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It was December of 2021. I had COVID and was on the verge of being officially diagnosed with prostate cancer. Things were pretty bad and suddenly got worse: I noticed Fire Gasparino trending on Twitter not because I had made up a story, or defamed someone.

My sin was reporting, continuously and accurately, that an investment cult had formed around the stock of the troubled movie theater chain known as AMC, pushing its shares well above where they should be. And like most cults, this one wouldnt end well.

The abuse lasted through Christmas. I guess I could have wilted and joined some of my colleagues in heralding the small investor-led movement around the stock as something biblical. David slays Goliath.

I didnt and kept reporting the story behind one of the most absurd and now costly stock pumps in recent history.

These days, Im glad I did.

Yes, I survived COVID, my cancer diagnosis and getting vilified by a Twitter mob just fine. In fact better than fine because of what happened next: The stock imploded as I reported it would. AMC was burning loads of cash, heading for bankruptcy or massive dilution to raise much-needed capital, neither good for shareholders.

Shares are down 95% since December 2021. About 10 days ago,  the stocks crash and burn was complete as the company took concrete steps toward the issuance of a ton of new shares (aka diluting existing shareholders) and stay out of bankruptcy. Were it not for a bit of financial alchemy in a 10-for-1 reverse stock split, AMCs stock price would be reading just above $1.

Im not taking joy in people losing money but in people saving some. Anyone who followed my reporting on AMC saved themselves some real money. Those who followed cultists, the self-described AMC Apes or the cheerleading pseudo-journalists are paying the price.

Phil Graham, the brilliant but troubled former publisher of The Washington Post, came up with the truism about the profession of journalism as being the first rough draft of history. That was back in the early 1960s before he killed himself in a fit of depression.

I wonder what Phil Graham would call what goes down on the rebranded Twitter site X or any of the other instantaneous social-media feedback loops that are now competing with real reporting. A really, really, really rough draft of history?

Social media is great in so many ways. Yes, its a draft of history, even if its really rough, and that often serves a purpose through the exchange of ideas to make an informed judgment. Its also an outlet for people desperately searching for purpose, and while theyre at it, indulging in their worst instincts and behaviors. Its a breeding ground for the cult.

How cults are created is an age-old question. The result is deadly and near deadly stuff like Jonestown and Pizzagate    and the financially deadly stuff that surrounded the stock of AMC. The weird notion that a cabal of greedy hedge funds, hell-bent on destroying the nations largest movie theater chain, were shorting the stock (betting its price would collapse) in dark corners of Wall Street does seem appealing.

That average people could buy this stock, and destroy a bunch of nasty hedge funds while becoming rich, even more so.

Just one problem: Nothing close to what the cult was blathering about was true. The evidence of this scheme thrown around Twitter or the Reddit message boards was of the wackadoo variety. And If you dared question the illogic, as I did, be prepared for harassment like youve never seen before.

The power of social media is intense and crazy, of course, and it made this cult particularly nasty and resilient over the past two-plus years. That is until the hammer finally fell just days ago and the AMC cult ended like they all do   in disaster.

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Its a shame more reporters didnt call this out. It was so obvious based on what you can find on a balance sheet. Short sellers made hundreds of millions of dollars in August because AMCs finances included massive cash burn, lots of debt and movie attendance that due to streaming hasnt returned to pre-pandemic levels.

CEO Adam Aron, not exactly a short seller, recently explained AMCssituation in a call withanalysts. Business is getting better Barbenheimer was a box office hit; a Taylor Swift film coming to AMC theaters in October is crushing it in pre-sales. But he said that if he cant raise money by selling more stock, Chapter 11 is almost inevitable. He recently beat back an Ape-inspired lawsuit challenging his dilution plan, because they believe AMC is really doing just fine and doesnt need the money.

It does, of course, and the coming dilution is why AMC, for now, and maybe for the foreseeable future, is still in business, even as its stock is battered and bruised.

Some of the Apes are still HODL (holding on for dear life, in the lingua franca of the cult), and still attacking those they see as backing the evil hedge funds. Thats scary.

Even more scary: Far too many reporters over the past three years sought the cults approval because it feels good to be applauded on social media. It also helps you build your followers, which is also idiotically important to reporters these days.

They are truly sellouts to the profession, because they should know, based on the history, cults never end well.

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Emilia Perez was a BAFTAs and Oscars frontrunner – where did it all go wrong?

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Emilia Perez was a BAFTAs and Oscars frontrunner - where did it all go wrong?

At the start of awards season, Emilia Perez looked like it could come away as one of this year’s big success stories.

First there was a slew of gongs at the Golden Globes, including best comedy or musical film, and then came the Oscar nominations – it leads the race with 13 nods, and broke the record to become the most nominated non-English language film in the history of the awards.

At the BAFTAs this weekend, it is shortlisted for 11 prizes; just pipped by papal thriller Conclave, which has 12. And star Karla Sofia Gascon has made history as a trans woman nominated for best actress at both ceremonies.

Set in Mexico but mostly filmed in France, Emilia Perez is an operatic Spanish-language musical which tells the story of a Mexican drug lord who undergoes gender affirmation surgery. In May last year, it won the Cannes Film Festival jury prize, setting it on its trajectory to 2025 awards season success.

Emilia P..rez. (L-R) Selena Gomez as Jessi and Karla Sof..a Gasc..n as Emilia P..rez in Emilia P..rez. Cr. PAGE 114 - WHY NOT PRODUCTIONS - PATH.. FILMS - FRANCE 2 CIN..MA.
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Selena Gomez (pictured with Gascon) also stars in in the film. Pic: Page 114/ Why Not Productins/ Pathe/ France 2 Cinema/ Netflix

The film’s acknowledgement seemingly reflected the more progressive attitudes of voters in recent years – but as its profile rose, so did the scrutiny.

US LGBTQ+ advocacy and cultural change group GLAAD has described Emilia Perez as a “step backward for trans representation”, and highlighted reviews by transgender critics who “understand how inauthentic portrayals of trans people are offensive and even dangerous”.

The film has also come under fire for stereotypical depictions of Mexico and an apparent minimal inclusion of Mexican people among the main cast and crew. Of its main stars, Gascon is Spanish, US actress Zoe Saldana is of Dominican Republic and Puerto Rican descent, and Selena Gomez is American, though her father was of Mexican descent. Adriana Paz is Mexican.

In a post on X in January viewed more than 2.7m times, Mexican screenwriter Héctor Guillén shared a mock-up poster saying: “Mexico hates Emilia Pérez/ Racist Euro Centrist Mockery/ Almost 500K dead and France decides to do a musical/ No Mexicans in their cast or crew.”

While stories about “narco” crime in Latin America have long been depicted on screen, Emilia Perez has been particularly criticised for its handling of the subject. Since 2006, a bloody war between Mexican authorities and the drug cartels has raged, claiming the lives of more than 400,000 people, according to government data. More than 100,000 have gone missing.

Read more:
Mexico: Women at war
The city ravaged by a brutal and deadly drugs gang war

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Inside Mexico’s gang war

Offensive? Or a ‘crazy marvel’?

General audiences appear to have made their thoughts clear. On film database site IMDB, Emilia Perez gets 5.5 out of 10, while its nine competitors in the running for best picture at the Oscars rate between 7.3, for The Substance, and 8.8 for I’m Still Here.

On review site Rotten Tomatoes, Emilia Perez gets a 72% from critics, but just 17% from audiences; again, the rest of its Oscars competitors range from Wicked’s 88% critics’ score to I’m Still Here’s 96%, or Nickel Boy’s 65% audience score to I’m Still Here’s 99%. The two takeways? The gap is clear whichever way you look at it; watch I’m Still Here.

That’s not to say Emilia Perez does not have its supporters. Speaking after a screening in October, Oscar-winning Mexican filmmaker Guillermo del Toro said it was “so beautiful to see a movie that is cinema“, and hailed director Jacques Audiard as “one of the most amazing filmmakers alive”.

A review in US entertainment outlet Deadline in May during Cannes last year was headlined, “Jacques Audiard’s musical is crazy, but also a marvel”, with the writer saying the “sparkle never outshines the essential seriousness of the subject”. In Variety, another US entertainment publication, the headline praised Gascon’s electrifying performance.

Adriana Paz, from left, Selena Gomez, Zoe Saldana, winner of the award for best performance by a female actor in a supporting role in any motion picture for "Emilia Perez," and Karla Sofia Gascon pose in the press room during the 82nd Golden Globes on Sunday, Jan. 5, 2025, at the Beverly Hilton in Beverly Hills, Calif. (AP Photo/Chris Pizzello)
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L-R: Emilia Perez stars Adriana Paz, Selena Gomez, Zoe Saldana and Karla Sofia Gascon at the Golden Globes. Pic: AP/ Chris Pizzello

Paz, who shared the Cannes best actress prize with her co-stars last year, has questioned the criticism about the film being “offensive” to Mexico, saying: “I really want to know why, because I didn’t feel that way.”

Carlos Aguilar, a film critic originally from Mexico City who writes for the Roger Ebert film website, was generally positive in his review, giving the film three out of four stars.

However, he highlights that Emilia Perez is “not a Mexican film” and notes “Mexican audiences have grown accustomed to American perspectives exploiting narco-related afflictions for narratives unconcerned with addressing its root causes”.

Questioning intentions behind these productions is valid, he says, “but to decry Audiard for partaking in the common filmmaking practice of telling stories away from what’s immediately familiar to him would seem an overly simplistic assessment”.

Karla Sofia Gascon’s resurfaced tweets

Emilia Perez star Karla Sofia Gascon at the premiere in Mexico in January. Pic: Ismael Rosas/ EyePix/INSTARimages/ Cover Images via AP
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Gascon at the premiere in Mexico in January. Pic: Ismael Rosas/ EyePix/INSTARimages/ Cover Images via AP

But the criticism from some trans people and some Mexicans is not a good look for a supposedly progressive film about a trans woman in Mexico. All publicity is good publicity does not apply here.

A lot of this criticism, though, had been made before the Oscar and BAFTA nominations. Emilia Perez was still riding high at that point.

The nail in the coffin came after those nominations were announced, when offensive tweets posted by Gascon were unearthed. They were old, but not that old; the first dated back to 2016, but some were more recent.

In the since-deleted posts, Gascon took aim at Muslims’ dress, language and culture in her native Spain and suggested Islam should be banned.

And less than a month after the killing of George Floyd by a white police officer in 2020, which prompted a global reckoning about police brutality and racism, Gascon called Floyd a drug addict who “very few people ever cared” for.

Writer Sarah Hagi, who screenshotted the posts and shared them, wrote: “This is all from the star of a movie that is campaigning on its progressive values, you really gotta laugh.

Gascon, who was a regular in Mexican telenovelas before transitioning in 2018, issued an apology after the posts emerged, saying that “as someone in a marginalised community, I know this suffering all too well and I am deeply sorry to those I have caused pain”.

She added: “All my life I have fought for a better world. I believe light will always triumph over darkness.”

‘This is an opera, not a criticism of Mexico’

Director Jacques Audiard on the set of Emilia Pérez. Pic: Shanna Besson/ Page 114/ Why Not Productions/ Pathe/ France 2 Cinema/ Netflix
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Director Jacques Audiard on set. Pic: Shanna Besson/ Page 114/ Why Not Productions/ Pathe/ France 2 Cinema/ Netflix

At the London Critics’ Circle Awards earlier this month, Gascon’s co-star Saldana called for people to be “abstract with your idea of redemption” and to keep “minds and your hearts open, always”.

But it looks like the damage has been done. While Saldana is still favourite to win best supporting actress at both the BAFTAs and the Oscars, and the film may win gongs for its music and maybe technical accolades, it seems the momentum for taking home any bigger prizes has gone.

As the backlash intensified, Audiard gave an interview to Deadline last week. He said he had not been in touch with Gascon and that he was “very sad” to see the issue “taking up all the space” around the film. What she said in her tweets was “inexcusable”, he added.

Read more:
Oscars 2025: The full list of nominees
BAFTAs 2025: The full list of nominees

The filmmaker also addressed criticism about representation of cartels and drug crime, saying: “Opera has psychological limitations. It seems I’m being attacked in the court of realism.”

Audiard said he never claimed to have made a “realistic” work or a documentary. “For example, I read a review where it said that night markets in Mexico City don’t have photocopiers. Well, in night markets in Mexico City, one also doesn’t sing and dance. You have to accept that is part of the magic here. This is an opera, not a criticism of anything about Mexico.”

Finally, asked if he had any regrets or if there was anything he would do differently, he said the one regret was that the film was not made in Mexico. “And the simple reason for that is that the film funding, the public funding for film in Mexico was not as good for us as what was available to us in France”.

Emilia Perez now heads to the BAFTAs and Oscars embroiled in controversy. But it is not the first. Remember British star Angela Riseborough’s nomination in 2023? Some, like Green Book in 2019, weathered it out to win. And Will Smith won his Oscar just moments after slapgate in 2022.

We’ll see at the BAFTAs on Sunday and at the Oscars next month, how forgiving voters will be about Emilia Perez.

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Sources: Bregman to Red Sox for 3 years, $120M

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Sources: Bregman to Red Sox for 3 years, 0M

Free agent Alex Bregman has a new home after agreeing to a three-year, $120 million deal with the Boston Red Sox on Wednesday night, sources told ESPN’s Jesse Rogers.

The $40 million annual salary is $10 million-plus more per year than other teams were offering, sources said. The deal includes two opt-outs and deferred money.

Bregman, who was the biggest free agent remaining on the market, is expected to play second base for Boston, sources said, after primarily playing third for the Houston Astros since 2020. He gives the Red Sox another big bat to go with a retooled pitching staff after the team acquired Garrett Crochet via trade and signed Walker Buehler and Aroldis Chapman via free agency earlier this offseason.

Boston manager Alex Cora wanted Bregman badly, having previously coached him in Houston. And with the contract, the Red Sox made a big-money splash after guaranteeing only $52.3 million to free agents this winter, leading to significant frustration from a fan base of a team that hasn’t been to the postseason since 2021.

Bregman, who previously played all nine seasons with the Astros, had received interest from several teams, with the Detroit Tigers, Toronto Blue Jays and Chicago Cubs most heavily linked to him, along with Boston and Houston. The Tigers offered him a six-year, $171 million deal, and the Astros were around six years, $156 million, sources said.

Bregman’s right-handed bat has a track record of success at Fenway Park. In 21 career games there, he has a .375 batting average with seven home runs and 15 RBIs. His career 1.240 OPS at Fenway is the best in major league history among players with at least 90 plate appearances.

After slumping mightily at the start of the 2024 season, Bregman’s bat began to come around in June and the rest of the team followed, as the Astros ultimately jumped the Seattle Mariners to claim their seventh AL West title in eight years.

Bregman, who will turn 31 on March 30, finished the season with a .260 batting average, 26 home runs and 75 RBIs in 145 games. Houston lost back-to-back AL Wild Card Series games to the Tigers.

The two-time All-Star had surgery after the season to remove a bone chip from his right elbow, and agent Scott Boras said Bregman, who has exclusively played third base since 2020, was willing to move to second base if needed.

The Red Sox already have star Rafael Devers at third, so Bregman’s expected move to second would allow him to stay there. And while Bregman has logged only 32 innings at second in his major league career, Cora referred to him last month as someone he envisioned as “a Gold Glove second baseman” when the two were together in Houston.

Bregman, who is coming off a five-year, $100 million contract, slashed .275/.376/.488 with 157 home runs and 554 RBIs from 2017 to 2023, compiling 34.2 FanGraphs wins above replacement, eighth most among all position players. Overall, he has a .272 career batting average with 191 home runs and 663 RBIs.

He rejected a one-year, $21.05 million qualifying offer by the Astros on Nov. 19, meaning Houston will receive a compensatory pick after the fourth round of this year’s MLB draft. Boston will lose its second-highest pick for signing him and will forfeit $500,000 of international signing bonus pool allocation.

Bregman’s ascension directly correlates with the Astros’ run of dominance, as his first full season came in 2017, when the franchise won its first championship — a title later tainted by the sign-stealing scandal that led to the firing of general manager Jeff Luhnow and field manager A.J. Hinch.

The Astros went on to make seven consecutive appearances in the AL Championship Series and won another World Series, during which Bregman established himself as one of the game’s best third basemen and became, along with Jose Altuve, one of the team’s core leaders.

Bregman was originally drafted by the Red Sox out of high school in 2012, but he opted to go to college at LSU. Houston then selected him second overall in the 2015 draft.

The Red Sox will hold their first full-squad workout Monday in Fort Myers, Florida. They host the Astros in the regular season Aug. 1-3, then visit Houston Aug. 11-13.

News of Bregman’s deal with Boston was first reported by The Athletic.

Information from ESPN’s Jeff Passan, Buster Olney and Alden Gonzalez was used in this report.

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Sources: Padres, quiet all winter, add RHP Pivetta

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Sources: Padres, quiet all winter, add RHP Pivetta

The San Diego Padres filled a clear need in their starting rotation Wednesday, agreeing to terms on a four-year, $55 million contract with veteran right-hander Nick Pivetta, sources told ESPN’s Jeff Passan.

Pivetta’s deal, still pending the completion of a physical exam, includes opt-outs after the second and third seasons and is heavily backloaded. The contract will pay him a $3 million signing bonus and only a $1 million salary in 2025, then calls for salaries of $19 million, $14 million and $18 million from 2026 to 2028, sources told Passan.

The structure helps a Padres team that is trying to keep costs down for a second straight offseason and was already running a 2025 payroll of about $194 million, roughly a $30 million increase from where they were on Opening Day last year.

Pivetta, who will celebrate his 32nd birthday Friday, will likely slot in behind the Padres’ incumbent trio of Dylan Cease, Yu Darvish and Michael King, leaving Matt Waldron and Randy Vasquez, among others, to compete for the fifth spot.

One of few reliable starting pitchers remaining on the free agent market, Pivetta has been lauded for his durability, extension and propensity for missing bats.

With the Boston Red Sox over the past four seasons, he averaged 156 innings, posted a 4.33 ERA and struck out 26.9% of hitters. Last year, while posting a 4.14 ERA in 145⅔ innings, Pivetta finished with the lowest walk rate of his career at 6.1%.

Padres general manager A.J. Preller has navigated through a conservative, relatively quiet offseason since watching his team lose to the eventual World Series champion Los Angeles Dodgers in the National League Division Series.

Preller didn’t make an addition to his major league roster until bringing back catcher Elias Diaz at the end of January. Days ago, the team agreed to $1 million deals with Connor Joe and Jason Heyward, who will make up a left-field platoon.

The Pivetta deal, occurring at the start of spring training, represents the first big move of the Padres’ offseason. Given the absence of front-line starter Joe Musgrove, who will spend the year recovering from Tommy John surgery, it’s an important one.

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