scion asset management gamestop

Scion noted that Sherman, along with CFO Jim Bell, have revamped working capital management for improved efficiency. As of the date of this press release, Scion beneficially owns approximately 2,750,000 shares, or 4.26%, of GameStop common stock. Those shares would have had a value of $910 million at Friday’s close. Gdyby wytrzymał do szczytu, jego pozycja byłaby warta 1,5 mld USD. Scion believes CEO George Sherman, appointed by the Board in 2019, is progressing quickly in reshaping GameStop to thrive into and beyond the coming console upgrade cycle. Fundusz Scion Asset Management, prowadzony przez legendarnego inwestora Michaela Burry’ego, sprzedał w IV kwartale wszystkie posiadane akcje GameStop – wynika z dokumentów SEC. Scion Asset Management is a hedge fund with 6 clients and discretionary assets under management (AUM) of $386,906,493 (Form ADV from 2020-03-27). This represents 4.3 percent ownership of the company. Instead, in 2014, GameStop started buying wireless store assets. Scion previously closed-out a stake in GameStop during Q2 2019. Scion believes that GameStop is on the right course. The Scion Asset Management boss purchased a stake in the video-game retailer in 2019. Depending on the timing and quality of execution, such a repurchase would increase earnings per share dramatically - far more than any other possible action on a per share basis. As a shareholder, Scion has taken to heart the signs of progress and has decided to give these new directors a chance to continue GameStop’s transformation. Scion estimates GameStop has cash on hand in excess of $480 million, meaning the repurchase could be completed with less than half of the cash on hand. 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. Within the past week, Burry sold Scion Asset Management’s GameStop stock to the tune of $271 million in total. As of the date of this press release, Scion … GameStop’s market capitalization hovering around $310 million compares to $237.6 million remaining on the buyback authorization. This is not Scion’s first go round with GameStop. According to Scion Asset Management’s Security Exchange Commission (SEC) fourth quarter filings launched on February 16, the hedge fund had disposed of all its holdings in GameStop by December 31, 2020. On August 16, Scion Asset Management, LLC‘s founder Dr. Michael J. Burry sent a letter to GameStop Corp.’s Board of Directors urging the latter … All have terrific reputations and, in Scion’s view, will maximize GameStop’s odds of success. In Scion’s view, the candidates proposed by the dissident hedge fund lack relevant experience. He also pushed for changes in three letters to GameStop's bosses. He helped draw attention to GameStop in mid-2019 after his Scion Asset Management unveiled a 3.3% stake in the beleaguered video-game retailer and urged the company to buy back shares. Shareholders staring at all-time lows in GameStop stock see little evidence that GameStop has effectively leveraged its elite position in the gaming universe as the new paradigm came into clear view over the last five years. As of the date of this press release, Scion … But he reopened the fund in 2015, changing the name to Scion Asset Management. Burry's Scion Asset Management may have made a 1,400% gain on GameStop in under four months. It later emerged that Scion Asset Management had sent a letter to GameStop’s board, asking it to buy back $300 million of its own shares, to boost the value of its shares. 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. Scion Asset Management, LLC - Dr. Michael Burry - Latest 13F Holdings, Performance, AUM Fintel helps you easily find important exhibits to SEC filings Some of the most important documents, such as investor presentations, material agreements, compensation plans, and contracts, are buried as exhibits in the SEC database. 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. W kwietniu, gdy pandemia rozlewała się na globalną gospodarkę, wykonał kolejne śmiałe posunięcie. Through August 15th, a total of 11 trading days, 50,399,534 shares have traded. Dr. Michael Burry’s Scion Asset Management disclosed holdings on Feb. 15 for the first time in over two years. According to Forbes, Burry's play was to convince GameStop to use its cash to buy back stock – thereby retiring about half of its shares outstanding. Because of such high volume, we maintain that GameStop could pull off perhaps the most consequential and shareholder-friendly buyback in stock market history with elegance and stealth. In March 2020, GameStop announced the appointment of three new independent directors. 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. Scion believes that this is a direct result of current management’s expertise and focus and is a complete gamechanger for GameStop beyond the coming console upgrade. We again advise the Board to represent shareholders well, and to ensure the execution of the remaining repurchase authorization in full. We submit that when share prices are at or near all-time lows and more than 60% of the shares are shorted despite cash levels much higher than the current market capitalization, lack of faith in management’s capital allocation is the default conclusion. 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. ... Scion owned 1.7 million GameStop shares at the end of September. Scion believes that the recruitment of the three newly appointed directors and the announced retirement of four incumbent directors in June 2020 and two additional incumbent directors in June 2021 signify GameStop’s renewed commitment to its shareholders. 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. GameStop stock at all-time lows this month – Scion seeks full execution of March 2019 $300 million share repurchase authorization. As of August 19, 2019, Scion Asset Management and its affiliates own 3,000,000 shares, or 3.3%, of GameStop Corp. common stock: Scion Asset Management, LLC and its affiliates (“Scion”) own approximately 2,750,000 shares, or about 3.05%, of GameStop, Inc. (“GameStop”) common stock. His latest victory could stem from an unlikely source: GameStop. Scion believes that the newly comprised Board will help GameStop navigate these challenging times armed with both a deep knowledge base and significant applicable experience. CUPERTINO, Calif.--(BUSINESS WIRE)--On August 16th, Scion Asset Management sent a letter to the Board of Directors of GameStop Corp. urging the Board to direct the full execution of its March 4th, 2019 $300 million share repurchase authorization. As of August 19, 2019, Scion Asset Management and its affiliates own 3,000,000 shares, or 3.3%, of GameStop Corp. common stock: … As of May 4, 2020, Michael Burry, the man who bet against subprime debt and made a fortune in the 2008 financial crash (his character was played by Christian Bale in the movie, The Big Short) owned 2.8 million shares of GameStop through his company, Scion Asset Management. And in 2017, Amazon, not GameStop, bought GameSparks - while less than a year ago GameStop reversed course and sold its wireless store assets. The rally began on January 12 when … Dlatego też stał się pierwowzorem jednej z postaci z filmu „Big Short”. As mentioned in our previous letter to the board, we have concerns regarding capital management at GameStop. Shareholders are right to worry. But what is happening now in the stock is about more than late cycle doldrums or even the streaming paradigm – shareholders do not have faith in current management, and have not been inspired by new leadership policies. Burry’s holding has been cited by some of the traders who’ve flooded online forums in recent weeks with posts imploring their fellow punters to buy. 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). All of this creates the opportunity to enter 2020 with a dramatically reduced share count along with multi-fold greater impact per share for every single other achievement of management. Scion points to the very high volume in GameStop stock magnifying the practical opportunity at present. Scion does not believe GameStop needs new individuals who have been identified by a hedge fund to join the Board and disrupt and detract from GameStop’s current productive execution of its reboot. Scion believes the opportunity for a game-changing buyback cannot be missed and recommends the Board act to ensure the completion of the authorized buyback in a timely manner. At the same time, Scion … 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 and pay down debt. The letter also said Burry's firm, Scion Asset Management, has a 3% stake in GameStop. Scion believes that this is a direct result of current management’s expertise and focus and is a complete gamechanger for GameStop beyond the coming console upgrade. These accomplished individuals – Reginald Fils-Aimé, William Simon and James Symancyk – have either video game industry experience or omnichannel retail experience, or both. Notably, as of July 31st, 2019, Bloomberg reports short interest in GameStop stock at 57,226,706 shares – this is about 63% of the 90,268,940 outstanding GameStop shares at last report. The Board deemed up to $6.00 per share a good price for a buyback less than two months ago, and the price of the stock today is nearly half that amount. Jego fundusz hedgingowy Scion Asset Management ujawnił, że ma w portfelu 5,3 proc. The unfortunate reality is that Amazon, not GameStop, bought Twitch in 2014. Messrs. Fils-Aimé, Simon and Symancyk joined a Board that is now largely refreshed, with six new independent directors added to the board over the last 2 years. Burry's hedge fund Scion Asset Management spent nearly $15 million to purchase 5.3% of ailing video game retailer GameStop at between $2 and $4.2 a share. He helped draw attention to GameStop in mid-2019 after his Scion Asset Management unveiled a 3.3% stake in the beleaguered video-game retailer and urged the company to buy back shares. His hedge fund, Scion Asset Management, laid the groundwork for the GameStop rally when it bought a stake in 2019. Scion also applauds the recent additions to the Board of Directors. Michael Burry sprzedał akcje GameStop przed styczniowym rajdem. In their previous filing dated 2020-04-10, Scion Asset Management, LLC had reported owning … Scion also … Scion believes that under Sherman, GameStop is approaching its own reboot in a sensible and innovative manner. 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%. Burry has now repurchased GME at lower prices. Szef Scion Asset Management napisał w sierpniu 2019 r. do dyrektorów GameStopa list, w którym argumentował, że niska cena akcji i ogromne krótkie pozycje sugerują brak wiary w to, jak spółka jest zarządzana, i można je interpretować jako żądanie przeprowadzenia wielkiego programu skupu akcji własnych. At this rate, for the month of August and for the third month in a row, the number of shares traded will exceed the total number of shares outstanding. Consider as just one example that if the turnaround is successful, and if GameStop were able to shrink its shares outstanding to 30 million through the share repurchase, the $157 million dividend that was just eliminated would pay out around $5.25 per share. Kontrolowane przez niego towarzystwo Scion Asset Management inwestowało pod wzrost wartości akcji GameStopa, postulując jeszcze w 2019 r. zmianę strategii spółki. On Tuesday, filings disclosed by Burry's hedge fund, Scion Asset Management, showed the firm selling 1.7 million shares of GameStop in the fourth quarter.

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