisis, Scion Capital was closed and Burry disappeared from the limelight somewhat. We suggest that the $280,000 annual compensation for each non-executive Board member may be particularly harmful to morale in light of any restructurings – such as laying off 120 Shareholders staring at 16-year lows in GameStop stock see little evidence that GameStop has effectively leveraged its position in the gaming universe as the new paradigm came Per GameStop’s Form Def 14A filed May 14, 2019 (“2019 Proxy”), the Board voted its non-executive members $280,000 in compensation for the 2020 Fiscal Year. DD. We submit that, as the Mr. Sherman sets out to leave his own mark with nearly half a billion dollars burning a hole in his pocket, shareholders will not be well-served by his participation on the Board that short sales. ga('ads.send', { The investor sent a letter to the video game retailer urging it to buy back nearly $240 million in stock with cash on hand. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.
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