Just yesterday this sub had highly upvoted DD and memes that RC/Icahn already finalized their purchase. That was incorrect. Reading the timeline of filings, the company couldn't come to any terms with any set of buyers, which is why they filed Chapter 11.

They do not have a Horse buyer and needed today's hearing to push through date deadlines for one to come through, and paperwork to be ready for if one does. Neither RC nor Icahn were lined up to do this and exactly 0 paperwork has been done towards them acquiring this company or it would have been revealed today.

Now, you may be tempted to say "Yeah but they could still come through", but that's not the point. We've read DD and Trust Me Bro since last November that the 2 RC appointed board members were actually working on a secret M&A and they exited since the job was done (regardless of the fact that that makes no sense, as they'd want to stay in the Board to Approve the merger they worked on but I digress).

People said RC selling his shares and his GMEDD interview were actually secret hints he's working closely with BBBY and that BBBY is willing and ready to work with him in spite of his August exit. Reading Docket 10, and then what the Company said today, they're very unhappy with RC and are trying to smear him as part of the company's problems, as if he took advantage of them somehow.

I'm not looking to shit on anybody, or have a public struggle session, but I think it's time we come to terms with the reality that the DD writers were passing Wild Speculation off as Due Diligence and we need to in the future understand the vast difference in what those two things are.