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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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Briscoe gives Toyota its first Daytona 500 pole

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Briscoe gives Toyota its first Daytona 500 pole

DAYTONA BEACH, Fla. — Chase Briscoe led a banner night for Toyota in qualifying Wednesday for the Daytona 500 by winning the pole for NASCAR’s “Great American Race.”

It is the first Daytona 500 pole for Briscoe, who moved to Joe Gibbs Racing this season when Stewart-Haas Racing closed at the end of 2024. His move to the No. 19 gave Toyota its first pole in NASCAR’s biggest race of the season.

“A great way to start our season. Unbelievable way to start off the year. Unbelievable way to start off with Toyota,” Briscoe said. “To be able to be the guy to deliver them the first anything when they’ve already accomplished so much is pretty cool. To think I’m going to start on the front row or on the pole of the Great American Race with ultimately the great American brand of [sponsor] Bass Pro Shops is unbelievable. Can’t thank Coach Gibbs enough, the entire Joe Gibbs Racing organization.”

Briscoe’s lap of 182.745 mph held off a slew of Ford challengers. Former Daytona 500 winner Austin Cindric qualified second in a Ford for Team Penske, which started from the pole last year with Joey Logano, who closed the year as NASCAR Cup Series champion.

Ford drivers claimed four of the top five spots in time trials, but only Briscoe and Cindric as the front row starters were locked in Wednesday night.

“A lot of fast Fords,” Cindric said. “Pretty good to start on the front row with one of my good friends. All in all, a great box checked for the start of this week. I think every single part of this weekend is important to setting up with an opportunity to win this race on Sunday.”

The only other drivers locked in during time trials were Toyota’s Jimmie Johnson and Martin Truex Jr., who were not guaranteed entry but posted speeds fast enough to claim two of the four “open” spots in the race.

The remainder of the starting order is set Thursday night in a pair of qualifying races.

There are nine drivers entered for four open spots and Truex and Johnson claimed two of them in time trials. Johnson is a seven-time NASCAR champion, two-time Daytona 500 winner and member of the Hall of Fame. Truex is the 2017 Cup champion and in his first year of not racing NASCAR full time.

“Both Jimmie and I were beneficiaries of their [Toyota’s] hard work on their engines,” Truex said.

Both would have been eligible to request the “world-class driver” provisional that guarantees entry as a 41st car to one driver who does not compete full time in NASCAR and brings marketability and visibility to the biggest race of the season.

The provisional will go to four-time Indianapolis 500 winner Helio Castroneves if he fails to race his way in Thursday night. If he takes the provisional, Trackhouse Racing will not receive any points or purse money, and the field will be 41 cars — the largest field since 43 cars was the standard in 2015.

Johnson said his Legacy Motor Club was unaware of the provisional until it was announced earlier this year — even though it was a new rule included in the charter agreement teams signed in September. The rule required a team to request the provisional 90 days before the event, and the rule was not publicly announced until after the deadline for the Daytona 500 had passed.

“We didn’t know about it until the rule came out. Evidently, it was buried in the charter agreement that came out,” Johnson said earlier Wednesday. “But when the rule came out, I forget the time of the morning, three minutes later, we were on the phone with NASCAR and recognized it wasn’t within the 90 day-window and we weren’t eligible.

“We’ve had a lot of talks with everyone at NASCAR and I have a better understanding of the intent of the rule, and I would anticipate some changes following [Daytona] to better define and clarify that. When first read, our reaction wasn’t great, but it is what it is and hopefully, we have a fast enough car to get in.”

He did, just off the speed of Truex, but it was enough to ensure the two former champions will race Sunday.

The drivers who must race their way in Thursday, seeking the two remaining spots, are Anthony Alfredo, Justin Allgaier, Corey LaJoie, B.J. McLeod, Chandler Smith and J.J. Yeley. If Castroneves races his way in, there will only be one open spot available.

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NASCAR appeals injunctions for 23XI, Front Row

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NASCAR appeals injunctions for 23XI, Front Row

DAYTONA BEACH, Fla. — NASCAR filed a 68-page appeal Wednesday night — roughly one hour before the start of Daytona 500 qualifying — arguing that a federal judge erred in recognizing 23XI Motorsports and Front Row Motorsports as chartered teams for 2025 as the two organizations sue over antitrust claims.

U.S. District Judge Kenneth Bell of the Western District of North Carolina in December issued a preliminary injunction that allowed 23XI and Front Row to receive the same rewards as a chartered team while the lawsuit wades through the court system.

23XI Racing is co-owned by NBA Hall of Famer Michael Jordan and three-time Daytona 500 winner Denny Hamlin, while Front Row Motorsports is owned by entrepreneur Bob Jenkins.

Last month, Bell denied NASCAR’s motion to dismiss the suit, and also denied NASCAR’s request that the two organizations post a bond to cover any monies they are paid as chartered teams that would have to be returned should 23XI and Front Row lose the lawsuit.

“The district court’s injunction orders flout federal antitrust law; misapply the established rules governing the use of preliminary injunctions; ignore unrebutted, legally significant evidence; and have sweeping implications for NASCAR’s 2025 Cup Series season,” NASCAR wrote. “These injunctions misuse the judicial power to force NASCAR to treat its litigation adversaries as its business partners and confidants, undermining the mutual trust that has fueled NASCAR’s growth and success.”

The timing of the appeal — despite it hitting just one hour before time trials begin for Sunday’s season-opening Daytona 500 — was a coincidence in that Wednesday was a court-ordered deadline. NASCAR does not publicly comment on the lawsuit.

NASCAR has maintained that it will defend itself against antitrust claims and believes that 23XI and Front Row have a misguided case; the teams don’t like the terms of the charter agreement so were the only two out of 15 organizations that refused to sign the forms when NASCAR presented its take-it-or-leave it offer 48 hours before last season’s playoffs began.

Not liking the terms of a contract does not qualify as an antitrust case, NASCAR believes, and it is willing to see the case through to trial. Should 23XI and Front Row prevail, it is believed NASCAR will eliminate the charter system outright rather than renegotiate new charters.

“While every other team owner that was offered a new Charter with these better terms accepted it, these two held out — raising concerns about several provisions but not the mutual releases,” NASCAR wrote. “NASCAR eventually withdrew its offers to Plaintiffs and moved forward with planning its 2025 Cup Series season without them as chartered teams. So 23XI and Front Row turned to the courts, attempting to transform the Charter’s standard release provision into a trump card to belatedly secure, outside of negotiations, the Charters they regretted rejecting — even though neither team owner ever raised that provision as an issue in two years of Charter negotiations.

“With neither the facts nor the law on their side, 23XI and Front Row argue it violates the Sherman Act for sports enterprises to include such standard releases in their agreements. The district court took the bait.”

At issue are the agreements that teams asked for and were granted in 2016. A charter guarantees each car that holds one a spot in the field each week, as well as guaranteed prize money and other financial incentives.

There are 36 guaranteed spots in each race, with four “open” spots for cars that do not hold charters. NASCAR believes 23XI and Front Row should be open cars because they did not sign the charter agreements.

NASCAR also did not want to approve the sale of charters from now-defunct Stewart-Haas Racing to the two teams, which each purchased one charter to expand their organizations from two cars to three. Had Bell not granted the injunction to recognize the two teams as chartered for 2025, a combined six cars between the two organizations would not have received an automatic berth into the Daytona 500.

23XI fields Toyotas for newcomer Riley Herbst, as well as Tyler Reddick, last year’s regular-season champion, and Bubba Wallace. Front Row field Fords for Noah Gragson, Todd Gilliland and newcomer Zane Smith.

“At this point, NASCAR would prefer to extend the perks of the 2025 Charter to owners committed to enhancing NASCAR’s competitiveness with other sports for fans, sponsors, and media dollars — rather than owners that undermine NASCAR’s brand,” the sanctioning body wrote in the appeal.

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Wallace ‘couldn’t care less’ if Trump at Daytona

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Wallace 'couldn't care less' if Trump at Daytona

DAYTONA BEACH, Fla — Bubba Wallace said he “couldn’t care less” if Donald Trump attends the Daytona 500 on Sunday, nearly five years after the president accused the NASCAR Cup Series’ only Black full-time driver of perpetrating “a hoax” when a crew member found a noose in the team garage stall.

Trump suggested in July 2020 that Wallace should apologize after the sport rallied around him following the discovery of the noose in his assigned stall at Talladega Superspeedway in Alabama. Federal authorities ruled that the noose had been hanging since October and was not a hate crime. NASCAR and the FBI have referred exclusively to the rope — which was used to pull the garage door closed — as a noose.

Wallace, who drives for the 23XI Racing team owned by Michael Jordan and driver Denny Hamlin, declined to say much about the possibility that Trump could return to NASCAR’s biggest race as a sitting president for the second time.

“We’re here to race,” Wallace said at the Daytona 500 media day. “Not for the show.”

A notice from the Federal Aviation Administration posted Monday indicated that Trump was expected to attend the race, but NASCAR said Wednesday that it had gotten no confirmation.

Wallace had responded on social media in 2020 to Trump calling him out, writing, “Always deal with the hate being thrown at you with LOVE!… Love should come naturally as people are TAUGHT to hate. Even when it’s HATE from the POTUS. “

Trump served as grand marshal for the 2020 Daytona 500 and gave the command for drivers to start their engines. He also took a parade lap around the 2.5-mile speedway in his armored limousine, leading the 40-car field before the green flag. The presidential motorcade remained on the apron in the corners instead of taking to the high-banked turns.

Thousands cheered and a band played patriotic music when Air Force One flew over the famed track, a flyover that was simultaneously shown on big screens. Trump’s presence energized fans but caused huge headaches because of logistical issues at entrance points.

Trump, with first lady Melania Trump by his side, addressed the crowd before the race and called the Daytona 500 “a legendary display of roaring engines, soaring spirits, and the American skill, speed and power that we’ve been hearing about for so many years.”

Trump made history this past Sunday as the first sitting president to attend the Super Bowl. He watched the Philadelphia Eagles defeat the Kansas City Chiefs from a suite after flying in with a group of some of his closest Republican allies in Congress, including Sens. Lindsey Graham and Tim Scott of South Carolina.

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